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Benefit Plans Administrative Services 12/26/2018
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Benefit Plans Administrative Services 12/26/2018
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Last modified
1/17/2019 10:42:27 AM
Creation date
1/17/2019 10:40:55 AM
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Contracts
Contractor's Name
Benefit Plans Administrative Services
Approval Date
12/26/2018
Council Approval Date
12/12/2018
Department
Human Resources
Department Project Manager
Sharon DeHaan
Subject / Project Title
HRA VEBA Account for LEOFF Trust Plan B
Tracking Number
0001615
Total Compensation
$0.00
Contract Type
Agreement
Contract Subtype
Professional Services
Retention Period
6 Years Then Destroy
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6. DUTIES OF CLIENT. <br /> Client agrees to: <br /> A. Complete the data gathering form provided by BPASFS, initially and from time to time as <br /> requested by BPASFS. <br /> B. Provide all documents and information requested by BPASFS. <br /> C. Authorize third parties to disclose Client's confidential information to BPASFS. <br /> D. Provide BPASFS with written authorization whenever Client wishes BPASFS to disclose <br /> Client's Confidential Information to third parties. <br /> E. Inform BPASFS promptly of changes in the ownership of the Client and any acquisitions or <br /> mergers of the Client. <br /> F. Client acknowledges that the past performance of BPASFS should not be construed as an <br /> indication of future results,which may prove to be better or worse than past results. <br /> 7. SERVICES AND OBLIGATIONS OF BPASFS <br /> BPASFS agrees to: <br /> A. Develop and maintain an Investment Policy Statement(IPS). <br /> B. Select and monitor the funds selected by BPASFS for Plan's investment menu. <br /> C. Provide Client with quarterly performance reports for the investment options offered by the <br /> Client's Retirement Plan. <br /> D. Review investment performance relative to investment objectives, returns and risk profiles, <br /> and make changes(if necessary). <br /> E. Make additions and deletions of fund options in the Client's plan. <br /> 8. LIMITATIONS. Client agrees and acknowledges that for the purposes of this engagement that the <br /> scope of BPASFS's services,obligations and fiduciary responsibilities are limited to investment options <br /> selected by BPASFS for the Plan's investment option menu. Client agrees and acknowledges that for <br /> the purposes of this engagement,BPASFS has no fiduciary responsibility or obligation in the selection, <br /> monitoring or any due diligence for employer securities, any assets invested in participant directed <br /> brokerage accounts,or any other investment not selected by SPAS. <br /> 9. BEST EFFORTS. BPASFS agrees to use its best efforts to match Client's investments to Client's own risk <br /> profile and Client's own financial objectives,as described in Client's investment policy statement. <br /> 10. PERSONAL SECURITIES TRANSACTIONS. BPASFS will make securities transactions for its own <br /> accounts. Client acknowledges that this may cause a conflict of interest,since both Client and BPASFS <br /> may be selling (or buying) the same financial product at the same time. To address this potential <br /> conflict of interest, BPASFS agrees, to the extent within its control, not to favor itself to the Client's <br /> financial detriment. BPASFS agrees to keep complete records of all such securities transactions. <br /> BPASFS receives research services, computer software, technical advice and publications, electronic <br /> database updates, marketing materials and services, and referrals of prospective new clients from <br /> financial product vendors and from financial services professionals. BPASFS agrees to act in Client's <br /> best interest. The investment management services furnished by BPASFS are deemed non-exclusive, <br /> and BPASFS shall be free to furnish similar investment management services to others, as well as <br /> trading on its own account, as long as the investment management services rendered under this <br /> Agreement are not impaired or adversely affected,in the reasonable opinion of BPASFS. <br /> 11. PERSONAL INVESTMENT-RELATED SERVICES. Client acknowledges that any personal investment- <br /> related services provided by BPASFS to individuals, including services relating to an individual's <br /> personal investment account, individual retirement account, or individual annuities, are unrelated to <br /> the services provided to the Plan under this Agreement with the Plan and in no event will any Plan <br /> assets be used to pay for such personal investment-related services. Client understands and agrees that <br />
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