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Home My Public Portal AboutC-15-012 - Voya Retirement Insurance and Annuity Co. and Voya Financial Partners, LLC. Amendment No.3, Deferred Compensation ProgramAMENDMENT NO.3 TO THE CITY OF CARSON DEFERRED COMPENSATION PROGRAM ADMINISTRATIVE SERVICES AGREEMENT BETWEEN THE CITY OF CARSON 1 AND VOYA PLAN # 666972 & 666973 ` THIS AMENDMENT TO THE CITY OF CARSON DEFERRED COMPENSATION PROGRAM ADMINISTRATIVE SERVICES AGREEMENT ("Amendment No. 3") by and between the City of Carson, a California municipal corporation ("Plan Sponsor") and Voya Retirement Insurance and Annuity Company ("VRIAC") an insurance company organized under the laws of the State of Connecticut, and Voya Financial Partners, LLC, a limited liability company organized and existing under the laws of the State of Delaware (together with VRIAC, the "Contractor"), on behalf of the City of Carson Deferred Compensation Plan & City of Carson 401(a) Retirement Plan, Voya Plan Numbers 666972 & 666973 (referred to herein as the "Plan"), is effective as of the 5th day of May, 2020. RECITALS A. Plan Sponsor and Contractor entered into that certain Agreement for Contractual Services dated May 1, 2015 (the "Agreement") whereby Contractor agreed to provide certain administrative services to the Plan. B. On December 15, 2015, the Plan Sponsor and Contractor entered into that certain Amendment No. 1 to the City of Carson Deferred Compensation Program Administrative Services Agreement ("Amendment No. I") to amend the language of the subsection entitled "Expense Account for Services of Expenditures" ("EASE Account") under Schedule I: Reimbursement of Plan Expenses, of the Agreement. C. On December 3, 2019, the Plan Sponsor and Contractor entered into that certain Amendment No. 2 to the City of Carson Deferred Compensation Program Administrative Services Agreement ("Amendment No. 2") to amend the Agreement to update certain services provided to the Plan and reflect the reduced administration fee from .33 basis points to .21 basis points. D. On March 13, 2020, the President of the United States declared the ongoing coronavirus pandemic of sufficient severity and magnitude to warrant a nationwide emergency declaration. E. On March 27, 2020, the President of the United States signed into law the Coronavirus Aid, Relief, and Economic Security Act, or CARES Act (the "Act!'). The Act includes a number of tax provisions that affect retirement plans. F. Plan Sponsor and Contractor now desire to amend the Agreement to reflect the provisions that will permit: (i) Coronavirus related distributions; (ii) Coronavirus related loans; (iii) Coronavirus related loan delays; and (iv) a waiver of Required Minimum Distributions for 2010, enacted by the Act. TERMS 1. Contract Changes. The Agreement is amended as provided herein. A. Section 5.10, "Notices," is hereby amended to read as follows: "S.10 Notices: Each party will promptly provide the other with notice and copy of any attempts to levy or attach amounts held under the Plan and/or any litigation affecting the Plan of which it becomes aware and/or any notices or demands to be given under this Agreement. All such notices, demands or other communications hereunder shall be in writing and duly provided if sent certified mail, return receipt requested, addressed to the party to be notified or upon whom a demand is being made, at the addresses set forth in this Agreement or such other place as either party shall from time to time designate in writing. The date of service of a notice or demand shall be the receipt date on any certified mail receipt. Notices to the Contractor shall be sent to: Voya Retirement Insurance and Annuity Company Attn: Associate General Counsel Legal Department, CIS One Orange Way Windsor, CT 06095 Notices to the Plan Sponsor shall be sent to: Faye Moseley Director of Human Resources and Risk Management City of Carson 701 E. Carson Street Carson, CA 90745 B. A new Appendix V to Schedule A is hereby added to the Agreement to read as follows: "CITY OF CARSON DEFERRED