HomeMy WebLinkAboutNationwide Life Insurance Co Columbus OH Administrative Service Agreement -1980VF U. S. (,'ONFERRNCE OF HAYORS bFPEMM) COMIYENSATIO'l PRO"'RAM
THE CITY t}P f nlT G �i'rC'r S
EMPLOYFES DETERRED C01MVENSATION PLAN
ADMINISTRATIVE SERVICE AGRf'.FMYNT
This AFt roi--mctit rf fP. e. ivc, of � { - -- , I9 �7 0 by and hcti.�etn trr
City of! i 1tojfC; �[ i.+1C i(L11e "Ci ty's), actir.g .11r.ough ics
nri 1)ch:71 f of tl,e City of(01w)'. tL-1 7m,plu}eeg Delferred Co puisatiou Plan
(thP T'I'T.:e+:"), '!ationwide Life Insurance Company of Coltim.1}us, Mbic► ("NatiouwJf?'),
and rul,.lic llCnefit Services Corporation, of Oklnhora City, Uklahona
j" PEf3St,'o") .
�FrlcrLa� , ter: City has establishe►i fu- the employees on "EligIble DL,, erred C. npon--
s.►tirs;l F'la►t," aE; defined by Section 4+ of the Internal Revenue Coda; and
k'ltzroas, Life U. 5. Conference of Mayor; halt reco4ved i.n zffir ,aCive opfnion of
Counsu t t1►at It's Prototype ;flan .►s provided the City as hart of the U. S. Co:I-
ference of lteyors Deferrcd Conl►cnsation Program, Is in conformance with Section
457 of the Internal Revenun Cade; and
t,'lierens, PF - ;O nrnpou�'s to aecepi tine rep pcnsibilit; of 111:3: Cncr;?inatnr, tL-
lncl►►du the rmploycr, colmunicatim, enrollment of employea-participants, and
the perfortranre of certain ndministrative- pnyroll sarvicen; and
i ►ereas, Natlonvide proposeu to issuu r.ta the City itc Cruuj. Retirement Fund
contract to fund the Plan rind to perforn certnin aclminiutrat{ve i4erv1cta;
Now, thereiore, in consideration of the prtmmiurs cortained here{:. chc parties
bo lreby mutually agree as Fvll.os+a:
1. •Accoptance Of Contract. The City hereby aubnita the Applis atlon zlttrlc-he:l
IIerc.'ta an Exhibit- A, .rnd acceptr Natlonwida-'c Croup kiet{rcrr.crt Farr►d Coturact
(the ''Contract``), a sf)vctrcrr cagy of vhic1' is -attached bert-to as Lddbit B.
'11t1: City 1014111 be- sole tppIfCnnt for find ot~nnr Uf t.hc> Contract. The C.,ntrcCt
SitaiI he the only grc7up annuity cor►tract offered ur►dr:r the Plan dur.tng t?ae
terra of this {lgrt:•:rr:nt exeelat as othr_'tvisr mutt►ally ,anrvecl In writing be:wr:en
the Cit_r, I'E:hSCC�, rtntlarikidn.
711e City further appoints PEBSCO ,as Lhr' flan Coordinator, charged with the
'`tortes rrnd r",VOn-g1bIli ties eet fortis 3►creinhelns .
2. ter for►n:ancc R�=ircd oC E'EBSCU,
n. Pl.'BSCO will Itrcyvldp, the ttaces,rary tr.clanical rssist7nr�_ ica rite C}.t}'F
Paytoll cllrectnr .tad per:ionrtel to cacarciitintc nn nd�inirstrntive systc>r
t:onpatlble With the current stru(•ttare of }'1i15Ct1` payroll systcan.
b. PI gyro tal 11 a"11tat tltc Clty irS csta1r1'!;111119 prrr�ralur�s for• payroll rc--
cluctions to acc:tmmely reflect the deferrnl of rumpen!tntlon by Pnrt:ici--
Ports and for t;ke trnn,mi�sion of nuch defe.rved rttt►tutta fcr invrv.rrncrtC
in the lint Contract.
c. PERM) will reconcile the sonic^ rcceived tv thn (Ictnil data of partir,l-
panLr. upon receipt of the deferr.aln n►rd reduction tlar:a for pirt}rip;rr►t.q
f ror, the city.
d. I' MU13 WiLl instrur_t the rlelaoG!tory anent tb trartsntt ni:,ou;ttn deferred
to ?F:atlenvl,dC, .in r, rront'uly basis, foe invc>st.ncnt' credit,
C. f'i;}l; co +4fl.l :tears to f:ntlrnwide n coral,►.irr rr arl blc tape of thr' rlr>tnil r-cl
ctacn of ttre FI:trticipantG k?;ir;;c deferrals a-: re;,recce t.ect by :;etch ,1epw: i;:,
FIIiSf:ti ;11r111 Imlei'mird the cur,fJilc;rtFaxir•y of III Pnrticlpnot. 11r;tr: rrnd
payroll data.
