HomeMy WebLinkAboutDocumentation_Regular_Tab 07_02/11/2016 • � � �
Memo
To: Michael R Couzzo, Jr., Village Man ger
From: Merlene Reid, HR Director ,,
Date: February 28, 2016
Re: 401(a) & 457(b) Retirement Plans — Advisory & Consulting Agreement
with Montgomery Retirement Plan Advisors
In February 2013 when the 401(a) plan was introduced to new police officers joining
the Village, a decision was made to utilize our current 457 plan provider, ICMA, until
the plan has had some time to build an asset base. It was further recommended that
the Village conduct a full RFP when the plan attained a creditable size that will allow
us to have a competitive bidding process (see attached memo of February 5, 2013).
The combined plans currently have a value of $M3.3 and the Village is now seeking
to employ the services of Montgomery Retirement Plan Advisors to assist with the
RFP process for a one-time fee of $12,000. The 3 companies invited to submit their
proposals were Montgomery, Sageview and Pension Resource Center.
In summary, Montgomery is being contracted to:
1. Review the potential investment managers available to support the Plan
and based upon the guidelines discussed, recommend the top 3 potential
investment managers in rank order in order to assist the Village in making
its selection.
2. Cooperate with the Village's legal counsel to create an ordinance that
establishes a Plan Committee, along with related charter, policies,
Investment Policy Statement or other statement of policies.
. • •
Memo
To: Michael R Couzzo, Jr., Village Manager
From: Merlene Reid, HR Director
Date: February 5, 2013
Re: 401(a) Plan — Per Article 29 of the PBA Contract
In December 2012, the Village requested Scott Baur from Pension Resource Center
to review a draft RFP for establishing a 401(a) plan in keeping with the terms of
Article 29 of the current PBA contract. On January 2, 2013, Mr. Baur wrote to the
Village recommending that we think about forgoing a full-blown RFP and consider
utilizing our current 457 plan provider, ICMA, until the plan has had some time to
build an asset base (letter attached).
The attached Administrative Services Agreement has been submitted by ICMA
and the Council is being asked to approve same. It is recommended that the
Village conducts a full RFP when the plan has attained a creditable size that will
allow us to have a competitive bidding process.
There is no direct administrative cost to the Village as Mr. Baur worked with them
to remove their $1000 Annual Employer fee. $8,000 has been budgeted in
Village contributions for FY2012/13.
Entering the plan in February 2013 will be 3 police officers and the Police Chief.
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RETIREMENT PLAN ADVISORY AND � �
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Legal Name of Plan: Village of Tequesta 401(a) and 457(b) Retirement Plans
Name of Employer/Plan Sponsor: Yillage of Tequesta
This Retirement Plan Advisory and Consulting Agreement and Appendices A, B and C, which are attached and incorporated by
reference (collectively, the "Agreement"), is effective on the �4th day of lanuary 20 16 (date services described
herein and associated fees will have started), and is made by and between the Employer/Plan Sponsor (the "Sponsor") of the
retirement plan (the "Plan") which is named above and described in the Retirement Plan Information Form in Appendix A, and IFP
Advisors, Inc. a registered investment adviser (the "RIA"), a corporation with its principal office in Tampa, F�orida, that is federally
registered with the U.S. Securities and Exchange Commission ("SEC") as an investment adviser under the Investment Advisers Act
of I 940 (the "Advisers Act"), is doing business as Independent Financial Partners ("IFP"), and is acting through the investment
adviser representative identified in the signature page following section 10 (the "Investment Adviser Representative").
1. SERVICES
RIA, through the Investment Adviser Representative agrees to provide to the Plan the services selected by Sponsor by marking
the box before each service in Appendix B("Services"). The Services that may be selected in Appendix B are identified in
Appendix B as either Advisory Services or Consulting Services.
1.1. Advisory Services
If Sponsor selects any service that is identified in Appendix B as an Advisory Service, Investment Adviser Representative
agrees to perForm that Service to the Plan as a fiduciary, and will act in good faith and with the degree of diligence, care
and skill that a prudent person rendering similar services would exercise under similar circumstances. Whe� providing
any Advisory Services, Investment Adviser Representative will solely be making recommendations to Sponsor and
Sponsor retains full discretionary authority or control over asseu of the Plan. Sponsor is not required to implement any
recommendations made by Investment Adviser Representative or to otherwise conduct business through Investment
Adviser Representative. Any recommendations are based upon Investment Adviser Representative's professional
judgment and the results are not guaranteed.
1.2. Consulting Services
If Sponsor selects any service that is identified in Appendix B as a Consulting Service, Investment Adviser Representative
agrees to perform that Service solely in a capacity that would not be considered a fiduciary under any applicable law.
1.3. Limitations on Services
Sponsor understands and agrees that in providing any Service selected in Appendix B, RIA, directly or acting through the
Investment Adviser Representative:
a) Will not, unless expressly stated in writing (i) serve as a Plan custodian, third party administrator or
recordkeeper; or (ii) assume the duties of a trustee of the Plan or administrator.
b) Will have no authority or responsibility to vote proxies for securities held by the Plan or take any other
action relating to shareholder righu regardi�g those securities, including delivering the prospectus for
those securities. Sponsor reserves to iuelf all authority to vote proxies.
c) Will have no authority or discretion to: (i) interpret the Plan documents (except as reasonably required
to provide the services explicitly selected in Appendix B of this Agreement); (ii) handle benefit claims
under the Plan; (iii) determine eligibility or participation under the Plan; or (iv) take any other action
regarding the management or administration of the Plan. Specifically, and without limitation, RIA, directly
or acting through the Investment Adviser Representative, has no authority, discretion or responsibility
to: determine eligibility to participate in the Plan, calcutate benefits, prepare or distribute any notices to
participants or beneficiaries, perform recordkeeping or actuarial services, determine amount or timing of
contributions to the Plan or distributions or withdrawals from the Plan, or select or certify any
investment advice computer model or any other service not expressly stated in Appendix B.
d) Will not, and cannot, provide legal or tax advice to Sponsor and/or the Plan (or any Plan participant or
beneficiary), and Sponsor agrees to seek the advice of its own legal and/or tax adviser, as to all matters
concerning the Plan, including, without limitation, the operations and administration of the Plan and how
the Plan may comply with applicable law, including, the Internal Revenue Code of 1986, as amended (the
"Code").
Non-ERISA RPACA_MRPA, rev. Apr 2015 I
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e) Will not have any responsibilities or potential liabilities for (i) investments offered by the Plan that are not
recommended to the Plan by RIA, directly or acting through the Investment Adviser Representative (e.g.,
employer securities, mutual fund windows, self-directed brokerage accounts, etc.), (ii) Plan assets that
have been excluded from the Services, as designated in Appendix A, or (iii) special investment instructions
made by Sponsor, as specified in Appendix A.
fl Will not be responsible or liable for recommendations or services rendered by third-party service
providers ("other provider") or the other provider's compliance with applicable laws, including, without
limitation, the Code.
