Loading...
HomeMy WebLinkAboutAgreements_Pension Public Safety_08/02/2010 ADMINISTRATIVE SERVICES AGREEMENT BETWEEN VILLAGE OF TEQUESTA PUBLIC SAFETY PENSION FUND AND PENSION RESOURCE CENTER, LLC This agreement made as of this a day of 2010, by and between the Village of Tequesta Public Safety Pensio Fund (hereinafter referred to as 'Pension Fund') and Pension Resource Center, LLC, a Florida Corporation (hereinafter referred to as "Administrator "). WITNESSETH: WHEREAS, the Code of Ordinances of the Village of Tequesta establishes the Pension Fund for the purpose of providing benefits to certain employees and paying the expenses related thereto; and WHEREAS, the Code of Ordinances of the Village of Tequesta authorizes the Pension Fund's Board of Trustees to engage the services of an Administrator to administer the Pension Fund's operations; and WHEREAS, the Administrator is engaged in the business of rendering administrative management services to employee benefit plans; and WHEREAS, the Pension Fund is familiar with the experience and reputation of the Administrator in rendering these services; and WHEREAS, the Pension Fund has determined that it is in the best interest of the participants and beneficiaries of the fund to engage the services of the Administrator upon the terms and conditions hereinafter set forth. NOW THEREFORE in consideration of the foregoing and of the mutual 9 9 covenants and agreements contained herein, the parties agree as follows: Section 1 Administrator A. Engagement — The Pension Fund hereby engages and retains the Administrator who hereby accepts the engagement and retainer by the Pension Fund to serve as Administrator of the Pension Fund. B. Duties and Responsibilities — Without limiting the generality of the foregoing, it is mutually acknowledged and agreed that the Administrator is engaged to perform those duties and responsibilities of the Pension Fund as Administrator which are delegated to it in accordance with the express terms of this agreement. C. Limitation of Authority — The Administrator shall not: 1. Exercise any discretionary authority or discretionary control respecting the management of administration of the Pension Fund; or 2. Exercise any independent authority or control with respect to the management or disposition of the assets of the Pension Fund; or 3. Render investment advice with respect to any monies or property of the Pension Fund. Section 2 Duration This agreement shall become effective on the �Z day of , 2010 and shall continue until otherwise terminated in accordance with th terms of this agreement. Section 3 Fees A. Basic Fee — In consideration of the administrative services to be performed as agreed above, the Pension Fund agrees to pay the Administrator such fees as are provided in Exhibit A of this agreement. This fee shall not be increased for a period of two (2) years commencing from the effective date of this agreement. 2 B. Expenses — All extraordinary expenses such as printing and postage charges for mass mailings, overnight delivery charges, and special travel expenses reasonably and necessarily incurred by the Administrator shall be reimbursed by the fund. Section 4 Services The Administrator shall be responsible for and be in charge of all administrative services required of it by the Pension Fund for the proper and complete administration of the fund, except as noted in Section 9. Without limiting the generality of the foregoing, the Administrator shall perform the following services: A. Attend all meetings of the Pension Fund and maintain the minutes of those meetings, if requested by the Pension Fund. B. Implement all administrative related decisions of the Pension Fund with regard to the Pension Fund's daily operations. C. Maintain all documents as may be required by the Pension Fund. D. Maintain statistical data for the Pension Fund, the Pension Fund's auditor and actuary, including vesting, benefit accrual, compensation and eligibility history of participants when such are needed or required. E. Assist in the preparation and filing of all necessary government reports. F. Properly, adequately and effectively respond to inquiries by participants or their beneficiaries, by the Pension Fund or the Pension Fund's designated service providers or by the Village of Tequesta, Florida. G. Assist in the design and development of all communications between the Pension Fund and the participants. H. Attend any special meetings of the participants, as determined by the Pension Fund, for the purpose of assisting and explaining benefit coverage to participants and beneficiaries. I. Develop and recommend to the Boards, proper procedures for receipt of all contributions to the Pension Fund and disbursement of payments for benefits and invoices from the Pension Fund. 3 J. Process all applications for benefits under the fund, including applications for service - connected disability retirement, coordinating of medical appointments and transmission of medical reports to the Pension Fund. K. Perform such other administrative and related advisory functions and services as may from time to time be requested by the Pension Fund. Section 5 Obligations of Administrator It is mutually covenanted and agreed that all services rendered by the Administrator to or on behalf of the Pension Fund shall be performed with reasonable dispatch and shall be performed in a manner which is adequate and convenient to the Pension Fund and the participants and beneficiaries of the Pension Fund. The Administrator shall familiarize itself with the basic documents under which the Pension Fund is established and render all services in accordance with said documents. The Administrator shall perform all obligations under this agreement in accordance with the provisions of and pursuant to Florida Statutes, Section 112.656(2). By execution of this agreement, the Administrator acknowledges that it is a fiduciary of the Pension Fund within the meaning of the Employee Retirement Income Security Act of 1974 (ERISA) and §112.656, Florida Statutes. Section 6 Records A. The Pension Fund will turn over to the Administrator true copies of all records, reports, information and other data pertaining to this Pension Fund. The Administrator may rely upon the completeness and accuracy of the records, reports, and data delivered to it. B. The Administrator shall be responsible for assisting in the maintenance of records of the fund. C. In the course of performing its administrative services hereunder, the Administrator shall notify the Pension Fund of any information, records or reports which are necessary to maintain the business of the Pension Fund and shall assist the Pension Fund in obtaining said information. 