HomeMy Public PortalAboutORD11897 y3F�`.it.f
k: BILL NO. 93-13
SPONSORED BY COUNCILMAN NILGES
ORDINANCE NO. 11897
AN ORDINANCE OF THE CITY OF JEFFERSON, MISSOURI, AUTHORIZING E;
THE MAYOR AND CITY CLERK TO EXECUTE A SUBSTITUTE AGREEMENT
f WITH ICMA RETIREMENT CORPORATION FOR A DEFERRED COMPENSATION 'r
PLAN.
WHEREAS,the City Council previously authorized execution of an agreement
;
with ICMA Retirement Corporation as set out in Ordinance 10696; and
' WHEREAS, it is deemed to be beneficial to both parties to enter into a new
agreement.
NOW, THEREFORE, BE IT ENACTED BY THE COUNCIL OF THE CITY OF
JEFFERSON, MISSOURI, AS FOLLOWS: '
Section 1. The Mayor and City Clerk are hereby authorized and directed to
^Y execute any and all documents necessary for the substitute agreement with ICMA
` Retirement Corporation for a deferred compensation plan.
Section 2. The agreement shall be substantially thv same in form and content
`
as that agreement 1 a eement attached hereto as Exhibit A.
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Section 3. This Ordinance shall be in full force and effect from and after the
date of its passage and approval.
E . Passed: / Approved: /4�L.
IN
PresidlijfOfficer ayor
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ATTEST:
�t City Clerk
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RECEIVED APR 1 3 03 ( a A--6- .�
ICMA, 34 „
RETIREMENT
ry CORPORATION e-=
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Corporate Headquarters
suite 600
}tN 777 North Capitol Street,NE
Washington,DC 20002-4240
March 26, 1993 (202)962.4600
Toll-Free(800)669-7400
Bobby Cox
City of Jefferson
320 East McCarty Street
Jefferson City, Missouri 65101-3115
RE: 2387
Dear Bobby Cox:
At the beginning of our relationship, the ICMA Retirement Corporation ("RC")
.r. and the City of Jefferson entered into an agreement entitled 'Trust Agreement
} with the 1CMA Retirement Corporation" (also known as Appendix C) with the
Retirement Corporation. That aggreement only refers in a very general way to
' the administratove services to be provided by RC and the fees to be paid for . r
r3: those services, and it does not provide an accurate portrayal of our current
relationship.
To illustrate, the ICMA Retirement Trust currently consists of $2.4 billion in
total assets and that figure represents the pooled monies of approximately
145,000 local government employees. This is a significant increase over the
' .
$459,000 managed by RC for 285 participants in 1972. With the growth of the
Retirement Trust the services RC provides for administration of your deferred
;.` compensation plan have also grown. The administrative services we now provide
1
inc ude:
'r * Educating and enrolling participants;
*
Maintaining employer accounts and employee subaccounts, and associated
records;
¢; , * Crediting employer contributions to employee accounts;
Reporting investment activity and account information to the employers
and employees on a quarterly basis;
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* Providing information about various features of deferred compensation
plans on a regular basis;
Paying benefits and handling related tax reporting.
Consequently, the "Trust Agreement" we initially entered into does not
describe the services RC provides in sufficient detail .
{ As a result we have prepared a new Administrative Services Agreement,, two
copies of w;ich have been signed by RC and enclosed. We believe the
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ICMA-RC Services, Inc.
Member NASD and SIPC,is a wholly owned broker-dealer subsidiary of the ICMA Retirement Corporation
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Administrative Services Agreement provides a more accurate and up-to-date
description of the existing relationship between you and RC.
We propose that the City of Jefferson and RC enter into the Administrative
Services Agreement to replace the "Trust Agreement with the ICHA Retirement
Corporation". Upon your acceptance of the Administrative Services
Agreement, that substitution will occur.
- The Administrative Services Agreement is not intended to affect in any way the
investments of youi deferred compensation plan or the benefits payable under
the plan. Nor is it intended to change in any way the services actually
provided by RC, or the fees actually charged by RC with respect to the
administration of the plan.
Please sign each of the enclosed copies of the Agreement.
Return one copy to
RC using the enclosed return envelope, and keep one copy for your records.
If we do not hear from you, and RC does not receive a signed Agreement within
90 calendar days of your receipt of this letter, and the Trust continues to
receive plan contributions, RC will interpret those actions as acceptance of
the terms of the Agreement after the expiration of the 90-day period.
If you have any questions regarding the Administrative Services Agreement,
please call Chris Baker of our Client Services division at (202) 362-8076, or
call my Legal Assistant, Jan Feldman, at (202)962-4677.
Sic rely,
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Michael Schaefer. sq.