2. FEES
2.1. Amount and Payment
In consideration for the Services provided, Sponsor will pay, or will cause the Plan to pay, if permitted by Plan
Documents, to RIA Fee(s) described in Appendix C(the "Fees"). Sponsor acknowledges that the Plan may incur other
fees and expenses, including but not limited to investment-related expenses imposed by other service providers and
mutual fund managers not affiliated with RIA or Investment Adviser Representative, and other fees and expenses
charged by the Plan's custodian, trustee, third-party administraxor, and/or recordkeeper.
RIA, directly or acting through Investment Adviser Representative, makes no representations about any costs
and/or expenses associated with the services provided by any third parties. Sponsor further acknowledges that the
Fees charged by RIA for the Services rendered by the Investment Adviser Representative are in addition to any
brokerage, custodial and/or other fees that may be charged to Sponsor by other service providers to the Plan.
However, the only direct compensation received by RIA for Services rendered by the Investment Adviser
Representative are the Fees, and no increase in the Fees will be effective without prior written Notice as defined in
Section 10.5 of this Agreement. Despite this, and not necessarily related to the Services, various vendors, product
providers, distributors and others may provide non-monetary compensation by paying some expenses related to
training and education, including travel eacpenses, and attaining professional designations. RIA and/or Investment Adviser
Representative might receive payments to subsidize its/their own training programs. Certain vendors may invite RIA
and/or Investme�t Adviser Representative to participate in conferences, on-line training or provide publications that
may further RIA and/or Investment Adviser Representative and employees' skills and knowledge. Some may occasionally
provide RIA and/or Investment Adviser Representative gifts, meals and entertainment of reasonable value consistent
with industry rules and regulations.
2.2. Authorization to Remit Fees and Information
Sponsor agrees to instruct the Plan's recordkeeper or custodian (or other custodian of the Plan's asseu) (collectively,
"Recordkeeper") regarding its obligation to calculate the Fees according to Appendix C. Notwithstanding the Plan's
obligation to pay Fees, Sponsor may elect within its sole discretion to pay any or all Fees to RIA instead of the Plan
paying the Fees, provided that any Fees remaining unpaid after thirty (30) days from the date of invoice will be due and
payable immediately by the Plan. If Sponsor elects to direct the Recordkeeper to pay the Fees to RIA from Plan asseu
pursuant to Appendix C, Sponsor will authorize the Recordkeeper to remit the Fees within thirty (30) days, directly to
RIA.
Sponsor also agrees that, to the extent permitted by law, it is ultimately responsible for verifying the accuracy of the
calculation of the Fees. Furthermore, RIA and the Investment Adviser Representative are not liable to the Plan, Plan
participanu or beneficiaries, or any other fiduciary of the Plan or anyone else for errors made by others in the
calculation or payments of Fees. In the event that RIA and/or Investment Adviser Representative performs the Fee
calculation and invoices the cliant directly, any miscalculation known to RIA and/or Investment Adviser Representative
that results in overpayment by Sponsor, shall be refunded promptly. The Sponsor further authorizes all third-party
service providers to provide RIA and/or Investment Adviser Representative with copies of reports or information
provided to the Sponsor.
If a Solicitor is named in Appendix A, Sponsor understands and agrees that RIA and/or Investment Adviser
Representative will pay a portion of the Fees to the Solicitor in accordance with an agreement between the Solicitor
and RIA and/or Investment Adviser Representative. These arrangemenu are described in RIA's ADV and in a separate
disclosure document Solicitor is required to provide both of the aforementioned documenu to the Sponsor, and
Non-ERISA RPACA_MRPA, rev. Apr 2015 2
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Sponsor acknowledges that it has received them. The separate disclosure document contains information about the
services the Solicitor may perform, which may include one or more of the Consulting Services, as well as the amounts
RIA and/or Investment Adviser Representative will pay to the Solicitor. These arrangemenu will not change the Fees
that Sponsor pays to RIA under this Agreement and the Fees rate will be the same as for similarly situated sponsors
who are not referred to RIA and/or Investment Adviser Representative by a Solicitor.
Sponsor also agrees and understands that RIA and/or Investment Adviser Representative may engage third parties as
subcontractors to assist RIA and/or Investment Adviser Representative in performing any Consulting Service and may
engage sub-advisers to assist it/them in providing any investment advisory services. Any of these arrangements, and the
compensation allocated to any third party will be described in a separate disclosure document provided to Sponsor.
3. CUSTODY OF ASSETS AND OTHER SERVICES
The only services RIA and/or Investment Adviser Representative will provide to the Plan are described in this Agreement
Custody of all Plan asseu will be maintained with a third-party custodian selected by Sponsor, and Plan recordkeeping will be
provided by a third-party recordkeeper selected by Sponsor. Neither RIA, nor Investment Adviser Representative, will have
custody of any Plan assets. Sponsor will be solely responsible for paying all Fees or charges of the Recordkeeper. Neither
RIA, Investment Adviser Representative, nor any of their affiliates will have any liability for custodian and/or custodial
arrangemenu or the acts, conduct, or omissions of the custodian. Sponsor authorizes the Recordkeeper to provide RIA
and/or Investment Adviser Representative with copies of all periodic statements and other reports that the Recordkeeper
sends to Sponsor.
Neither RIA, nor Investment Adviser Representative, is responsible for placing trades or entering orders for securities
transactions with Plan assets or eacecuting any trades or orders. We do not request or accept the discretionary authority to
determine the broker-dealer to be used for Plan accounts. In accepting the Sponsor's direction(s) as to the use of a particular
broker-dealer, it should be understood that we will not have the authority to negotiate commissions among the various
broker-dealers, and best execution may not be achieved, resulting in higher transaction costs for the Plan. Placing and executing
trades in Plan assets will be the responsibility of the Plan's recordkeeper or custodian; provided that RIA and/or Investment
Adviser Representative may recommend the custodia� to replace an investment option offered under the Plan.
4. NON-EXCLUSIVITY
Sponsor understands that RIA and/or (nvestment Adviser Representative, directly or through affiliates or other related entities,
may perform among other things, retirement plan consulting, retirement plan fiduciary consulting, retirement plan design
consulting, plan administration, and portFolio management services for other clienu. Sponsor recognizes that RIA and/or
Investment Adviser Representative or any of its/their affiliates may also give advice and take action in the performance of iu
duties for those other clients (including those who may have similar retirement plan arrangements as Sponsor) that may differ
from advice given, or in the timing and nature of action taken, with respect to Sponsor. RIA and/or Investment Adviser
Representative have no obligation to advise Sponsor in the same manner as it may advise any of its/their other clients.
5. VALUATION
RIA and/or Investment Adviser Representative may rely, without independent verification, upon valuation of assets as provided
by Sponsor or the Recordkeeper of the Plan's assets. In all evenu, Sponsor acknowledges that any valuation will not be any
guarantee of the market value of any of the assets in the Plan.
6. REPRESENTATIONS OF SPONSOR
Sponsor represents as follows:
6.1. Sponsor is solely responsible for determining whether or not to enter into any arrangement(s) in connection with the
Plan (including this Agreement) that are deemed by Sponsor to be necessary for the management and operation of the
Plan and for determining whether or not any arrangement{s) are reasonable and appropriate with respect to
compensation paid for and conflicts of interest(s) arising in connection with the services andlor products provided,
and Sponsor is not relying on any advice or recommendations by RIA and/or Investment Adviser Representative in
making iu decisions.
