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ICMA <br />RETIREMENT <br />CORPORATION <br />October 20, 1992 <br />Joel R. Hanson <br />City of Little Canada <br />515 Little Canada Road <br />Little Canada, Florida 55117 <br />RE: 3285 <br />Dear Joel R. Hanson: <br />At the beginning of our relationship, the ICMA Retirement Corporation ( "RC ") <br />and the City of Little Canada entered into an agreement entitled "Trust <br />Agreement with the ICMA Retirement Corporation". That agreement only refers <br />in a very general way to the administrative services to be provided by RC and <br />the fees to be paid for those services, and it does not provide an accurate <br />portrayal of our current relationship. <br />To illustrate, the ICMA Retirement Trust currently consists of $2.4 billion in <br />total assets, and that figure represents the pooled monies of approximately <br />145,000 local government employees. This is a significant increase over the <br />$459,000 managed by RC for 285 participants in 1972. With the growth of the <br />Retirement Trust, the services RC provides for administration of your deferred <br />compensation plan have also grown. The administrative services we now provide <br />include: <br />* Educating and enrolling participants; <br />* Maintaining employer accounts and employee subaccounts, and associated <br />records; <br />* Crediting employer contributions to employee accounts; <br />* Reporting investment activity and account information to the employers <br />and employees on a quarterly basis; <br />* Providing information about various features of deferred compensation <br />plans on a regular basis; <br />* Paying benefits and handling related tax reporting. <br />Consequently, the "Trust Agreement" we initially entered into does not. a�Mg <br />describe the services RC provides in sufficient detail. 766L 8 t,ON <br />As a result, we have prepared a new Administrative Services Agreement, two 4 <br />copies of which have been signed by RC and enclosed. We believe the <br />Administrative Services Agreement provides a more accurate and up -to -date <br />description of the existing relationship between you and RC. <br />We propose that the City of Little Canada and RC enter into the Administrative <br />Services Agreement to replace the "Trust Agreement with the ICMA Retirement <br />Corporation ". Upon your acceptance of the Administrative Services <br />Agreement, that substitution will occur. <br />Page 38 <br />