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Empower 3/9/2022
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Empower 3/9/2022
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Entry Properties
Last modified
3/25/2022 10:04:30 AM
Creation date
3/25/2022 10:02:40 AM
Metadata
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Template:
Contracts
Contractor's Name
Empower
Approval Date
3/9/2022
Council Approval Date
2/16/2022
Department
Human Resources
Department Project Manager
Kandy Bartlett
Subject / Project Title
Administrative Services for 457(b) Plan
Tracking Number
0000842
Total Compensation
$0.00
Contract Type
Agreement
Retention Period
6 Years Then Destroy
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EMPOWER <br /> RETIREMENT' <br /> Plan Sponsor can instruct and authorize Empower to process,without further Plan Sponsor <br /> approval, Participant age 591/2 in-service distribution requests received in good order and in a <br /> manner acceptable to Empower. If the Participant's birth date information has not been <br /> provided, or if there is a discrepancy between the birth date on the system and the birth date <br /> on the form, Empower is instructed to rely on the birth date specified by the Participant on the <br /> form. <br /> 9. Voluntary In-Service DeMinimus Distributions (for Governmental 457(b) Plans Only) <br /> Plan Sponsor can instruct and authorize Empower to process,without further Plan Sponsor <br /> approval, Participant initiated DeMinimus distribution requests received in good order and in a <br /> manner acceptable to Empower. If vesting is applicable and the Participant's birth date <br /> information has not been provided, or if there is a discrepancy between the birth date on the <br /> system and the birth date on the form, Empower is instructed to rely on the birth date specified <br /> by the Participant form. <br /> 10. Automated Mandatory Distributions (De Minimis) <br /> Empower can perform automated mandatory distributions of small account balances, as <br /> elected by Plan Sponsor in good order and in a form acceptable to Empower. <br /> 11. Beneficiary Record Keeping <br /> If Empower is and remains the sole record keeper for the Plan during the term of this <br /> Agreement, Plan Sponsor can instruct and authorize Empower to accept, maintain and file, <br /> without Plan Sponsor's signature, Beneficiary Designation forms received by Empower in <br /> good order and in a manner acceptable to Empower. Upon request, Plan Sponsor agrees to <br /> provide Empower with any and all Beneficiary information filed with the Plan by the Participant <br /> prior to the Effective Date of this Agreement. <br /> If the spousal consent rules apply, Plan Sponsor shall provide Empower with instructions as to <br /> the portion of the Participant account for which a Beneficiary may be designated without <br /> spousal consent under the Plan. Plan Sponsor instructs Empower to rely on the marital status <br /> specified by the Participant on the Beneficiary Designation form and to obtain spousal <br /> consent,when applicable. <br /> 12. Investment Advisory-Related Services <br /> If the Plan Sponsor meets the relevant underwriting and other requirements, Advised Assets <br /> Group, LLD ("AAG"), a federally registered investment adviser and wholly owned subsidiary of <br /> Empower, may offer fund performance data and/or similar services regarding the investment <br /> options in the Plan through the Plan's recordkeeping and administrative relationship with <br /> Empower. <br /> AAG, may separately offer Empower Retirement Advisory Services (Online Investment <br /> Guidance, Online Investment Advice and Managed Account service)to the Participants in the <br /> Plan through the Plan's recordkeeping and administrative relationship with Empower. Plan <br /> Sponsor may instruct AAG to make Empower Retirement Advisory Services available to Plan <br /> SAGWTPACOGOV0521 <br /> 27 <br />
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