6.2. This Agreement is binding on the Sponsor, authorized by the Plan and does not violate any prior obligation or
agreement
6.3. Sponsor is solely responsible for the Plan's compliance (both in form and operation) with all applicable federal and
state laws, rules and regulations, including, but not limited to, the Code.
Non-ERISA RPACA MRPA, rev. Apr 2015 3
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6.4. Sponsor will comply with all applicable federal and state privacy and information security laws governing the use,
disclosure and safeguarding of nonpublic personal information.
6.5. Sponsor understands and acknowledges that neither the RIA nor Investment Adviser Representative is
responsible for monitoring whether any class action lawsuits have been filed pertaining to investment
recommendations, investment purchases, or investment sales; nor for determining whether the Plan is eligible to
participate; nor whether it is in the best interests of the Plan to participate in a class action.
6.6. To the extent legally permissible, Sponsor authorizes RIA and/or Investment Adviser Representative to initially deliver
RIA's Form ADV (Part 2A), Form ADV (Part 2B), and IFP's Privacy Policy (collectively, the "Disclosure Documents")
to Sponsor at the time of, or prior to, entering into this Agreement Initial delivery of RIA's Disclosure Documents
will be made by one or more of the following methods: personal delivery, USPS or other recognized delivery service,
or through the use of electronic means including, without limitation, electronic mail and/or posting to a website.
Furthermore, Sponsor authorizes subsequent delivery of any documenu required under this agreement {other than
Disclosure Documenu updates), to be made through the use of electronic means unless and until Sponsor
communicates revocation of such authorization to IFP in writing. Neither RIA nor Investment Adviser Representative
is responsible for determining whether the use of any electronic communication complies with the applicable
requirements of the Code or other applicable law. Neither RIA, nor Investment Adviser Representazive, will be
respansible for prospectus delivery.
6.7 Any individual signing this Agreement and any appendices on behalf of the Sponsor represents that he/she: (i) is
independent of and unrelated to RIA and/or Investment Adviser Representative or any of their affiliates; (ii) is a plan
fiduciary or other authorized signatory of the Sponsor with respect to the control or management of the assets of the
Plan; (iii) has the power and authority to appoint registered investment advisers and consultanu under the terms of
the Plan and to enter into contractual arrangemenu with third parties to assist in the discharge of these and related
duties in accordance with the Plan and applicable law; and (iv) other than those individuals signing this Agreement, no
other signatures are required.
6.8. Upon request by Investment Adviser Representative, Sponsor will promptly provide RIA and Investment Adviser
Representative any amendments to the Plan's governing documents that Investment Adviser Representative may
request and are reasonably expected to alter or affect RIA and/or Investment Adviser Representative in the
performance of Services under this Agreement, in accordance with Section 10.5.
6.9. Before this Agreement was entered into, Investment Adviser Representative and/or Solicitor provided to Sponsor
information regarding services, compensation, fiduciary obligations and potentiat and/or actual conflicts of interest, and
Sponsor acknowledges that it received that information sufficiently in advance of entering into this Agreement to make
an informed decision to engage RIA and Investment Adviser Represenutive. The information is included in this
Agreement and iu Appendices, in RIA's Form ADV (Part 2A) ("ADV"), and Imestment Adviser Representative's Form
ADV (Part 2B) ("Brochure Supplement"), and the RIA's Privacy Policy. This information may be supplemented by
other disclosures provided by RIA and/or Investment Adviser Representative. Sponsor has reviewed and considered
the contenu of the Agreement and has determined the Services to be: (i) in the best interests of the Plan and iu
participanu; (ii) necessary for the operation of the Plan; and (iii) reasonable and appropriate based upon the
compensation to be paid for the Services.
6.10. Sponsor specifically acknowledges receipt of RIA's ADV and any supplements to the ADV, each as required by Rule
204-3 of the Investment Advisers Act of I 940.
6.1 1. Sponsor acknowledges that i�vestments fluctuate in value and the value of investmenu when sold may be more or less
than when purchased, and that past investment perFormance does not necessarity guarantee any level of future
investment performance.
6.12. If Fees are to be paid out of Plan assets, the Plan documenu (and related Trust documents as applicable) permit
payment of the Fees out of Plan assets.
6.13. Sponsor will cooperate fully with RIA and/or Investment Adviser Representative in providing the Services. Sponsor
will authorize the Recordkeeper to provide RIA and/or Investment Adviser Representative information or data about
the Plan and the Plan's assets (and investment earnings or losses) that RIA and/or Investment Adviser Representative
reasonably requests.
Non-ERISA RPACA_MRPA, rev. Apr 2015 4
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b.14. Sponsor specifically acknowledges that, to the eactent the Plan or Sponsor offers, or intends to offer, any "empioyer
security" as investment options under Plan, such securities are explicitly excluded from the Services provided, and the
value of such securities will be excluded from the calculation of Fees pursuant to this Agreement.
7. REPRESENTATIONS OF RIA AND INVESTMENT ADVISER REPRESENTATIVE
RIA and Investment Adviser Representative represent, as applicable, as follows:
7.1. RIA is registered as an investment adviser under the Advisers Act, and will maintain its registration.
7.2. RIA and Investment Adviser Representative have the power and authority to enter into and perform this
Agreement, and will obtain and/or maintain any authorizations, permiu, certifications, licenses, filings, regstrations,
approvals or consenu, which must be obtained by it from any third party, including any governmental authority, in
connection with this Agreement.
7.3. RIA will disclose to Sponsor any material change to the information regarding services, compensation, and conflicts of
interest as soon as reasonably practicable but not later than sixty (60) days from the date on which RIA acquires
knowledge of the material change or as otherwise required by applicable law. If RIA learns of or makes an error or
omission in disclosing information to Sponsor, RIA will disclose the correct information to Sponsor as soon as
practicable but not later than thirty (30) days from the date RIA learns of the error or omission.
7.4. Required investment disclosures for fiduciary services or recordkeeping and brokerage services will be updated at
least annually.
7.5. Upon written request by Sponsor, RIA will disclose relevant information related to this Agreement and the
compensation or Fees received under the Agreement reasonably in advance of the date Sponsor states that Sponsor
must comply with Sponsor's applicable reporting and disclosure requirements of any applicable laws and regulations,
forms, and schedules. If RIA is unable to respond to Sponsor's written request reasonably in advance of
Sponsor's need due to extraordinary circumstances beyond RIA's control, RIA will disclose the information as soon as
practicable.
7.6. RIA will receive the compensation shown in Appendix C only, and does not receive any compensation from any third
party in connection with the Services.
7.7. RIA and/or Investment Adviser Representative agrees to comply with all applicable federal and state privacy and
information security laws governing the use, disclosure and safeguarding of nonpublic personal information.
7.8. RIA and/or Investment Adviser Representative witl have no authority or responsibility to vote proxies for securities
held by the Plan or take any other aaion relating to shareholder rights regarding those securities, including delivering
the prospectus for those securities. Sponsor reserves to itself all authority to vote proxies.
