HomeMy WebLinkAboutHR1997-0301 - Amendment - ICMA Retirement Corporation - Deferred Compensation Plan #301655 - 02/15/2005 Records Mana' gernery
KENT
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CONTRACT COVER SHEET
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portions are to be completed, if you have questions, please contact City Clerks Office.
Vendor Name: Vendor Number:
JD Edwards Number
Contract Number: its o Y- 2.21
This is assigned by Deputy City Clerk
CrnA Ann l�Description: ��!C�S
Detail:
Project Name:
Contract Effective Date: y n 014 Termination Date: aJ j
Contract Renewal Notice (Days): I�l
Number of days required notice for termination or renewal or amendment
Contract Manager: 0 r Department:
Abstract:
S Public\RecordsManagement\Forms\ContractCover\ADCL7832 07/02
l
AMENDMENT
TO THE
Administrative Services Agreement
for Plan Number 301655
This Amendment to the Administrative Services Agreement("Agreement") for Plan number
(the "Plan")is entered by and between City of Kent ("Employer") and ICMA Retirement
Corporation ('`ICMA-RC"), effective as of the date of execution by the Employer below
("Execution Date")
WHEREAS, the Employer sponsors the Plan on behalf of its eligible employees and retirees;
and
WHEREAS, the Employer entered the Agreement to engage RC to provide administrative
services and investments for the Plan under the terms specified in the Agreement, and
WHEREAS, the parties wish to amend the Agreement to provide for an elimination of the Plan
Administration fee and Mutual Funds Fee under the Agreement for the Plan over the term of the
Agreement contingent on the Employer's use of EZLink for enrollment and contribution
processing over the term of the Agreement, and
WHEREAS, Section 10(a) of the Agreement provides that the Agreement may be amended
pursuant to a written instrument signed by the parties,
NOW, THEREFORE, the Agreement is hereby amended as follows:
FIRST
Section 6 of the Agreement,titled"Compensation and Payment" is amended by replacing
subsections (a) and (d) with the following
(a) Plan Administration Fee. The amount to be paid for plan administration
services under this Agreement shall be 0 0% of the amount of Plan assets
invested in the Trust.
(d) Mutual Fund Services Fee There is an annual charge of 0 0% assessed
against average daily net Plan assets invested in the Trust's Mutual Fund Series.
The compensation and payment set forth in this Section 6 is contingent upon Employer's
continued use of EZLink for enrollment and contribution processing over the term of the
Agreement
a
SECOND
Section 9 of the Agreement,titled"Term" is amended to provide as follows:
This Agreement shall be in effect for an initial term beginning on the Execution
Date and ending 5 years after the Execution Date This Agreement will be
renewed automatically for each succeeding year unless written notice of
termination is provided by either party to the other no less than 60 days before the
end of such Agreement year.
The fee amendment specified in section 6 of the Agreement will take effect in the
calendar quarter following the Retirement Corporation's receipt of one fully-
executed copy of this Amendment based upon the following schedule:
- Received by February 20: Effective April
- Received by May 20: Effective July
- Received by August 20: Effective October
- Received by November 20: Effective January
In all other respects, the Agreement is hereby ratified and affirmed.
IN WITNESS WHEREOF, Employer has caused this Amendment to be executed by its duly
authorized officer this ^ day of :4fjg_ , 2005.
CITY OF KENT
By-
Print c �V/` i4'l
Name: �U C, I c,
Title•
ICMA RETIREMENT CORPORATION
by:
Paul Gallagher
Corporate Secretary