R92-208RESOLUTION NO. R92-~
A RESOLUTION OF THE CITY COMMISSION OF
THE CITY OF BOYNTON BEACH, FLORIDA,
AUTHORIZING AND DIRECTING THE MAYOR AND
CITY CLERK TO EXECUTE AN ADMINISTRATIVE
SERVICES AGREEmeNT BETWEEN THE CiTY OF
BOYNTON BEACH AND THE INTERNATIONAL CITY
MANAGEMENT ASSOCIATION RETIREMENT
CORPORATION; PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City of Boynton Beach, Florida and International
City Management Association Retirement Corporation (ICMA) entered
into an Agreement on January 5, 1982, by Resolution No. 82-C; and
WHEREAS, that Agreement does not currently illustrate the
services provided for administration of the deferred compensation
plan and the administrative services provided to the City; and
WHEREAS, the City Com~ission of the City of Boynton Beach,
Florida deems it to be in the best interests of the citizens,
residents and employees of said City to execute an Agreement which
provides a more accurate and up-to-date description o~ the~existing
relationship between the City and ICMA.
NOW, THEREFORE, BE IT RESOLVED BY THE CiTY COMMISSION OF THE
CITY OF BOYNTON BEACH, FLORIDA T~AT:
Section 1. The City Commission of the City of Boynton
Beach, Florida, hereby authorizes and directs the Mayor and City
Clerk to e~cute the Administrative Services Agreement between the
City of Boynton Beach and The International City Management
AssociationRetirement Corporation (RC) attached hereto as Exhibit
Section 2. This Resolution shall take effect immediately
upon passage.
PASSED AND ADOPTED this / day of December, 1992.
CITY OF BOYNTON BEACH,
V,- ayor / /
FLORIDA
Commisl
ATTEST:
di~! Clerk
(C~rp~orate Seal
I CiCA. AC-R
11/23/92
[CMA
RETIREMENT
CORPORATION
ADMINISTRATIVE SERVICES AGREEMENT
Type: 457
Account Number: 0946
iCMA
RETIREMENT
CORPORATION
Plan # 0946
ADMINISTRATIVE SERVICES AGREEMENT
This Agreement, made as of the day of 1992,
(herein referred t6 as the 'Inception Date"), betwe.en ,-r.h,e International City
Management Association Retirement Corporation ( RC ), a nonprofit corporation
orgamzed and exis~,n~ under the laws of the State of D~laware; and the City
of~oynton Beach (Employer'), a(n) City organized and ~xisting under the laws
of th~ State of Florida ~/itl~ an office atP. O. Box 310, Boynton Beach,
Florida, 33435.
Recitals
Employer acts as a public p an sponsor for a retirement plan
("Plan") with responsibility to obtain the best possible investme?.t
alternatives and, services{Or employees participating in that Plan,
The ICMA Retirement Trust (the "Trust") is a common law trust
governed by an elected Board of Trustees for th~ co~mingled investment of
retirement funds held by State and Ocal governmental unit~ for their
employees;
RC acts as investment adviser to the Trus.t; RC _h.a,s designed,
and the Trust offers, a series of separate funds (the Funds ) for ~e
investment ,~f plan assets as referenced in the Trust principal disclosure
document, Making Sound Investment Decisions: A Retir~hnent Ir~vestment Gu de".
The Funds are ava~able only to public employers and only through ~e 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 employe~, retirement plaris including, but not limited to, communications
concerning inveStment alternatives, account maintenance, account record-
kee, ping, investment and tax reporting, form processing, benefit disbursement
an(] asset management.