7.9. Investment Adviser Representaxive may provide IRA rollover educational information to Plan participanu. Neither
RIA, nor Investment Adviser Representative, will solicit Plan participanu or provide recommendations to Plan
participanu on the advisability of taking retirement Plan distributions. Any unsolicited services provided to Plan
participants that include discussions about individual distributions or how to invest the proceeds of a distribution will
be performed separately from Plan services and with the Plan participant(s) individually. In the event such unsolicited
services are to be re�dered, Investment Adviser Representative will provide Plan Sponsor and the participant(s)
specific disclosures contained in a separate IFP Rollover Form.
8. STANDARD OF CARE; INDEMNITY; DATA DISCLOSURE
S.I. Standard of Care
The sole standard of care imposed on RIA and Investment Adviser Representative in performing the Services is to act
with the care, prudence, and diligence under the circumstances then prevailing that a prudent person acting in a like
capacity and familiar with those matters would use in the conduct of an enterprise of like character and with like aims;
provided, however, that nothing in this Agreement will be deemed to limit any responsibility that RIA and/or
Investment Adviser Represe�tative may have to Sponsor to the e�ctent any limitation would be inconsistent with
applicable laws, including securities laws.
Non-ERISA RPACA_MRPA, rev. Apr 2015 5
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8.2. Indemnification
a) RIA and Investment Adviser Representative agree to indemnify and hold Sponsor harmless from any and all
liabilities and claims, including but not limited to damages, court costs, reasonable legal fees and costs of
investigation, which arise directly from breach of the representations by RIA and/or Investment Adviser
Representaxive contained in Section 7 of the Agreement. Investment Adviser Representative agrees to
indemnify and hold Sponsor harmless from any and all liabilities and claims, including but not limited to
damages, court cosu, reasonable legal fees and costs of investigation, which arise directly from Investment
Adviser Representative's intentional misconduct, gross �egligence, or breach of fiduciary duty with respect
to the Services. Neither RIA nor Investment Adviser Representative will be liable for any indirect, special,
consequential or exemplary damages.
b) Sponsor agrees to defend, indemnify and hold RIA and Investment Adviser Representaxive harmless from
any and all liabilities and claims, including, but not limited to, damages, court costs, reasonable legal fees
and costs of investigation which arise from: (i) directly or indirectly, any investment loss experienced by
the Plan or Plan participants or beneficiaries; (ii) RIA's and/or Investment Adviser Representative's reliance
or any action taken by RIA and/or Investment Adviser Representative in reliance upon any instruction(s)
and/or information received by RIA and/or Investment Adviser Representative from Sponsor; (iii) any
breach of Sponsor's representations and warranties stated in this Agreement; (iv) any cause of action
brought by the Sponsor, Plan participant(s) or beneficiaries and/or the Plan's service providers with respect
to the Services, provided that the losses or damages are not direcdy caused by RIA's and/or Investment
Adviser Representative's intentional misconduct, gross negligence or breach of fiduciary duty; and (v) any
breach of data security or any breach by the Sponsor, its directors, officers, employees, agenu and/or
service providers with respect to confidentiality and/or data security obligations. Liabilities and claims to
which the indemnification in this paragraph applies would include, by way of example but not limitation,
investment losses suffered as a result of a general market decline, investment losses arising in situations in
which Sponsor fails to follow RIA's and/or Investment Adviser Representative's recommendation(s) or in
which Sponsor or a third party fails to properly implement the recommendation(s), and Plan participant or
beneficiary claims arising out of an alleged claim of breach of fiduciary duty on the part of Sponsor or other
Plan fiduciaries.
c) If RIA and/or Investment Adviser Representative are required to provide documenu or testimony in
connection with a legal proceeding involving the Plan, Sponsor will pay RIA's and/or Investment Adviser
Representative's reasonable costs in connection with providing documents or testimony, including the
costs of its personnel and counsel, unless RIA and/or Investment Adviser Representative is a party to the
proceeding and is found to have engaged in intentional misconduct, gross negligence or breach of fiduciary
duty.
d) Sponsor will promptly notify RIA and Investment Adviser Representative of any errors in accuracy or
completeness in any of the data, analyses, opinions, or other information it provided to RIA and/or
Investment Adviser Representative in connection with the rendering of Services. Neither RIA nor
Investment Adviser Representaxive will be responsible for any payment or contribution to the costs, fees,
taxes, or penalties that the Sponsor, Plan participants or beneficiaries, or other Plan fiduciary incur as a
result of any errors in valuation or payment.
e) Nothing contained in this Agreement shall be construed as a waiver of Sponsor's sovereign immunity
beyond the waiver provided by Sec. 768.28, Florida Statutes, including limiu on reasonable attorney s fees.
Nothing contained in this Agreement shall be construed as Sponsor' consent to be sued.
8.3. Data Disclosure
RIA a�d/or Investment Adviser Representative will use reasonable efforts to ensure that the data, analysis, and other
information it provides in connection with the Services are correct. Although gathered from sources believed to be
reliable, Sponsor acknowledges that RIA and/or Investment Adviser Representative cannot guarantee the accuracy of
the information received by Sponsor or third parties used to provide the Services. The completeness and timeliness of
all data and information used to provide the Services are dependent upon the sources of that data and information,
which are outside of RIA's and/or Investment Adviser Representative's control.
Non-ERISA RPACA MRPA, rev. Apr 2015 6
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8.4. Information from Sponsor
The Services provided by RIA and Investment Adviser Representative are based in part on information provided by
Sponsor, Sponsor's representatives, and Sponsor's other service providers. Sponsor acknowledges that RIA and
Investment Adviser Representative are entitled to rely upon all information necessary for them to carry out their duties
under this Agreement that is provided by Sponsor's representatives or Sponsor's other service providers without
independent verification by RIA and/or Investment Adviser Representative. Sponsor represents that all information
provided to RIA and/or Investment Adviser Representative will be true, correct, timely and complete in all material
respects. Sponsor agrees to promptly notify RIA and Investment Adviser Representative in writing of any material
change in the information provided to RIA and Investment Adviser Representative, and to promptly provide any
additional information as may be reasonably requested by RIA and/or Investment Adviser Representative.
8.5. Authority to Receive Information from Third Parties
RIA and Investment Adviser Representative are authorized by Sponsor to obtain all information from service providers,
investment managers, the Plan's trustee and Plan's administrator as RIA and Investment AdviserRepresentative may
reasonably require. Sponsor authorizes the Plan's custodian, product vendor, trustee or any third party responsible
for any aspect of Plan operation to promptly release the information to RIA and Investment Adviser
Representazive immediately upon request by RIA and/or Investment Adviser Representative. RIA and Investment
Adviser Representative will not be under any obligation to verify any information obtained from the Plan or its agents
and may rely upon the information in performing Services. RIA and Investment Adviser Representative may obtain
information from a wide variety of publicly available sources and do not claim to have sources of inside or private
information.