4 Section 7 Reports The Administrator shall work with and assist the Pension Fund and their professional advisors in the preparation of records and reports to be filed with government departments or agencies or which are necessary to be disclosed and distributed to participants and beneficiaries. Section 8 Disclosure of Records All information, including records and other data, which may come into the possession of the Administrator shall be subject to disclosure and production to the extent required by the Public Records Act, Chapter 119, Florida Statutes, or upon compulsion of a subpoena issued by a court of competent jurisdiction, as approved by the Pension Fund. Section 9 Excluded Items It is understood and agreed by the parties that the Administrator shall not be responsible for the performance of accounting, auditing, legal or financial advisory services. Section 10 Fidelity Bond and Insurance The Administrator agrees to maintain an appropriate fidelity bond and errors and omissions insurance policy during the term of this agreement. The Administrator shall provide copies of the proof of said bond and insurance to the Pension Fund. Section 11 Damages The Administrator agrees it shall be liable to the Pension Fund for any damages or losses, which the Pension Fund or the fund may occur as the result of negligent or intentional acts or omissions of the Administrator or breach of this agreement. Section 12 Governing Law This agreement has since been executed in Tequesta, Florida and shall be governed and construed in accordance with the laws of the State of Florida. Venue for 5 any dispute shall be in Palm Beach County, Florida. In the event that any action shall be necessary for the enforcement of this agreement, the prevailing party shall recover its court costs, including reasonable attorney's fees. Section 13 Publice Entity Crimes Bill Section 287.133, Florida Statutes, provides that a person or affiliate who has been placed on the convicted vendor list following a conviction for a public entity crime may not submit a bid on a contract to provide any goods or services to a public entity, may not submit a bid on a contract with a public entity for the construction or repair of a public building or public work, may not submit bids on leases of real property to a public entity, may not be awarded or perform work as a contractor, supplier, subcontractor, or consultant under a contract with any public entity, and may not transact business with any public entity in excess of the threshold amount provided in Section 287.017, Florida Statutes, for CATEGORY TWO for a period of 36 months from the date of being placed on the convicted vendor list. Section 14 Entire Agreement This agreement constitutes the entire understanding and agreement by the parties hereto and shall not be modified, amended or revoked except by the express written consent of the parties. Section 14 Termination This agreement may be terminated by the Pension Fund on sixty (60) days' written notice, or by the Administrator on one hundred twenty (120) days written notice, with or without cause. In the event of a termination, the Administrator agrees to promptly (not to exceed 30 days) turn over to the successor administrator or such other party designated by the Pension Fund, all records, reports or documents belonging to the Pension Fund and in possession of the Administrator. 6 IN WITNESS WHEREOF, the parties who caused this agreement to be executed on the date set forth. DATED at Palm Beach County, Florida thisc day of , 2010. Village of Tequesta Public Safety Pension Board By: Chairperson Secretary Pension Resource Center, LLC i BY: ' WY C L ? Print Na qu R 7 ADMINISTRATIVE SERVICES AGREEMENT VILLAGE OF TEQUESTA PUBLIC SAFETY PENSION FUND AND PENSION RESOURCE CENTER, LLC EXHIBIT A FEE SCHEDULE In consideration of the administrative services to be performed as agreed in the foregoing agreement, the Pension Fund shall pay the Administrator a monthly retainer fee. The monthly fee shall be Nine Hundred Fifty Dollars ($950.00), guaranteed for 2 years, and shall include normal travel, copying and postage cost, employee workshops, and attendance at up to six (6) meetings per plan year; additional meetings of the Board shall be billed at the rate of Three Hundred Fifty Dollars ($350.00) per meeting. Such fees shall be as indicated below. Fee Structure • A monthly fee of Nine Hundred Fifty Dollars ($950.00) • A fee for each additional meeting of the Board of Three Hundred Fifty Dollars ($350.00) • A set -up fee per disability or retirement application of One Hundred Dollars ($100.00) • A medical records request fee per disability application of Twenty-Five Dollars ($25.00) • System programming changes necessitated by changes in the plan shall be billed at the actual cost at an hourly rate not to exceed One Hundred Five Dollars ($105.00) The Administrator shall notify the Pension Fund at least ninety (90) days in advance of any proposed changes in this fee structure. 8