f. F`t Ei�r:s wtll ha rcn;i,olzriblc fr,r die ert:rollr..ent xtd Foi rite cxplan7cicjz of
lrnrt lcivition in OP.. Plan and Nat tor:tair?e's Contract to a11 l,ax..ici4r „tts.
tv: pat oS LbIU funCLloI}, ITBSCO will condtl :t i;roop prenuntat.iona for
t.110 City',; i:npinyt*cta to c>;p1.a-ries tfre trrx cvr�ocrStienrcc ae wcc li r., rf,
strictlorr . n : con, tned under Sectlan 1457 of the In{,ai r, -L kt ventr�, Ccyr?e.
Dur.itir; the recurs, FUSCO Hi;1 jnc;t;cv any cltructi.cl At. abC,'At tttc PI;-0 ant;
Ow Nat tcrn AAA CuritraCt, Pi;I1 'O prrrso;tnttl will :111,0 mr Qt , �clivid€ All
wi.t1r ti,tarer.ted employeati to nn.crer qucsttonl; imul to atcr.l_UL to tlic co`:-
I,lettinn : nd filing of f'.'rrticipatior, Af;vrr-- mtn 141th the Plan Coordi-,Ltnr
�s„rl tf,a Cf ty tl payral l tic�parifi�rnt,
11FAISC(I Sli, with infoynaLlon piovJded by hallow:icty, prepare ;;nv
17CCCrif::3ry Promotional 11:1tcrialo for c1i.:.tri6trtinri to t?rc C,ity's etny,li?C;,r�
ui,icl, i,ntr_rtn2r: r.Sizl:c be rulrnttEed tb Nntiocyutdr- rvr approval to
itaa. The City ref:crvc:0 Limrit;l;t to Mvicw nrtd rodi.fy I Y irzot. E:iair,
vaterin1s.
1r. 11911SCO ui.li a VV-Fer M,y quef:ttontj for the MLy'n iinyrc,il t?rratt�0f
i_tt; mitlaatt,l t.n11—f rcc trlcrl,n,e rtts her..
i, 111r11suo r,Cree_o to lritle;;,.,ify and hoJd ?r7mies:, tht! City pnci itta indivirli,:il k'
crfficinit: for tiny 1a:,s arlvittf; Cron its faMtre to Frcrictrt4 tts dutiits and
t,r.rvicr=a pur_ftmnt Lo the lsgmviacz,t.
;. iri the nvrrtt '-e1:9rr`l fails t,,) porfern my of its ilutie�; pur!!Uamr: ca 01c :.er:a5
of tlti n; rr.rnr.. L, tl,i• tiff; h:,s the ont inn t o terminn to this agrncr eut tipon
�C cloyf ,critter, nat:icc to 171t3cO of #tn Jntnnt to terrninnte.
3. Perron.:nn-- ",^mtirc.d of the f;S,t• .
V. 'Site City will provide the neemonry ccrppost an+t cooperat-lon to titr: program
to that all Ci.t.y emp]ofce;; Will have the opport%m ty tfa in die
Plan.
ts. Tire City will provide PEBSCO with th(t neccnsary data zad support for titz
clzvelolTraent aml coordination of tnr_= adnlolstrtrti i! fiiystf-i ro-t the cspertttion
and mint ennnce of the; Plon.
c. The City will transmK tltrz deferrod amounts to the depn,nary agent, 'and
styportin, ducaments detailing the .indi,viduml 1'lrz-ticipant dc!fLrra1r- to
PF115CO, i-rompLly after crsch gray period for procensing;. The City ti4111
nuthorke F'USCO to Instruct, the depouitory ag<,eat tv Irrtnsesit the deferrers
rrt-ountt; to 1JatinnAck an n rurtrhly 0015, orrce tl:r xDotmto are recooc'ilerl
tr. tirc payral rc-ifnr_tion data.
z . The City ng;rem:• trot, tater the r_reciit1ng; 1.} tt rtios,,+f:ie to Oil-- City of
the nro.,s zKure= rate vn the fauds Agrn>itc(l in tfta Culrt:r')(A, ;!-lid POW
to the crediting of the nut intmc5t rate to Ow accounts of Nrtrtic•[pintfs,
the City r;ltnii nuthorl7c- ttnt lonwide to pny, orr ll n belm1f, tr: 3'l;i1SCO. Firs
ndlinistrativa fce erg►irs>r, on an annual, basis, to 0.35% of the City's Funds
helrl tstsrler the 1Jrztlrsrr.rlile contract, nn r.ongseof:ntion for I'1;Ts mli,. t;ervlccrr
rzn trot tartly alarrvr,,. Tits payment (,r ruch feet? to ?E)Q CC slid] be on tin
:snnrrrrl. 1•nn l r:.