9. TERMINATION
Unless terminated, this Agreement is ongoing. Any party may terminate this Agreement without charge or penalty upon thirty
(30) days prior written Notice to the other party(ies). RIA will be entitled to a pro-rata amount of compensation earned prior
to the date of termination; alternatively, Plan will be entitled to a pro-rata refund of any unearned compensation subsequent to
the date of termination paid in advance to the RIA and Investment Adviser Representative pursuant to this agreement Any
termination will not, however, affect the liabilities or obligations of the parties arising from transactions initiated prior to the
termination, and the liabilities and obligations (together with the provisions of Sections 8, and 10.8) will survive any expiration
or termination of this Agreement. Upon termination, RIA and Investment Adviser Representative will have no further
obligation under this Agreement to act or advise Sponsor with respect to the Services except as agreed to by the parties at the
time of termination.
10. GENERAL PROVISIONS
10.1. Assignability
This Agreement is not assignable by either party without the prior written consent of the other party. Sponsor will be
deemed to provide written consent to any proposed assignment if the procedures of Section 10.3, known as "negative
consent" procedures, are followed. Both parties acknowledge and agree that transactions that do not result in a change
of actual control or management will not be deemed an assignment.
10.2. Effect
This Agreement will be binding upon and wifl inure to the benefit of the parties and their respective heirs, successors,
survivors, administrators and permitted assigns.
10.3. Modification
This Agreement may be modified, including without limitation the Services to be provided by RIA and Investment
Adviser Representative, or the Fees charged by RIA and Investment Adviser Representative: (i) by written agreement
between RIA, Investment Adviser Representative and Sponsor; or (ii) in accordance with the following procedure:
RIA and/or Investment Adviser Representative may propose to change the Fees charged, to change the
Services provided, to assign the Agreement or otherwise modify this Agreement by giving Sponsor at least
sixty (60) days advance Notice of the proposed change. The Notice will be given in the manner described
in Section 10.5 below. The Notice will: (i) explain the proposed modification of the Fees, Services,
assignment or other provisions; (ii) fully disclose any resulting changes in the Fees to be charged as a
result of any proposed change in the Services or other changes to this Agreement; (iii) identify the
effective date of the change; (iv) explain Sponsor's right to reject in writing the change or terminate this
Agreement; and (v) state that pursuant to the provisions of this Agreement, if Sponsor fails to object to
Non-ERISA RPACA MRPA, rev. Apr 2015 7
RETIREMENT PLAN ADVISORY AND �' �''�
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CONSULTING AGREEMENT � ; � ; , w r �,,. �,.: - .. ; .., ., ,, ., ; :-, �, :
the proposed change(s) before the date on which the change(s) become effective Sponsor wili be deemed
to have consented to the proposed change(s).
If Sponsor rejects any change to this Agreement proposed by RIA and/or Investment Adviser
Representative, RIA and/or Investment Adviser Representative will not be authorized to make the
proposed change. In that event, Sponsor will have an additional sixty (60) days from the proposed
effective date (or such additional time beyond sixty (60) days as may be agreed to by RIA and Investment
Adviser Representative) to locate a service provider in place and instead of RIA and/or Investment
Adviser Representative. If at the end of the additional sixty (60) day period (or such additional time period
as agreed by RIA and Investment Adviser Representative), the parties have not reached agreement, this
Agreement will automatically terminate.
Notwithstanding the above, any modifications to sections I through 3 of Appendix A may be made at any time without
following the procedures stated above, and shall not require new signature by the parties.
10.4. Severability
If any one or more of the provisions of this Agreement (other than the provisions of Section 7) will, for any reason, be
illegal or invalid, the illegality or invalidiq will not affect any other provision of this Agreement, and this Agreement will
be enforced as if the illegal or invalid provision had not been included.
10.5. Notices
Notice means any notice required or permitted under this Agreement which is in writing and (i) delivered personally;
(ii) mailed by registered or certified mail, return receipt requested and pos�tage prepaid; (iii) sent via a nationally
recognized overnight courier service; (iv) sent via facsimile; or (v) sent by email.
To Independent Financial Partners (RIA) or Investment Adviser Representative:
Contact: John Whisenant
Title: Chief Compliance O�cer, Independent Financial Partners
Address: 3030 Nor[h Rocky Point Drive West, Suite 700
City, ST Zip Code: Tampa, FL 33670
Email: ahn.,Nhisenan�IFPartners.com
Phone: (813) 341-0960
Fax: (813) 288-0701
To Sponsor c/o plan fiduciary or other authorized signatory:
To the address (or Fax number, or Email address as applicable) on the signature page or the last address RIA has in
its records following written Notice from Sponsor.
All Notices will be deemed to have been given or made when delivered by hand or courier, or when sent by facsimile or
email, or if mailed, on the third business day after being so mailed.
10.6. Headings
All headings are for ease of reference only and in no way will be understood as interpreting, decreasing or enlarging the
provisions of this Agreement
10.7. Entire Understanding
This Agreement is the entire understanding between the parties and supersedes all prior oral or written statemenu
dealing with this subject
10.8. Applicable Law; Forum
This Agreement is governed by, and interpreted in atcordance with the laws of the State of Florida without reference to
conflict of (aw principles, unless preempted by federal law. The parties agree that any dispute resolution or when
applicable, legal suit, action or proceeding arising out of or relating to this Agreement must be instituted and resolved in
a State or Federal court in Palm Beach County, Florida and each party irrevocably submiu to the jurisdiction and venue
in that cour�t.
Non-ERISA RPACA_MRPA, rev. Apr 2015 8
RETIREMENT PLAN ADVISORY AND ; `� �`��
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10.9. Waiver or Limitation
Nothing in this Agreement will in any way constitute a waiver or limitation of any rights which the Sponsor or the Plan
or any other party may have under applicable federal or state securities laws.
Execution of Agreement
IN WITNESS WHEREOF, the Sponsor and Advisor(s) have executed this Agreement as of the date(s) indicated below.
By signing and dating below, Sponsor acknowledges receipt and understanding of this entire Agreement and all provisions (including
those pertaining to pre-dispute arbitration) set forth within it and agree to abide by the provisions set forth within this Agreement.
Sponsor acknowledges receipt of the firm's disclosure documenu, including but not limited to, Form ADV (Part 2A} ("Firm
Brochure"), Form ADV (Part 2B) ("Brochure Supplement"), and Privacy Policy.
This Agreement contains a pre-dispute arbitration clause located in Section 1 1. Sponsor understands that this
Agreement to arbitrate does not constitute a waiver of its right to seek a judicial forum where such waiver would
be void under applicable federal or state securities laws.
Investment Adviser Representative Respansible Plan Fiducia.ry
Signature: Signature:
Print Name: �N. Michael Montgmery Print Name: Michael Couao, Jr.
Title: Managing Principal Title• �Ni��age Manager
Address: 14502 N. Dale Mabry Hwy, Suite 328 Address• 345 Tequesta Drive
City, ST Zip• Tampa, FL 33618 City, ST Zip: Tequesta, FL 33469-0273
Email Address: mmontgomery@m-rpa.com Email Address: mcouuo@tequesta.org
Date: Date:
Investment Adviser Representatirve' Responsible Ptarr �iducia�y 2
Signature: Signature:
Print Name: Print Name:
Title: d/b/a:
Address: Address:
City, ST Zip: City, ST Zip:
Email Address: Email Address:
Date: Date:
RfA Acceptanta Responsible Ptan Fiduciary
Signature: Signature:
Print Name: Print Name:
Title: Title:
Address: 3030 N. Rocky Pointe Dr. W., Ste. 700 Address:
City, ST Zip: Tampa, FL 33607 City, ST Zip:
Email Address: Emait Address:
Date: Date:
� To be used when two advisors are serving the plan. If more than two advisors serve the plan, please duplicate this page as needed.