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[CMA
RETIREMENT
CORPORATION
Plan # 0946
Agreements
1. Appointment of RC
Employer hereby designates RC as Administrator of the P an to
perform all non-discretionary functions necessary_ for the administration of
t. he Plan with respect to assets in the Plan deposited with the Trust. The
tunctions to be performed by RC include:
(a) allocation in accordance wit. h participant direction of
individual accounts to investment Funds offered b~/the Trust;
{b) maintenance of individual accounts for participants
reflecting amBUntS, deferred, income, gain, or loss credited, and amounts
disbursed as benefits;
{c) provision ofperiodic reports to the Employer and
participants of the status of Plan investments and indlvid'ual accounts;
(d) .cqmmunicati .on to p~rticipants of information regarding
their rights ano ejections 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
RC and Employer are parties to a Trust Agreement entitled
','Tru.,st A~jre:; .rne. nt~.with ,th.,e lC,MA R~,tire_men,t Corp, orat, ion' (the "Employer Trust")
[or t.ne a(]~m~ res. Eats.on. or_tne.fflan, ln,e~mpJoyer nereDy terminates the
empJoyer Jr Jst Ino~ me uec~aration ot Jrust of CMA Retirement Trust)
intending th it thiS Administrative Services Agreement evidence the ·
understandi~ ~gs between RC and the Employer with respect to the matters covered
by it. Emph ~yer cOntinues to be a Party to the Declaration of Trust of the
ICMA Retwe -nent Trust and agrees that operation of the Plan and investment, '
managemen .~ and disbursement of amounts deposited in the Trust shall be subject
to the Decla ,ation.of Trust, as it maybe amended from time to time and shall
also be subj' ,~ct t0 terms and conditions set forth in disclosure documents
(such as .the. Retirem, ent I.n. vestment Guide or Employer Bullet ns) as those terms
an~ conditie ns may be acljusted from time to time.
3. Employer Duty to Furnish Information
EmPloyer agrees to furnish to RC on a timely basis such
information ~s is necessary for RC to icarry out its responsibilities as
AdministratOr of ~he Plan, mcludinglirtforrriation needed to allocate individual
participant ~CCO~ ts to Fu.ndsin ttie Trust, and nformat on as to the
employment~stal s!of participants, and Participant ages, addresses and other
identi~ing i~forr~tion (including tax id(/ntification numbers). RC shall be
entitled to r~!y U )n the accuracy c~f any: information that is furnished to it
by.a respons~_b, le fficial of the Emp~0Yef or any information relating to an
individual paftici ~nt or beneficiao that iS furnished by such partimpant or
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[CMA
RETtREblENT
CORPORATION
Plan # 0946
beneficiary, and RC shall not be responsib e for any error adsin, g from its ,
reliance on such information. If within nine_ty (90) days after the mailing OT
any report, statement or accountin9 ~to the Employ_er or a participant, the
_ Employer or participant has not notified RC in writ!ng of ahy err6r or
objection, such rePort, statement, or accounting shall be deemed to have peen
accepted by the Employer and the participants.
4. Certain Representations, Warranties, and Covenants
RC represents and warrants to Employer that:
{a) RC is a non-profit corporation with full p_ower and
authority to enter into thiS Agreemeht and to perform its obligations under
this Agreement. Thee .ability (~f RC to,serve as investment ach7 set to the Trust
is dependent upon the continued willingness of the Trust for RC to serve in
that caPacity.
(b) RC is an investment adviser registered as such with the
Securities and Exchange Commission under tl~e Investment Advisers Act of 1940,
as amended; ICMA- RE Services~ Inc, (a wholly owned subsidia_ry of RC) is
registered a~s~ broker-dealer with the Securities and Exchange Commission
(SEC) and is a member in good standing of the National AssOciation of
Securities Dealers, Inc.
RC covenants with employer that:
(c) RC shall maintain and administer the Plan in comp lance
with the requirements for eligible d. eferred compensation plans under Section
457 of the Internal Revenue~ode;provided, however, RC shall not be
responsible for the. eligible status of the Plan in the event that the Employer
directs RC to adminis~'er the Plan or disburse assets in a manner nconsistent
with the recjUirements of Section 457 o.r. otherwise causes the Plan not to be
carried out in accordance with its terms; provided, further, that if the plan
do.c, ument used by the Employer contains terms t~iat differ from the terms of
RCs standardizedplar~ docur~ent~_RC shall not be responsible for the eligible
status of the Plan 1~o the extent affected by the differing terms n the
Employer's plan dOcument.
Employer represents and warrants to RC that:
(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
ano participants in the manner contemplated-in this Agreement. Execution,
delivery, and performance of this Agreement will not conflict with any law,
rule, regulation or contract by whicl~ the Employer is bound or to which it is
a party.
