02-24-10 Council Agenda - Laserfiche WebLink

Home Browse Search

Participants are not charged additional fees for using Assee Class Guidance under Guided Pathways Fund Advice Fend Advice provides "poise-in-rime" individualized investment advice to Participant-s seeking assistance in selecting spedfic retirement plan invesuuents. Fund specific recommendations are conscrucre(I by Ibborson from among ehe invesrmene options availablm iu the Plan. Fund Advice may be provided elurough dle Ineernet, on paper, or by an ICMA-RC associate over the telephone or through face-m-face mecciugs with au ICMA-ItC associate. ]CMA-RC crcaees Fuud Advice recomnlendaeimis by applying Inecllodology developed, maintained and overseen by Ibborson. Tile investment advice and fund specific recomnlcnc(ations are constructed by Ibbotsou franl ehe investment options available colder the Plan and as selected by you as the Plan Sponsor, applied to the Parrlcipauc's hldn'idual information and account. Flllid AdV1eC IS b35Cd I1p011 a WBaICI] lor(cast d1aC raiCCS InCO aCCOUlIi 110r Ollly c11C I)fil'[IClpallr'S PI1Il flCCOUnf Vah1CS fllld C011C1'lbtl[IOII I'al'CS, belt fl1S0, CO C11C CXCCIIr pt'Ot'ICi6cl h}' L'l1C Pal't'Ielpalll and i'C1C\'allt' l'P 1116 fot'6ca$t', OChCi' ati5Ce5 ~1CId by LI1C Participant or the Parcicipant's spouse m' family member, and personal information of nc~ Pareiciyaru - including bue noe limnsd to, daee of birth, anticipated or actual date of retirement, etc. "Th6 wealth forecasts reflect ehe restlJrs of Moute Carlo simulations ro determine the probable result of various account allocations, savings rates, Ctc. Th6 Participant may elect whether eo use this service, and if so, when and how ofmn co use ir. "I'h6 Participant will be responsible for huplemencing any advice or fiord specific recommendations using ehe ordinary means available under the Plan (i.e., transfer of account balances), and for subsequent monitoring or review of the account and of the information urilircd in arriving at the advice. Pareieipantr using Fnn(I Advice are responsible foe supplying updated information when choir personal dreumseauces or or66r factors change. ICMA-RC will charge a standard $20 annual fee to Participants using Fund Advice. I-Iowever, certain Participants, such as chose in the Premier Program°, can utilize dre Advice service for no charge. 'I"he fixed annual fee will be charged co the Pareicipant's account following cnrolhnent and will eneitl6 the Participant ro use of the servic6 for atwelve-month period. Nor each succeeding twelve-month period Pot which elae Advice service is initiated or coneinued, the Participant will he required ro re-enroll and pay the anmla(fee in order ro continue receiving the service. Guided Padnvays"' allows Participants co directly implenleut recommended transactions (Fund a'ansfers and contribution reallocations) in their ICMA-RC; accounts. Employer Designations and Determinations liy entering into this Agreement, Employer determines that the compensation paid to ICMA-12C by Participants for services under the Guided I)athways~ program, including the Managed Accounts services, taking into account any other compensation eo ICMA-RC or its affiliates for investments and services provided to Plan accounts, is reasonable in light of ehe invesl:menr advisory services to be rendered. Employer designates that the individual investment options oPPercd eo Participants under the Plan will be the same invesrmene options available co Participants selecting Managed Accounts and Fuud Advice. In malting such a designation, you aclulo\~dedgc aad agree ro any limits on the invcsemcm' options eo which the advice may apply, and co nny limitations imposed by the invesunenr option or by the flan. Employer acknowledges chat ICMA-RC or an affiliate may be providing additional services, including invesrmene, Plan recot'dl(ecping, Plall compliance, and ocher related Plan admiuisrrarive services. I-Iowever, the Emplo}'er retains its existing responsibility for Caking necessary steps co adopt, amend and maintain dle qualification of the Plam 3. Prohibited Transactions Although your Plan, as a governmental plan, is not subject eo all the recpuremenes of ERISA, under ERISA certain types of transactions are prohibited, including, generally, the provision of investment advice by an emit}' or an individual char is providing other services to the Plan for canp6usarion. 1"he DOI. issued Advisory Opinion 2001-0)A ("Advisory Opinion') to SunAmcrica Retirement Markets. Ina ("SunAmerica') on December 14, 2001.'I'hc Ach'isory Opinion provides thee investment advice based on a computer program controlled by an IhE and delivered ro a Parricipanc bq an organizneioll or adviser tllac is also providing plan inv6srmcnes from which it receives income, will not eonstituee a prohibited transaction if c6rtai1l requiremenes arc met. 'The DOL issued [he Advisory Opinion in response ro a request for a prohibiee(I cransactiml exemption ("P'I'E") by SuuAmer'ica. ICMA-12C has entered ineo an agreement with Ibboeson to provide dle type of services described in the SunAmerica P'I"E requese and the Advisory Opinion. Managed Accounts Service Agreement 3 ICA7A^RC 9