2 Note: Additional space for multiple Responsible Plan Fiduciary signatures to be used when called for by Plan Documenu. If more than three are
required by plan documents, duplicate this page as needed.
Non-ERISA RPACA MRPA, rev. Apr 2015 9
RETIREMENT PLAN ADVISORY AND ; ' f � ��,
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APPENDIX A— RETiREMENT PLAN ACCL?UNT INFIJRMATt4N (SEC1tC3N 1}
Plan Pro�ile
Legal Plan Name: Village of Tequesta 401(a} and 457(b) Retirement Plans
Plan Tax ID:
Plan Tax Status: Check here if this Plan is Non-Qualified if Non-Qualified, Sponsor Tax Bracket: %.
Plan Type ERISA Status
403(b) Plan � No
�/ 457 Plan Other - Ptease Identify: Government 457(b) �/ No
�/ Other - Please Identify: qpl(a) Money Purchase Plan No
Is this an Owner-Only Plan? Yes
Participrant or Trustee D'erected Ptan
� Participant Directed � Trustee Directed � Both
Plan Status
Is this a new Plan? �Yes � No
Does any person, other than Sponsor, have discretion or power of � Yes � No �f yes, please attach
attorney authority over this Plan? discretionary agreement.
Are the Plan asseu being transferred from another custodian? � Yes �✓ No �f yes, attach Plan's current
tist of available investments.
Plart Assets E�ccluded from tJ�e Services in this Agreeme�nt (mark "hlone" if none)
Non-ERISA RPACA_MRPA, rev. Apr 2015 10
RETIREMENT PLAN ADVISORY AND ��``��� � � �" � �'
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APPENDIX A— RETIREMEIVT Pt„AN ACCQUNT INFiJRMATI+�N (SECTIt')N f, cont'd�
Plan Ptatform
Is this a brokerage platform� �Yes � No
If yes• are Fees levelized for all investment �Yes � No
alternatives in the Plan?
Is this a"Bundled" Platform? I� provide �Yes � No
account and contact information Below:
PlatForm Provider Contact Name: Cheryl Munroe Email Address: cmunroe@icmarc.org
Company Name: ICMA-RC Phone number. (202) 962-4600
1s this a Plan usirtg "Unbundled" providers? If �g;,
list service provider(s) information betow: �Yes � No
Service Provider Contact Name: N/A Email Address:
Company Name: N/A Phone number.
Service(s} provided to Plan: � TPA � Custodian � Recordkeeper � Trustee
Service Provider Contact Name: N/A Email Address:
Company Name: N/A Phone number:
Service(s) provided to Plan: TPA Custodian Recordkeeper Trustee
Service Provider Contact Name: N/A Email Address:
Company Name: N!A Phone number:
Service(s) provided to Plan: TPA Custodian Recordkeeper Trustee
Third ParCr Fiduciaries (otherparNes in interest serving as ��ducia�rie� on the plan)
Service Provider Contact Name: N/A Email Address:
Company Name: N/A Phone number:
Service(s) provided to Plan: � 3(16) � 3(21) � 3(38)
Service Provider Contact Name: N/A Email Address:
Gompany Name: N/A Phone number:
Service(s) provided to Plan: � 3(16) � 3(21) � 3(38)
Solicitar Inform�.tian �if a�i�i�cablej
Solicitor Name: N/A Phone Number:
Address Fax Number.
City, State and Zip Code Email Address:
Date disclosure materials were presented to this Plan Sponsor or Company (see below):
ADY (Part 2A) "Firm Brochure" and ADV (Part 2B) "Brochure Supplement" of both the Solicitor and the
Advisor, Signed Client Disclosure Form, and IFP Privary Policy.
Non-ERISA RPACA MRPA, rev. Apr 2015 I I
RETIREMENT PLAN ADVISORYAND �� �`��,� ��` � ��
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APPENDIX A- RETIREMENT PLAN SPdN50R IIytF4RM/#Tt4N �SECTIt?N 2)
Emplorer Pro�le
Employer Name: Village of Tequesta Phone Number: (561) 768-0700
Street Address: 345 Tequesta Drive Fax Number:
City, State Zip Tequesta, FL 33469-0273 Web Address: www.tequesta.org
Mailing Address (if Dif�erent): Same City, State Zip
Employer d/b/a (if any) �me Employer ID ('rf dif�'ereni
from Pian):
Employer State/Country of
Domicile• Florida, USA Industry: Municipal Governmerit
Employer's Legal Organization Type (Inc., LL4 S-Corp, Partnership,
other): Public corporation
Emplorer Securi�i,es
Are Employer securities offered as part of this Plan? �Yes �/ o (If yes, please complete table below)
Securit�r Name Securitp Type (CS, Bond} Publicly Traded� If Yes, Ticker SYmbol:
es o
es o
es o
Pursuant to section 6.14 of this Agreemen� the securities listed above are e�cplic'rtly excluded from services provided herein as well as the
commensurate Fees for such services.
Emplayer Retirement Plans
Does the employer maintain other retirement plans? ✓�Yes �o (�f yes, please complete table
below)
Plan Name Plan Trpe ERISA Covered3 A►pproximate Ptan
Size, in �US2
Tequesta Gen. Employees' Pension D�ned Benefit �Yes �o
�es �lo
�es �lo
Non-ERISA RPACA MRPA, rev. Apr 2015 12
RETIREMENT PLAN ADVISORY AND ; `��'�, ���� � ��
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APPENDtX A— RETIREMENT PLAN DATA AND FINANCIA�.1NFt�RMAT#t�lr!
(SECT10Pi 3)
Totai Asaets in Plan
Total Plan Assets in $U.S.: $ 3,250,000
Prajected Annual P}an Gash �tow
Estimated Annual Average Contribution from Plan Participants: $ 308,000
Estimated Annual Average Contributions from Employer: $ 39,000
Estimated Annual Average Distributions to Plan Participants: $ 552,346
Company Empto�rese Demographics
Total Number of Employees: 90
Estimated Number of Employees Eligible to Participate in Plan: 90
Estimated Number of Participanu in Plan: 51
Non-ERISA RPACA MRPA, rev. Apr 2015 I 3
RETIREMENT PLAN ADVISORY AND �� � �"� � ��
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APPENDtX A- RETIREMENT` PLAN fNYE5TMEhtT OB�ECTlYES (SECTtON 4}
investment Poliry Statement (1PS)
If Yes and this Agreement includes fiduciary services in Append'a B below,
I. Does the Plan current have an �es please include IPS coPy with Agreement
approvedlPS?
� f�f Yes, no need to go any further on this poge)
�No See question 2 below.
2. (Answer this question only if'you answered �es Please submit IPS when adopted by Sponsor.
"No" to question 1 above) Will the Sponsor `'
update / implement an IPS as part of this
Agreement? �No Please complete Objectives below:
Diversification Objective of Plan
� Provide a well-divers�ed line up of i�vestment options for plan participanu who may desire a range of investmerrt objectives
appropriate for their own, individual retirement needs, including, but not limited to, safety of principle, income and growth.
