HomeMy WebLinkAboutCity of Tamarac Resolution R-98-0761
Temp. Reso. # 8170
March 11, 1998
CITY OF TAMARAC, FLORIDA
RESOLUTION no. R-98 w 76
A RESOLUTION OF THE CITY COMMISSION OF THE
CITY OF TAMARAC, FLORIDA, AUTHORIZING THE
APPROPRIATE CITY OFFICIALS TO APPROVE THE
ESTABLISHMENT OF A NEW 401(A) MONEY PURCHASE
PLAN FOR EMPLOYEES WISHING TO CONTRIBUTE 10%
OF THEIR SALARY INTO THE PLAN; PROVIDING FOR
CONFLICTS; PROVIDING FOR SEVERABILITY AND
PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, the City of Tamarac wishes to establish a new 401(a) Money
Purchase Plan for employees wanting to contribute 10% of their salary into a retirement
benefit plan; and
WHEREAS, the City desires that its money purchase retirement plan be
administered by the ICMA Retirement Corporation and that the funds held under such
plan be invested in the ICMA Retirement Trust; and
WHEREAS, the City Manager recommends the establishment of a new 401(a)
Money Purchase Plan for employees desiring to contribute 10% of their salary into the
retirement plan; and
WHEREAS, the City Commission of the City of Tamarac deems it to be in the
best interests of the citizens and residents of the City to establish a new 401(a) Money
Purchase Plan and allow employees in the Executive and Managerial/Professional
categories to increase their contributions to 10% of their salary.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF
TAMARAC, FLORIDA:
2
Temp. Reso. # 8170
March 11, 1998
Section 1: The foregoing "WHEREAS" clauses are hereby ratified and
confirmed as being true and correct and are hereby made a specific part of this
Resolution.
Section 2: The City Commission of the City of Tamarac approves the
establishment of a new 401(a) Money Purchase Plan with the lCMA Retirement
Corporation for employees in the Executive and Managerial/Professional categories to
increase their contributions to 10% in the form of :
The lCMA Retirement Corporation Money Purchase Plan and Trust, pursuant to
the specific provisions of the Adoption Agreement (agreement attached), to be
maintained for the exclusive benefit of the employees in the Executive and
Managerial/Professional categories and his/her beneficiaries.
Section 3: The City hereby agrees to serve as trustee under the Plan and to
invest funds held under the Plan in the lCMA Retirement Trust according to the
administrative procedures of the lCMA Retirement Corporation.
Section 4: The Director of Finance shall be the coordinator for the Plan; shall
receive necessary reports, notices, etc. for the lCMA Retirement Corporation of the
lCMA Retirement Trust; shall cast, on behalf of the Employer any required votes under
the lCMA Retirement Trust; and may delegate any administrative duties relating to the
Plan to appropriate departments.
Section 5: That all resolutions or parts of resolutions in conflict herewith are
Ihereby repealed to the extent of such conflict.
3
Temp. Reso. # 8170
March 11, 1998
Section 6: If any clause, sections, other part or application of this Resolution is held
by any court of competent jurisdiction to be unconstitutional or invalid, in part or
application, it shall not affect the validity of the remaining portions or applications of this
Resolution.
Section 7: This Resolution shall become effective immediately upon adoption.
PASSED, ADOPTED AND APPROVED this 2-5 Day of 2&" , 1998.
ATTEST:
CAROL G06�, CMC, AAE
CITY CLERK
I HEREBY CERTIFY that I have
Approved this RESOLUTION as
Ivil I %al I"L-L- %:). r\[-XrAl- I
CITY ATTORNEY
(reso8170.sms)
I
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04-AA -
IVA
Z
RECORD OF COMMIS
MAYOR SCHREIBER ) ION VOTE
DIST 1:
COMM. AACk-A YE
DIST 2:
WM MISHKIN
DIST 3:
COMM. SULTANOF
DIST 4: --90--MM.
ROBFAT.6,
ADMINISTRATIVE SERVICES AGREEMENT
Type: 401
Account Number: 9905
Plan # 9905
0 . ADMINISTRATIVE SERVICES AGREEMENT
This Agreement, made as of the day of
199 , (herein referred to as the "Inception Date"), between The International
City Management Association Retirement Corporation ("RCI, a nonprofit corporation
organized and existing under the laws of the State of Delaware; and the City of
Tamarac ("Employer") a City organized and existing under the laws of the State of
Florida with an office at 7525 N.W. 88th Avenue, Tamarac, Florida 33321.
