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Agenda - 12-07-2009 - 4g
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Agenda - 12-07-2009 - 4g
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Last modified
12/9/2009 9:42:47 AM
Creation date
12/4/2009 12:46:27 PM
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BOCC
Date
12/7/2009
Meeting Type
Regular Meeting
Document Type
Agenda
Agenda Item
4g
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Minutes - 20091207
(Linked From)
Path:
\Board of County Commissioners\Minutes - Approved\2000's\2009
RES-2009-083 Authorizing County Participation in a 457 Deferred Compensation Plan
(Linked From)
Path:
\Board of County Commissioners\Resolutions\2000-2009\2009
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9 <br />Plan number: 306665 <br />(e) Payment Procedures. All payments to ICMA-RC pursuant to this Section <br />6 shall be paid out of the Plan assets held by the Trust and shall be paid by <br />the Trust, to the extent not paid by the Employer. The amount of Plan <br />assets held in the Trust shall be adjusted by the Trust as required to reflect <br />such payments. In the event that the Employer agrees to pay amounts <br />owed pursuant to this section 6 directly, any amounts unpaid and <br />outstanding after 30 days of invoice to the Employer shall be withdrawn <br />from Plan assets held by the Tivst. <br />The compensation and payment set forth in this section 6 is contingent upon the <br />Employer's use of ICMA-RC's EZLink system for contribution processing and <br />submitting contribution funds by ACH or wire transfer on a consistent basis over the <br />term of this Agreement. <br />7. Custody <br />Employer understands that amounts invested in the Trust are to be remitted directly to the <br />Trust in accordance with instructions provided to Employer by ICMA-RC and are not to <br />be remitted to ICMA-RC. In the event that any check or wire transfer is incorrectly <br />labeled or transferred to ICMA-RC, ICMA-RC may return it to Employer with proper <br />instructions. <br />8. lndemnification <br />ICMA-RC shall not be responsible for any acts or omissions of any person with respect <br />to the Plan or related Trust, other than ICMA-RC in connection with the administration <br />or operation of the Plan. Employer shall indemnify ICMA-RC against, and hold ICMA- <br />RC harmless from, any and all loss, damage, penalty, liability, cost, and expense, <br />including without limitation, reasonable attorney's fees, that may be incurred by, imposed <br />upon, or asserted against ICMA-RC by reason of any claim, regulatory proceeding, or <br />litigation arising from any act done or omitted to be done by any individual or person <br />with respect to the Plan or related Trust, excepting only any and all loss, damage, penalty, <br />liability, cost or expense resulting from ICMA-RC's negligence, bad faith, or willful <br />misconduct. <br />4. Term <br />This Agreement maybe terminated without penalty by either party on sixty days advance <br />notice in writing to the other. <br />10. Amendments and Adjustments <br />{a} This Agreement may not be amended except by written instrument signed by the <br />parties. <br />6 <br />
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