House Counsel
Enclosures:
Administrative Services Agreement (2 copies)
Return Envelope
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ICMA
RETIREMENT
CORPORATION
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Plan # 2387
ADMINISTRATIVE SERVICES AGREEMENT
This Agreement made as of the day of
199 ((herein referred to as the "Ince tion Date"), between The International
City management As;ociation, Retiremen Corporation ( RC ), a nonprofit
corporation organized and existing under the laws of the State of Delaware;
and the City of Jefferson Mssouriywit�'an(officeyatrg320zEastnMcCartyexisting under
the laws of the State o
# .; Street,Jefferson City, Missouri, 63101-3115.
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Recitals
Employer acts as a public plan sponsor for a retirement plan
V ("Plan") with responsibility to obtain investment alternatives and services
for employees participating in that Plan;
The ICMA Retirement Trust (the "Trust") is a common law trust
J governed by an elected Board of Trustees for the commingled investment of
retirement funds held by state and local governmental units for their
employees;
RC acts as investment adviser to the Trust; RC has designed,
and the Trust offers, a series of separate funds (the "Funds") for the
°.' investment of plan assets as referenced in the Trust principal disclosure
}� document, "MakingSound Investment Decisions: A Retirement Investment Guide".
The Funds are available only to public employers and only through the Trust.
In addition to serving as investment adviser to the Trust, RC
provides a complete offering of services to public employers for the operation
`•" of employee retirement plans including, but not limited to, communications
concernin investment alternatives, account maintenance, account record-
keeping, investment and tax reporting, form processing, benefit disbursement
and asset management.
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ICMA
RETIREMENT
CORPORATION
•
Plan # 2387
Agreements
"' 1• Appointment of RC
Employer hereby designates RC as Administrator of the Plan to
t perform all non-discretionary functions necessary for the administration of
the Plan with respect to assets in the Plan deposited with the Trust. The
functions to be performed by RC include:
(a) allocation in accordance with participant direction of
'•,�5;{ individual accounts to investment Funds offered by the Trust;
(b) maintenance of individual accounts for participants
refiecting amounts deferred, income, gain, or loss credited, and amounts
disbursed as benefits;
(c) provision of periodic reports to the Employer and
participants of the status of Plan investments and individual accounts;
(d) communication to participants of information regarding
their rights and elections under the Plan; and
(e) disbursement of benefits as agent for the Employer in
accordance with terms of the Plan.
` 2. Replacement of Employer Trust
o RC and Employer are parties to a'Trust A?the reement entitled
"Trust Agreement with the ICMA Retirement Corporation" "Employer Trust")
,f for the administration of the Plan. The Employer hereby terminates the
Employer Trust (not the Declaration of Trust of ICMA Retirement Trust)
intending that this Administrative Services Agreement evidence the
understandings between RC and the Employer with respect to the matters covered
by it. Employer continues to be a party to the Declaration of Trust of the ICMA Retirement Trust and agrees that operation of the Plan and investment,
management and disbursement of amounts deposited in the Trust shall be subject
to the Declaration of Trust, as it may be amended from time to time and shall
also be subject to terms and conditions set forth in disclosure documents
(such as the Retirement Investment Guide or Employer Bulletins) as those terms
and conditions may be adjusted from time to time.
3. Employer Duty to furnish Information
Employer agrees to furnish to RC on a timely basis such
information as is necessary for RC to carry out its responsibilities as
Administrator of the Plan, including information needed to allocate individual
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ICMA
1 RETIREMENT
xy. CORPORATION
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` Plan # 2387
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participant accounts to Funds in the Trust, and information as to the
employment status of participants, and participant ages, addresses and other
identifying information (including tax identification numbers) RC shall be +
entitled to rely upon the accuracy of any information that is furnished to it
by a responsible official of the Employer or any information relating to an
individual participant or beneficiary that is furnished by such participant or
beneficiary, and RC shall not be responsible for any error arising from its
reliance on such information. if within ninety (90) days after the mailing of
any report, statement or accounting to the Employer or a participant, the
z, Employer or participant has not notified RC in writing of any error or
'
objection, such report, statement, or accounting shall be deemed to have been
accepted by the Employer and the participants.
4. Certain Representations, Warranties, and Covenants
RC represents and warrants to Employer that: a `
(a) RC is a non-profit corporation with full power and
authority to enter into this Agreement and to perform its obligations under
this Agreement. The ability of RC to serve as investment adviser to the Trust
is dependent upon the continued willingness of the Trust for RC to serve in
that capacity.
z RC is an investment adviser registered as such with the
Securities and tb)
xchange Commission under the Investment Advisers Act of 1940,.
as amended. ICMA- RC Services, Inc. (a wholly owned subsidiary of RC) is
, H
re
ggistered as abroker-dealer with the Securities and Exchange Commission
to �_ SEQ and is a member in good standing of the National Association of
lecurities Dealers, Inc.
RC covenants with employer that:
(c) RC shall 'maintain and administer the Plan in compliance
with the requirements for eligible deferred compensation plans under Section
457 of the Internal Revenue Code; provided, however, RC shall not be
responsible for the eligible status of the Plan in the event that the Employer
directs RC to administer the Plan or disburse assets in a manner inconsistent
with the requirements of Section 457 or otherwise causes the Plan not to be
carried out in accordance with its terms; provided, further, that if the plan
document used by the Employer contains terms that differ from the terms of
RC's standardized plan document, RC shall not be responsible for the eligible
' status of the Plan to the extent affected by the differing terms in the
Employer's plan document.