� Please list any special Diversification Objectives:
Liquidity Object�ve of Plan
� Provide a well-diversified tine up of invesunent options for plan participanu who may have different liquidity needs.
� Please list any special Liquidity Objectives:
Time Horizon Objective af Plan
� Provide a well-diversified line up of investment options for plan participanu who may have different investment time horizons.
� Please list any special Time Horizon Objectives:
Risk 4bjective af Ptan
� Provide a well-diversified line up of investment opdons for plan participants who may have different investment risk objectives.
� Please list any special Risk Objectives:
Spansar special investment instructions to the P{an inveskment Adviser Reprasentative, if any:
Non-ERISA RPACA MRPA, rev. Apr 2015 14
RETIREMENT PLAN ADVISORY AND ; `��` ; � �'� � �'�/
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APPENDIX B— SCHEDUL.E t}F RETiREMENT PLAN SERVtCES
{Ch+eck Each Service lNYESTMENT ADYISER REPRESENTA3`tVE ts Autt�ri�ted To Perform)
PLAN SP4NSOR — Advisar�r SERYiCES
RECOMMENDATIONS TO ESTABLtSH OR REVISE THE PLAN'S 1NVESTMEI+IT POUCY
� f '� STATEMENT ("IAS"):
Investment Adviser Representative will review with the Plan Fiduciary the investment objectives, risk tolerance and goals
of the Plan. If the Plan does not have an IPS, the Investment Adviser Representative wiil recommend investment polices
to assist the Plan Fiduciary to establish an appropriate IPS. If the Plan has an existing IPS, Investment Adviser
Representative will review it for consistency with the Plan's objectives. If the IPS does not represent the objectives of the
Plan Investment Adviser Representative will recommend to the Plan Fiduciary revisions that will establish investment
policies that are congruent with the Plan's objectives.
RECOMMENDATIONS TO SELECT AND MONtTOR THE DESIGNATED INYESTMENT
� 2 '� ALTERNATIVES ("DIAs"):
Based on the Plan's IPS or other guidelines established by the Plan, Investment Adviser Representative will review the
investment options available to the Plan and will make recommendations to assist the Plan Fiduciary to select the
Designated (nvestment Alternatives ("DIAs") to be offered to Plan participants. Once the Plan Fiduciary selects the DIAs,
Investment Adviser Representative will, on a periodic basis andlor upon reasonable request, provide reports, information
and recommendations to assist the Plan Fiduciary to monitor the investments. If the IPS criteria require an investment
to be removed, Investment Adviser Representative will provide information, analysis and recommendations to the Plan
Fiduciary to help evaluate replacing investment with alternative(s).
RECOMMEN�ATiONS TQ SELECT AND MONIT�3R QUALIFIED DEFAULT 1NYESTMENT
❑✓ 3.} a�TERNATlYE(S) ("QDIAs"):
Based on the Plan's IPS or other guidelines established by the Plan, Investment Adviser Representative will review the
investment options available to the Plan and will make recommendations to assist the Plan Fiduciary to select the Plan's
QDIA(s) for Plan participants that fail to direct the investment of their accounts. Once the Plan Fiduciary selects the
QDIAs, Investment Adviser Representaxive will provide reports, information and recommendations, on a periodic or
upon reasonably requested basis, to assist the Plan Fiduciary to monitor the investmenu. If the IPS criteria require an
investment to be removed, Investment Adviser Representative will provide information and analysis to assist the Ptan
Fiduciary to evaluate replacing investment(s) with alternative(s).
� RECOMMENDATIONS TO ALLOCATE AND REBALANCE MODEL ASSET ALLOCATION
�'� PORTFOLtOS ("MODEL FORTFOLIOS"):
Based on the Plan's IPS or other investment guidelines established by the Plan, the Investment Adviser Representative will
review the investment options available to the Plan and will make recommendations to assist the Plan Fiduciary to create
and maintain Model Portfolios. Once the Plan Fiduciary approves the Model Portfotios, the Investment Adviser
Representative will provide reports information and recommendations, on a periodic basis, designed to assist the Plan
Fiduciary to monitor the Plan's investments. If the IPS criteria require an investment to be removed, the Investment
Adviser Representative will provide information and analysis to assist the Plan Fiduciary to evaluate replacing
investment(s) alternative(s) to be included in the Model Portfolios. Upon reasonable request, Investment Adviser
Representative will make recommendations to the Plan Fiduciary to rebalance the Model PortFolios to maintain their
desired allocations.
�✓ 5.} REC4MMENDATIONS TO SELECT AND MONITQR INYESTMENT MANAGERS:
Based on the Plan's tPS or other guidelines established by the Plan, Investment Adviser Representative will review
the potential investment managers available to the Plan and will make recommendations to assist the Plan Fiduciary to
select one or more investment managers. Once the Plan Fiduciary approves the investment ma�ager, Investment Adviser
Representative will provide, on a periodic basis> reports, information and recommendations to assist the Plan Fiduciary to
monitor the Plan's investment managers. If the IPS criteria require an investment manager to be removed, Investment
Adviser Representative will provide information and analysis to assist the Plan Fiduciary to evaluate replacing investment
manager(s).
Non-ERISA RPACA MRPA, rev. Apr 2015 15
RETIREMENT PLAN ADVISORY AND #�``� `� � �"�� � � �
CONSULTING AGREEMENT ���w..__...-r� �, � �; v �: .,;; � .;- , : �. ,�, ;: :. , . ; n l
APPENDIX B— SCNEiJULE OF RET�REMENT PLAN SERYICE5
(Check Each Ser�rice lNYESTMENT ADYISER REPRESENTATIVE Is Authoriz� To PerFvrm)
PLAN SPONSOR — C�NSULTtNG SERYfCES
1. Assistance with Pian Governance and Committee Education, lacluding:
✓ A.) Determining Plan Objectives and Options Available Through the Plan
✓ B.) Reviewing Retirement Plan Committee Structure and Requiremenu
G.) Reviewing Participant Education and Communication Straxegy
D.) Providing Guidance in Coordination of and Sponsor Reconciliation of Participant Disclosures as reviewed by law.
E.) Developing Requirements for Responding to Participant Requests for Additional Information
✓ F.) Providing Guidance in Sponsor Developing and Maintaining of Fiduciary Audit File(s)
✓ G.) Attending Periodic Meetings with Plan Committee (Upon Request by Plan Sponsor)
2. Assistance with Plan Fiduciaries' Vendor Management {Service Provider Selection/Revi�w),
lncluding:
� A.) Reviewing Fees and Services and Identifying Procedures to Track the Receipt and Evaluation of ERISA 408(b)(2)
Disclosures
✓ B.) Providing Periodic Benchmarking of Fees and Services to Assist Review for Reasonableness
✓ C.) Reviewing Spending Accounu or Plan F�cpense Recapture Accounts (PERAs)
✓ D.) Generating and Evaluating Service Provider Requests for Proposals (RFPs) and/or Requesu for Information (RFIs);or
Upo� future request by Plan Sponsor and at an additional fee to be negotiated at the time of the request.
