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© Peak One Administration 2016 3 <br />ADMINISTRATIVE SERVICES AGREEMENT <br />THIS AGREEMENT, effective as of January 1, 2024, by and between City of Everett, a (“Client”) <br />and Peak One Administration, LLC, an Idaho limited liability company (“Plan Service Provider, PSP”). <br />RECITALS <br />1.The Client desires to engage PSP to perform certain administrative and recordkeeping services described in <br />this Agreement for Client. <br />2.PSP has agreed to perform for Client the administrative and recordkeeping services described in this <br />Agreement. <br />NOW, THEREFORE, in consideration of the mutual promises and covenants contained in this Agreement, and <br />any attached exhibits and appendices, the Client and PSP agree as follows: <br />ARTICLE I. INTRODUCTION <br />1.1 Effective Date and Term <br />This Agreement is effective as of 1/1/2024 (“Effective Date”) and will continue until terminated by either party in <br />accordance with Article 5.7 of this Agreement. Each Appendix attached to this Agreement is incorporated into and <br />made a part of this Agreement. An Appendix may have a later effective date than this Agreement to the extent that <br />Client and PSP agree to the terms set forth in the Appendix after the Effective Date of this Agreement. <br />1.2 Scope of Undertaking-Generally <br />PSP will perform the administrative responsibilities described in this Agreement, including any Appendices which are <br />attached to and part of this Agreement. Client reserves to itself authority over all discretionary matters and decisions <br />pertaining to any employee benefit plan to which this Agreement pertains. PSP will not be the named fiduciary, plan <br />administrator, trustee or custodian of any employee benefit plan to which this Agreement pertains. Client acknowledges <br />that PSP is not an accounting or law firm and no services provided by PSP will constitute or be construed as tax or legal <br />advice. <br />1.3 Definitions <br />The following definitions will apply to this Agreement and its Appendices, unless a term is defined differently in an <br />Appendix: <br />(a)Code - means the Internal Revenue Code of 1986 and regulations thereunder, as amended from time <br />to time. <br />(b)COBRA - means the Consolidated Omnibus Budget Reconciliation Act of 1985 (as it appears in the <br />Code and ERISA) and regulations thereunder, as amended from time to time. <br />(c)ERISA - means the Employee Retirement Income Security Act of 1974 and regulations thereunder, as <br />amended from time to time. <br />(d)Fiduciary – means Plan Administrator, Client as the Named Fiduciary in the Plans, and any other <br />person who satisfies the definition of “fiduciary” under ERISA. <br />(e)HIPAA - means the Health Insurance Portability and Accountability Act of 1996 and regulations <br />thereunder, as amended from time to time. <br />(f)Named Fiduciary – is a term described in Section 402(a)(1) of ERISA that is applicable to the Plans <br />subject to ERISA and means Client. <br />(g)Plan Administrator – means Client. <br />Washington municipal <br />corporation