COMPENSATION PROGRAM Appendix V to Schedule A (Coronavirus Aid, Relief and Economic Security Act) Notwithstanding another provision in the Agreement or Plan, the Contractor agrees to provide the Plan with the following limited services listed in this Appendix V to Schedule A, as required by the Coronavirus Aid, Relief and Economic Security Act, or CARES Act (the "Act"), from March 27, 2020 through December 31, 2020, unless otherwise provided. For the purposes of this Appendix V to Schedule A, all references to "participant" are intended to apply equally to all account holders under the Plan. 1. Coronavirus Related Distribution from Certain Retirement Plans. A plan participant or IRA owner may take a coronavirus related distribution from a 401(a), 401(k), 403(b), or governmental 457(b) plan or from a traditional IRA between January 1, 2020 and December 30, 2020 due to: a. that participant or IRA owner being diagnosed with the virus SARS-CoV-2 or with coronavirus disease 2019 (COV ID -19) by a test approved by the Center for Disease Control and Prevention; b. the participant's or IRA owner's spouse or dependent being diagnosed with the virus SARS-CoV-2 or with coronavirus disease 2019 (COVID-19) by a test approved by the Center for Disease Control and Prevention; or c. the participant or IRA owner experiencing adverse financial consequences as a result of: L being quarantined, furloughed or laid off or having work hours reduced due to such virus or disease; ii. being unable to work due to lack of child care due to such virus or disease, closing or reducing hours of a business owned or operated by the participant or IRA owner due to such virus or disease, or iii. meeting such other factors as may be issued and determined by the U.S. Treasury Secretary, or designee. The Plan Sponsor and Contractor may rely on the participant's certification that the participant satisfies the eligibility conditions in this Section for taking a coronavirus related distribution. 2. Federal Income Tax Treatment of Coronavirus Related Distribution. A coronavirus related distribution is not subject to the mandatory federal 20% withholding or delivery or receipt of the Special Tax Notice. The distribution will be subject to a 10% federal withholding unless the participant elects otherwise. The distribution shall also be subject to all applicable state and local tax withholding. Contractor shall tax report the full distribution amount for tax year 2020. 3. Waiver of the IRS 10% Premature DistQLytion Penalty Tax. A participant or IRA owner who takes a coronavirus related distribution up to an aggregate amount of $100,000 is not subject to the Internal Revenue Service 10% premature distribution penalty tax. Plan Sponsor's responsibility for monitoring the $100,000 aggregate distribution amount of a participant or IRA owner's coronavirus related distribution is limited to only coronavirus related distributions a participant or IRA owner takes from all plans of that employer (and any other plans that are part of that employer's controlled group). The term "controlled group" shall be defined the same way it is defined in the Act. Contractor shall not monitor the $100,000 aggregate distribution limit. 4. Repayment of Coronavirus Related Distributions. Coronavirus related distributions may be repaid in one or more contributions to a 401(a) 401(k), 403(b), or governmental 457(b) plan or to a traditional IR over a 3 -year period beginning on the date that the distribution was received if the recontribution is made to: a 401(a), 401(k), 403(b), governmental 457(b) plan, or traditional IRA. The coronavirus related distribution is considered to be a rollover eligible distribution for recontribution purposes. 