Employer represents and warrants to RC that:
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t (d) Employer is organized in the form and manner recited in
'the opening paragraph of this Agreement with full power and authority to enter
into and perform its obligations under this Agreement and to act for the Plan
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ICMA
RETIREMENT
•CORPORATION
k Plan # 2387
and participants in the manner contemplated in this Agreement.
delivery, and performance of this Agreement will not onflictwitheanyilaw,
rule, regulation or contract by which the Employer is bound or to which it is
a party.
5• Participation in Certain Proceedings
The Employer hereby authorizes RC to act as agent, to appear on
its behalf, and to join the Employer as a necessary party in all legal
proceedings involving the garnishment of benefits or the transfer of benefits
suant to the divorce or separation of participants in the Em to er Pla
Employer consents to the disbursement by RC of benefits that have been
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garnished or transferred to a former spouse, spouse or child pursuant to a
domestic relations order.
6• Compensation and Payment
(a) Plan Administration Fee. The amount to be paid for plan
administration services under this Agreement shall be 0.9% per annum of the
amount of Plan assets invested in the Trust. Such fee shall be computed and
paid at the end of each month on plan assets in the Trust at that time.
(b) Account Maintenance Fee. There shall be an annual account
maintenance fee of $18.00. The account maintenance fee is payable in full on
January I of each year on each account in existence on that date. For
accounts established after January I the fee is payable on the first day of
the calendar quarter following establishment and is prorated by reference to
the number of calendar quarters remaining on the day of payment.
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(c) Compensation for Advisory Services to the Trust. Employer
acknowledges that in addition to amounts payable under this Agreement, RC
receives fees from the Trust for investment advisory services furnished to the
Trust.
(d) Payment Procedures. All payments to RC pursuant to this
Section 6 shall be paid out of the Plan Assets held by the Trust and shall be
paid by the Trust. The amount of Plan Assets held in the Trust shall be
adjusted by the Trust as required to reflect such payments.
7.
Custody
Employer understands that amounts invested in the Trust are to
be remitted directly to the Trust in accordance with instructions provided to
Employer by RC and are not to be remitted to RC. In the event that any check
or wire transfer is incorrectly labelled or transferred to RC, RC is
authorized, acting on behalf of the transferor, to transfer such check or wire
transfer to the Trust.
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MA
y ICMA
RETIREMENT
CORPORATION
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Plan # 2387,
8• Responsibility
RC shall not be responsible for any acts or omissions of any
person other than RC in connection with the administration or operation of the
Plan.
9. Term
' S This Agreement may be terminated without penalty by either
party on sixty days advance notice in writing to the other.
10. Amendments and Adjustments
(a) This Agreement may not be amended except by written
instrument signed by the parties.
N•
�. (b) The parties agree that compensation for services under
this Agreement and administrative and operational arrangements may be
adjusted as follows:
RC may propose an adjustment by written notice to the Employer
given at least 60 days before the effective date of the adjustment and the
notice may appear in disclosure documents such as Employer Bulletins and the
Retirement Investment Guide. Such adjustment shall become effective unless, .
within the 60 day period before the effective date the Employer notifies RC in
writing that it does not accept such adjustment, in which event RC shall be
under no obligation to provide services under this Agreement.
(c) No failure to exercise and no delay in exercising any
right, remedy, power or privilege hereunder shall operate as a waiver of such
right, remedy, power or privilege.
11• Notices
All notices required to be delivered under this Agreement shall
be delivered personally or by registered or certified mail , postage prepaid,
return receipt requested, to (i) RC at 777 North Capitol Street, N.E. , Suite
'r 600, Washington, D.C, 20002-4240; (ii) Employer at the office set forth in
the first paragrapph hereof, or to any other address designated by the party to
X, receive the same by written notice similarly given.
12. Complete Agreement
This Agreement shall constitute the sole agreement between RC
and Employer relating to the object of this Agreement and correctly sets forth
the complete rights, duties and obligations of each party to the other as of
its date. Any, prior agreements, promises, negotiations or representations,
verbal or otherwise, not expressly set forth in this Agreement are of'no force
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ICMA
RETIREMENT
CORPORATION
is
Plan # 2387
and effect.
13. Governing Law
This agreement shall be governed by and construed in accordance
with the laws without referenceMtosftsiconflictsloftlawsnprovisions. in that
jurisdiction wit
In .NiincsNnrtisaab hereto have executed this
Agreement as of the ep tioDa � the
rs ove wen
CITY OF JEFFERSON
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by:
4u iare fT
r
ame an i l�'1ease Fri R)
INTERNATIONAL CITY MANAGEMENT
ASSO TION RETIR ENT CORPORATION
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by:.
5 e%em. or o a e ,
Corporate Secretary
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