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2 <br /> • <br /> be furnished in sufficient quantity and shall be appropriately distributed by the <br /> Plan Administrator. <br /> (c) Fidelity Bond. The Plan Sponsor shall provide a fidelity bond for fiduciaries and <br /> employees in an amount not to exceed $1,000,000 for the benefit of the plan. <br /> 7. Term and Termination. <br /> (a) Initial Term. The initial term of this Agreement shall be for a period of one <br /> year, commencing as of the Effective Date of this Agreement and terminating <br /> one year thereafter (the"Initial Term"), unless sooner terminated in accordance <br /> with the provisions of this Paragraph 7. <br /> (b) Renewal. Renewal of this Agreement shall be accomplished by attaching to this <br /> Agreement a revised Exhibit A, Schedule of Commissions and Administrative <br /> Fees, signed by the parties to this Agreement and setting forth the term of such <br /> renewal (the"Renewal Term"). In the event a revised Exhibit A is not signed by <br /> the parties, but the parties continue to perform under this Agreement, then it <br /> shall be deemed to be renewed for successive one (1) year periods until <br /> terminated. <br /> (c) Termination by Either Party. This Agreement may be terminated by either <br /> the City or by HMA by written notice of intention to terminate given to the other <br /> party, to be effective as of a certain date set forth in the written notice, which <br /> shall not be less than ninety(90)days from the date of such notice. <br /> Upon termination by either party,within thirty days after the date of termination, <br /> HMA shall prepare and deliver a complete and final accounting and report as of <br /> the date of termination of the financial status of the Plan to the Plan Sponsor, <br /> together with all books and records in its possession and control pertaining to <br /> the administration of the Plan. All claim files, enrollment materials and other <br /> papers necessary for claim payments under the Plan shall be available to the <br /> Plan Sponsor upon the date of termination of this Agreement. If requested, HMA <br /> will process run-out claims (claims incurred prior to the date of termination). <br /> The charge for run-out claim processing will equal 3 months of current <br /> administrative fees and the duration will be 12 months. At the time of the final <br /> accounting, HMA shall deliver any funds of the Plan in its possession or control to <br /> the Plan Sponsor on its order. <br /> (d) Events Triggering Termination. In the event of willful misconduct or gross <br /> negligence by a party to this Agreement, the other party may terminate this <br /> Agreement immediately. HMA shall have the right, in its sole and absolute <br /> discretion, to terminate this Agreement immediately if: <br /> (i) After notice to cure, the Plan Sponsor or the Plan Administrator fails to <br /> cure a breach of any provision of this Agreement, including but not <br /> limited to failure to pay fees or charges owing HMA, failure to <br /> consistently fund benefit payments in a timely manner, or failure to fund <br /> the Designated Account as specified in Section 5 above, within thirty <br /> days of receipt of written notice from HMA specifying the nature of the <br /> breach with reasonable particularity; or <br /> HMA,Inc.TPA Agreement Page 6 8910-021910 <br /> 17 <br />