5. Plan Loan Relief. Aap rticipant who satisfies the eligibility renuirements for a coronavirus related distribution, uursuant to Section I above. a. May take a loan from a 401(a), 401(k), 403(b), or governmental 457(b) plan, only during the 180 day period beginning on March 27, 2020 and ending on September 22, 2020, of up to the lesser of $100,000 (taking into account the outstanding balance of all other loans taken from plans of the employer) or 1001/16 of the non -forfeitable value of the participant's account under the plan (note existing outstanding loan amounts and number of loans permitted under the plan will serve to decrease the amount available); and b. May delay repayment of a new or existing loan from a 401(a), 401(k), 403(b) or government 457(b) plan for a period of up to one year for loan repayments outstanding on March 27, 2020 through December 31, 2020. Loan repayments will resume in January 2021 and the term of the loan will be extended to reflect the period of the loan delay. The delay of the loan repayment will not cause the loan to fail to meet the Internal Revenue Code requirements for the maximum five-year loan term for nonresidential loans or substantially level reamortized payment schedule. Any subsequent repayments with respect to any such loan shall be appropriately adjusted to reflect the delay in due date under Section 5, Subsection a, above, and any interest accruing during such delay. 5. Waiver of Re uired Minimum Distribution "RMD" from Certain Defined Contribution Plans and Traditional IRAs for 2020 Calendar Year. RMDs are waived for all participants and beneficiaries in 2020 from accounts within a defined contribution 401(a) or 401(k) plan, defined contribution 403(b) plan, or a defined contribution governmental 457(b) plan, or a traditional IRA. Contractor shall automatically waive RMDs for 2020, except to the extent that such payment is part of a periodic payment requested by the participant. 2. Continuing Effect of Agreement. Except as amended by this Amendment No. 3, all provisions of the Agreement, as amended by Amendment Nos I and 2, shall remain unchanged and in ful l force and effect. From and after the date of this Amendment No. 3, whenever the term "Agreement" appears in the Agreement, it shall mean the Agreement, as amended by Amendment Nos. 1, 2 and 3. 3. Affirmation of Agreement; Warranty Re Absence of Defaults. Plan Sponsor and Contractor each ratify and reaffirm each and every one of the respective rights and obligations arising under the Agreement. Each party represents and warrants to the other that there have been no written or oral modifications to the Agreement other than as provided herein. Each party represents and warrants to the other that the Agreement is currently an effective, valid, and binding obligation. c6oftagur +moi ib A= Phs Spm tom, Es Of dw dM aft as Ate, R1�ss.� Sp=zRw is an i* dd:=k ofmwf mmkmffd km afiie AgmnEs= =d dw thcze how b= mo esus tIML Wb the oftime at t.r gig ctm6m cr �, WMW r om m ddnbe>a dwAZmmmzcL pin r Krd b Cac tf ra af�c dt a#t3 A CMUMMm is lndK=zti ofmy W= afdc A and do dow Inc bmD m esu t p of rye oite aft tuba ws,�Fir rl a matin d p4der Id�e A,�mea� 4. Adopatc C1-amlFhcpzrf=Eoeseb im vo 5ripo mtd pec dw dwy hnr- mmkMocif Aid fizkpcndcgg caasikEalkm fare pmfizmz= ofthe GhEkff6mm bFY ham =WkgAm pmw= m tins Amcodr=sl No- 3_ I Auff=ily. 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Solisai, City Attorney [AE] City CONTRACTOR: VOYA RETIREMENT� INSURANCE AND ANNUITY COMPANY By: Ci 1 y4,u.( Name: Title: Carol B Keen Vice President By: ►� Name: C 1n+- • �.� y.e r S lO v T'2 Title: V. u Pre c i cL* r< 4 - Address: pry Oe.P,rnae wa-v]- w, r. ats•s�, c T Q6 °a � VOYA FINANCIAL PARTNERS, LLC By: 0444 & 1�'k Name: Carol B Keen Title: Vice President' By:Cf , Name: G' (n vi Title: v," Address: orq O rca v% S4 t� la.� . v+oiso+� CTD 6Qvg s Two corporate officer signatures required when Contractor is a corporation, with one signature required from each of the following groups: 1) Chairman of the Board, President or any Vice President; and 2) Secretary, any Assistant Secretary, Chief Financial Officer or any Assistant Treasurer. CONTRACTOR'S SIGNATURES SHALL BE DULY NOTAIZED, AND APPROPRIATE ATTESTATIONS SHALL BE INCLUDED AS MAY BE REQUIRED BY THE BYLAWS, ARTICLES OF INCORPORATION, OR OTHER RULES OR REGULATIONS APPLICABLE TO CONTRACTOR'S BUSINESS ENTITY. INSERT CALIFORNIA ALL PURPOSE ACKNOWLDGEMENT