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Empower 3/9/2022
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Empower 3/9/2022
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Last modified
3/25/2022 10:04:30 AM
Creation date
3/25/2022 10:02:40 AM
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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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10.1. Each party agrees to indemnify the other from and against any and all expenses, costs, reasonable <br /> attorneys' fees, settlements, fines, judgments, damages, liabilities, penalties or court awards asserted by a third <br /> party (collectively, "Damages") to the extent resulting from the indemnifying party's breach of this Agreement, <br /> negligence, breach of fiduciary duty or willful misconduct. Notwithstanding anything to the contrary herein, Adviser <br /> shall not be liable to Plan Sponsor for, and Plan Sponsor will indemnify Adviser from and against, any Damages <br /> resulting from: <br /> 10.1.1 acts or omissions undertaken by or at the direction of the Plan Sponsor or any authorized <br /> agent thereof, including (without limitation) the calculation of installment distributions or initiation of investment <br /> transactions, based upon inaccurate or incomplete data provided by or on behalf of Plan Sponsor; <br /> 10.1.2 direction of any third party retained by Plan Sponsor to provide services relating to the <br /> Plan, including but not limited to prior service providers, investment advisors, or any authorized agent thereof; <br /> 10.1.3 Plan Sponsor's or its designee's failure to provide accurate documents, material, <br /> information or data to Adviser on a timely basis. <br /> 10.2. NOTWITHSTANDING ANYTHING TO THE CONTRARY IN THIS AGREEMENT, AND TO THE <br /> MAXIMUM EXTENT PERMITTED BY LAW, NEITHER PARTY SHALL BE LIABLE TO THE OTHER FOR ANY <br /> INDIRECT, SPECIAL, PUNITIVE, INCIDENTAL, OR CONSEQUENTIAL DAMAGES (INCLUDING, WITHOUT <br /> LIMITATION, LOSS OF REVENUE OR PROFIT) EVEN IF THE PARTY HAS BEEN ADVISED OF THE <br /> POSSIBILITY OF SUCH DAMAGES. <br /> 10.3. Adviser represents that it maintains error and omissions insurance, a fidelity bond under Section <br /> 412 of ERISA, and other appropriate insurance coverage in amounts sufficient to satisfy all material obligations of <br /> Adviser for Services under this Agreement. <br /> 11. Dispute Resolution <br /> The parties shall engage in reasonable and good faith discussions to resolve any dispute arising out of or <br /> relating to this Agreement. If the parties are unable to agree between themselves,the parties will submit the dispute <br /> to non-binding mediation conducted by a private mediator agree to by both parties. If the parties cannot agree on a <br /> mediator,the mediator may be selected by a nationally recognized, independent arbitration or mediation organization <br /> to which the parties mutually agree. The costs of mediation shall be borne equally by the parties, and each party <br /> shall pay its own expenses. If the parties are unable to resolve the dispute through non-binding mediation, either <br /> party may initiate litigation; provided, however, that if one party requests mediation and the other party rejects the <br /> proposal or refuses to participate, the requesting party may initiate litigation immediately upon such refusal. <br /> 12. Term&Termination <br /> 12.1. Term. The term of this Agreement is for a period of one year,with automatic renewal for successive <br /> one (1)year periods unless either party provides the other party with ninety(90) days written notice of its intent to <br /> terminate the Agreement. <br /> 12.2. Termination. This Agreement shall terminate automatically in the following circumstances: <br /> 12.2.1 Either party notifies the other of that it has determined in good faith that the Agreement is <br /> not consistent with its fiduciary duties under ERISA or applicable federal or state law; or <br /> 12.2.2 The Service Agreement for recordkeeping, administrative and other services between <br /> Plan Sponsor and Great-West terminates or expires; or <br /> 12.2.3 The agreement between Adviser and Subadviser terminates or expires and Adviser is <br /> unable to contract with a suitable replacement to serve as a Subadviser. <br /> v.02.01.20 8 <br />
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