4. Re ttlred of llntIonw.ide.
a, 11atlrawride g;rcojn to accc-pt v;mtributlons ;ruder tire: Ccnt:rnct fro-m Lite t:ity
ti:tcsii,,lt Olt! <irpasitnry ig',ent_. Pnrt#r.ipant jjaymtnt., will be nccumpanirtl
by nj1prVprS.1tc docvmlcntntfts;s on cor*irutcr—rr3clniric t rgr.1?n) 3ro s ),MtSc€i.
11'Itior"'Atle ng;rcen that It!; Prorcdures for reculpo of fmh" ri;s<<st_en"nco
of accounts and d1shursr.rcnLs or fundu will be ennpatible wfth the pro -
VOWS of the Flan Agreement or any nmendmontn hereto node Peceasary for
the Plan to maintain its W--favared status.
tx. tlatinnalde will maintain an individual account in respect of raclr Fart-1--
cinane, + hOue Wferralo are deposited in the Nati-nvIde Cantract and will
provide nn annual Individualized statement to cad, PaKiciparrt► reflectirrp,
both total nont:ributions and accumulated value, Naticonwide, will, also Pro-
vtdc to they City an annual statement listing Individual Participant account
valves and total. Contract value.
c. Nationwide will provide a speci.nl report prepared by are indepandcrrt public
accounting firm cantpining the finnneial data of the G. S. Conference
Proyrem,
d, Nationwide Bgrees to disburse contract benefit amc,tintf, ta, provtzteet 'or
by Pnrticlpasnt elections under the Plaa Agreemant ttnd titre Cnnt:raet, a5
directed by the City from time to time and corvu mntcatecE to tintionwNe
6y the City or the flan CoarAnator, and to provide informnLinn at sourec
repnUO3 aR may be required by the. Internal Revenue Service.
e. Nationwide will vatnblich a full service operntionr facility, witlr a tall --
free to ppbone number, to prrrvlde a full range of Participant services.
r. t+rttioW& Wens to indemnify and bold barmiesB thv City and Ito Indivi-
dual officink for &ny loss arising from ito Qilitre to perform ite, duties
and scarier= Mnunnt to the Agreement.
5, Urm and Renewal. TKA Agrenment shall be for n tctr of tsixty (60) monLhf;
Cron the effective date and shall be renevabla by the City at the ead of the
t
nrig .nAl tern,, or at the crid of any ronewable term, by Oic City r�ti:,ing
,,,rticncwide and Phmco within six (b) mo^tbs of the and of such term of its
intention to renew the Agreement; end if withli, three (3) r.ot:zhc of the en,l
of :iny term, the City ling fail -A to iff.irmitively renew the Agrevmen- , but
;,as not provided Nationwide and P£B5CO with written notice of termination,
thf, Agrevmen!- nhall nutonattrally renew for an Additional Lhirty-rfA (3ri)
months: provided, however, Hint Nationwide nud ?TSCO ::,asL accept in writing,
the affirmative or automatic renewal of the A,reer,.ent, within tc.enty (20) day5
of nuch occurrence, in which cage the rr!newal provisions of this paragraph
slinll apply as if the Agreement wos in the last year of its Leri,.
1iie City agrees that in the avant of the nun -renewal of this Agreement, all
contributfoas Invested by tt under Nationwide.'s Cortract, shnll rcmnin with
'1Fitionwf.de until disbursed to the Participant or his beneficiary in accord-
ance, with t.l;e Plan Agreement. Tile City further ngrLeg that in Uic event of
non -renewal of this Agreement that it will not require those. r,trtlriparits
whose deferred cnnpenr;ation Arts been invr,sted by tl,,! City in ?iati �nafc�e' n
CanLrncL to rhange Oteir invesLmc:st Lidex under tht Plan Agreement, tl,ot-gh
the City may permit the c nrticipant to select nitfrnrt 1ve inventment indexes
prospectively under the Plan Agreement.
G. Entire Agreement. This Agreement, along :;Ith the ConCra ct, constitut^s the
ent ire agrevment Itetu, en the parties and there are no :thcr agreernerit.s,
except a Veneral Agent Appointment and Administrntive .;orvice Agreement
between Nntionuide and FEBSCO.
7. Anpli.cable Law. Thir. Agreement stall be construe-d in accordance with the
laws of the State of
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