✓ E.) Support with Contract Negotiations
✓ F.) Service Provider Transition andlor Plan Conversion
3, Investment Education far Plan Fiduciaries Concerning.
✓ A.) Investment Policy Statements
✓ B.) Assessment of Overall Investment Structure of Plan (i.e., types and number of asset classes, model portfolios, etc.)
✓ C.) Review of the Plan's Investment Options
✓ D.} Review of Qualified Designated Investment Alternatives (QDIAs)
✓ E.) Search and Review of Investment Managers
4. Employee tnvestment Education and Communication Including:
A.) Providing Group Enrollment and Investment Education Meetings
B.) Supporting Individual Participant Questions
C.) Providing Periodic Updates, Upon Request or Periodic Newsletter
D.) Assisting Participanu with Retirement Readiness
� E.) Providing Fee-Specific Education and Communicate the Plan's Requiremenu for Requesting Additional Information
about Plan Fees and F�cpenses
5. Notes Regarding of Selected Servites:
✓ A.) Frequency of Periodic Committee Meetings:
B.) Frequency of Enrollment Meetings:
C.) Frequency of Education Meetings:
3 Investment Adviser Representative is prohibited from serving as a voting member of the committee.
Non-ERISA RPACA MRPA, rev. Apr 2015 I6
RETIREMENT PLAN ADVISORY AND � � �� � °� � �'
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APPENpIX C - FEE SCHEDUI.E
1, Biiling Procedures (Choose one)
Investment Adviser Representative(s) is/are servicing the Plan in an Investment Adviser Representative capacity:
a and compensation will be paid directly to the RIA at � and LPL Financial is broker-dealer of record
Independent Financial Partners (IFP) on the Plan and any compensation received
FBO W Michael Montgomery by LPL Financial as broker-dealer shall offset
3030 N. Rocky Point Dr. W., Ste 700 the Fees outlined in this Agreement
Tampa, FL 33607
2. Payment Source (5elect one)
By Investment Provider or other third party, andlor our of Plan Assets
Sponsor authorizes the invesunent provider or other third party ("Third Party Payor") to pay compensation
due to RIA and Investment Advisor Representative(s) pursuant to the below terms. A periodic statement
setting forth the compensation deducted from the Plan shall be provided by Third Party Payor. {Note:
additional authorization forms may be required by Third Party Payor.)
� Name of Payor: Payment AccounUContract #:
� Directly by the Plan Sponsor, Fees shall be billed to the Sponsor. Fees shall be due upon receipt of the billing
notice.
❑✓ Investment Adviser Representative will perform billing
3, Fee Schedule
In consideration of the above agreed upon services rendered by Investment Adviser Representative(s) (see Schedule B above), Fees shall
be aid under the followin arran emenu as indicated below:
� Annual Fee for Service. Fees for service based on percentage of Plan asseu of basis points (bps).
� Annual Flat Fee. $ . Cost of Living Adjustment (COLA) %/Year.
❑ Annual Fee for Service — Split. Fee for service of a percentage of Plan assets of bps, paid based on the
value of Plan asseu, and bps, paid on the value of new deposits into the Plan.
� First Year Transition Expense Fee of $ or bps (one time).
� One-time Fee of $ 12 �� , for Project-Specific work (detoils 6elow if applicable)
� Annual Fee for Service — Tiered. Fee for service based on a percentage of Plan asseu, per the tiered schedule
below:
Value of Plan Assets (range} Fee
$0.0 to $ bps
$ to $ bps
$ to $ bps
$ to $ bps
$ to $ bps
$ to $ bps
Project Specific Details:
I. MRPA will cooperate with Village of Tequesta legal counsel to create an ordinance that establishes a Plan Committee, along with any related Charter,
policies, Investmerrt Policy Statement or other statemerrt of policies. MRPA does not offer legal advice.
2. MRPA consultant(s) will attend up to four scheduled meetings as requested pursuant to the selection of a retiremeM plan ve�dor(s).
3. The services in this agreement are associated with a one-time vendor RFP and poternial conversion project
4. Pursuant to Appendix B- Schedule of Retirement Plan Services, 5., page I b of this agreement, MRPA will recommend thee top 3 potential investment
managers in rank order, based upon our assessment of which best suits the Village's needs based upon the guidelines discussed.
Non-ERISA RPACA_MRPA, rev. Apr 2015 17
RETIREMENT PLAN ADVISORY AND �`� '`� � � � � � ��
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4. Payment �requency, Timing, and Method
Frequency: � Monthly � Quarterly � Annually � Other. One cime fee
Timing: ❑ In arrears � In Advance
Method: Based on the value of Plan assets in the method determined by the Third Party Payor.
Based on the value of Plan asseu at the❑be�tinnin� or �end of the quarter.
Flat Fee, as noted above.
� Additional Payment Details (if applicable):
50% paid upon initial engagement, with the remaining 50% paid upon completion of the project
5. Expenses
� Sponsor shall not pay any additional expenses.
� Sponsor shall pay the following expenses (detail):
Non-ERISA RPACA MRPA, rev. Apr 2015 18
RETIREMENT PLAN ADVISORY AND �'` �`
CONSULTING AGREEMENT � � � - � �� � � �
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Use this Agreement for non-discretionary (3(21)) advisory retirement plans. Please fill in all necessary fields in the
Agreement starting on page one; then add any missing data on this IFP Transmittal Form. For acceptance by
IFP, please email Agreement along with this Transmittal Form to IFPRetirementPlansCa�IFPartners.com or fax to (877) 357-
0812.
Legal Na.me of Plan:
Name of Employer/Plan Sponsor:
IFP TRANSMITTAL FORM
FOR IFP OFFICE USE ONLY
A. Sponsor lnforrnation:
Plan Sponsor Name: Plan Type:
Plan Tax ID: Plan Sponsor Phone No.
Responsible Plan Fiduciary: Plan Sponsor Fax No.
Plan Sponsor Address: Plan Sponsor Email Address:
Plan Sponsor City ST Zip: Plan Sponsor Web Address:
B. Third Party 5ee�vice Providers:
Platform Name: Custodian:
Recordkeeper. TPA:
TrusteelCorp. Trustee: Investment Provider.
IFP Fee Payment Source: AcctJContract Number.
C. Plan FinancialiEmployee Informatian:
Total Plan Asseu: No. of Eligible Employees:
Flat Fee Billing Billing Annual Fee fo�
(Annual): Frequency: Timing: Service (Bps): COLA: %/Yr.
D. Investment Adviser Representative{s)/Salicitor:
Advisor I Name: Advisor I DBA
Advisor I
Advisorl Phone No.: ID/Split ID: Advisor I Email Address:
Advisor 2 Name: Advisor 2 DBA:
Advisor 2
Advisor 2 Phone No.: ID/Sptit ID: Advisor 2 Email Address:
Advisor 3 Name: Advisor 3 DBA:
Advisor 3
Advisor 3 Phone No.: ID/Split ID: Advisor 3 Email Address:
Solicitor Name: Solicitor Phone No :
Solicitor Address: Solicitor Fax No.:
Solicitor City, ST, Zip: Solicitor Email Address:
Non-ERISA RPACA_MRPA, rev. Apr 2015 19