5. Participation in Certain Proceedings
The Em. ployer hereby authorizes RC to act as agent, to appear on
its .behalf, and to join the Emplover as a necessary pa .rty in all legal
proceedings involving the garnishment of benefits 6r the transfer of benefits
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ICMA
RETIREMENT
CORPORATION
Plan # 0946
i~ursuant to the divorce or separation of part!cipants in the Employer Plan.
he Employer consents to the disbursement by RC of benefits that have been
garnish.ed o.r transferr.ed to a former spouse, spouse or child pursuant to a
_ oomestic relations oroer.
6. Compensation and Payment
(a) Plan Administration Fee. The amount to be paid for plan
administration services under this Agreement sba be 0.9% per annum of the
amount of Plan assets invested n 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 payab e n full on
January I of each year on each account in existence on that date. For
accounts established after January 1, the fee is payable on the first day of
the calender~quarter following establishment andis prorated by reference to
the number of calendar quarters ~emaining on the d~y of payment.
. . .(c) C. ompensation for Adv!sory Services to the Trust. Employer
acKnowlerl~?s that in addition to ~obnt§ payable under this Agreement, RC
receives fe~s frorrf the Ti;Ust for investment advisory services furnished to the
Trust.
S (d) Payment Procedures. All payments to RC p_ursuant to this
ection 6 shall be .p_aid out of the Plan A~Sets held by the Trust and shall be
paid by the Trust. The amount of Plan Assets held iff the Trust sha be
adjust~l by the Trust as required to reflect such payments.
7. Custody
Employer understands that amounts invested in the Trust are to
be remitted di/'ecfly to the Trust in accordance with instructions provided to
Employer by RC arid 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 -~uch check or wire
transfer to the T~ust.
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
This Agree.ment may be terminated without penalty by either
party on sixty days aOvance notice in writing to the other,
10. Amendments and Adjustments
(a) This Agreement may not be amended except by written
instrument signed bythe parties.
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ICMA
RETIREMENT
CORPORATION
Plan # 0946
(b) The parties agr.ee that administrative and operational
arrangements may be adjustea as follows.
·. RC ~ay. prolpos, e an.adju,s, tment b.y wri~en notice to the Emp!oyer
given au ~east 150 days before the ettective oate ot the adiustment and the
notice may appear in discl.o.~.]ure documents such as Employer Bu letins and the
Retirement Idvestment Guide. Such adjus.tment shall become effective un ess,
within the 60 day ~period befOre the effective date the Employer notifies RC in
writing that it do~ not acc.el3t such adjustment, in which event RC shall be
under no obligation to provlde 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
ri~ht~ remedy, ~3ower 'or ~riv ege.
11. Notices
All notices required to be delivered under this Agreement shall
be delivered personally or by registered or certified mail, postage. _pre~aid,
return rece[p{;req~ueSted, to (i) RC at777 North Capitol Street,N.E., Suite
600, Washihgt0n],'D.C, 20002-4240; (ii) Employer at the office set forth in
the first paragtap~ hereof, or to any other address designated by the party to
receive the s~n~by written notice similarly given.
12. Complete Agreement
This ~reement shall cons_fitute the sole agreement between RC
and Employer rel'ating to the object ot this Agreement and correctly sets forth
the complete,rights, ~luties and obligations of each party to the other as of
its date. Any pr[or agreements, proi'nises, negotiations or representations,
verbal or otherwise, not expressly set forth in this Agreement are of no force
and effect.
13. Governing Law
This agreement shall be governed by and construed in accordance
with the laws of t-he State of Florida apl~licable to contracts made in that
jurisdiction without reference to its conflicts of laws provisions.
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Plan # 0946
In Wimess Whereof, the parties hereto have executed this
Agreement as of the inception Date first above written.
CITY OF BOYNTON BEACH
by:
:sl~lr~e~ure/uate
Arline Weiner, Mayor
Name ancl I ltle Wlease ~'rlnt)
INTERNATIONAL CITY MANAGEMENT
ASSO~ATION RETIREMENT CORPORATION
5tepl~en ~vm. Norcll~Olt/Uate
Corporate Secretary
ICMA
RETIREMENT
CORPORATION
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