Recitals
Employer acts as a public plan sponsor for a retirement plan ("Plan") with
responsibility to obtain investment alternatives and services for employees
participating in that Plan;
The 1CMA Retirement Trust (the "Trust") is a common law trust governed
by an elected Board of Trustees for the commingled investment of retirement funds
held by state and local governmental units for their employees;
RC acts as investment adviser to the Trust; RC has designed, and the
Trust offers, a series of separate funds (the "Funds") for the investment of plan
assets as referenced in the Trust's principal disclosure document, "Making Sound
Investment Decisions: A Retirement Investment Guide." The Funds are available
only to public employers and only through the Trust and RC.
In addition to serving as investment adviser to the Trust, RC provides a
complete offering of services to public employers for the operation of employee
retirement plans inciuding, but not limited to, communications concerning investment
alternatives, account maintenance, account record -keeping, investment and tax
reporting, form processing, benefit disbursement and asset management.
I
-2-
Plan # 9905
0
0
0
Agreements
I I a a
Employer hereby designates RC as Administrator of the Plan to perform
all non -discretionary functions necessary for the administration of the Plan with
respect to assets in the Plan deposited with the Trust. The functions to be performed
by RC include:
(a) awocation in accordance with participant direction of individual
accounts to investment Funds offered by the Trust;
(b) maintenance of individual accounts for participants reflecting
amounts deferred, income, gain, or loss credited, and amounts disbursed as benefits;
(c) provision of periodic reports to the Employer and participants of the
status of Plan investments and individual accounts;
(d) communication to participants of information regarding their rights
and elections under the Plan; and
(e) disbursement of benefits as agent for the Employer in accordance
with terms of the Plan.
170a
Employer has adopted the Declaration of Trust of the ICMA Retirement
Trust and agrees to the commingled investment of assets of the Plan within the Trust.
Employer agrees that operation of the Plan and investment, management and
disbursement of amounts deposited in the Trust shall be subject to the Declaration
of Trust, as it may be amended from time to time and shall also be subject to terms
and conditions set forth in disclosure documents (such as the Retirement Investment
Guide or Employer Bulletins) as those terms and conditions may be adjusted from time
to time. It is understood that the term "Employer Trust" as it is used in the
Declaration of Trus4 shall mean this Administrative Services Agreement.
K�io_ �* �ao-WraFeMMMOTM
Emplcyer agrees to furnish to RC on a timely basis such information as
is necessary for RC to carry out its responsibilities as Administrator of the Plan,
including information needed to allocate individual participant accounts to Funds in
the Trust, and information as to the employment status of participants, and
participant ages, addresses and other identifying information (including tax
-3-
Plan # 9905
,lft identification numoers). RC shall be entitled to rely upon the accuracy of any
information that is furnished to it by a responsible official of the Employer or any
information relatingto an individual participant or beneficiary that is furnished by such
participant or beneficiary, and RC shall not be responsible for any error arising from
its reliance on such information. RC will provide account information in reports,
statements or accountings. All account discrepancies must be reported to RC within
120 days of the c!ose of the quarter in which the discrepancy occurs. After that
time the report, stazement, or accounting shall be deemed to have been accepted by
the Employer and the participants
4. r!prtgii RpnrpsAntations- Warrantiej- and Coveaants
RC represents a-n-d wavants to -Employer that:
(a) RC is a non-profit corporation with full power and authority to enter
into this Agreement and to perform its obligations under this Agreement. The ability
of RC to serve as ;,nvestment adviser to the Trust is dependent upon the continued
willingness of the Trust for RC. to serve in that capacity.
(b) RC is an investment adviser registered as such with the Securities
and Exchange Commission under the Investment Advisers Act of 1940, as amended.
ICIVIA-RC Services, Inc. (a wholly owned subsidiary of RC) is registered as- a broker -
dealer with the Securities and Exchange Commission (SEC) and is a member in good
standing of the National Association of Securities Dealers, Inc.
RC covenants with employer that:
(c) RC shall maintain and administer the Plan in compliance with the
requirements for plans which satisfy the qualification requirements of Section 401 of
the Internal Revenue Code; provided, however, RC shall not be responsible for the
qualified status of the Plan in the event that the Employer directs RC to administer the
Plan or disburse asizets in a manner inconsistent with the requirements of Section 401
or otherwise causes the Plan not to be carried out in accordance with its terms;
provided, further, that if the plan document used by the Employer contains terms that
differ from the tern'ts, of RC's standardized plan document, RC shall not be responsible
for the qualified status of the Plan to the extent affected by the differing terms in the
Employer's plan document.
Employer represents and warrants to RC that:
(d) Employer is organized in the form and manner recited in the opening
paragraph of this Agreement with full power and authority to enter into and perform
its obligations under this Agreement and to act for the Plan and participants in the
BEIM
Plan # 9905
manner contemplated in this Agreement. Execution, delivery, and performance of this
Agreement will no* conflict with any law, rule, regulation or contract by which the
Employer is bound or to which it is a party.
I IWTI MIOMM. "I
The Employer hereby authorizes RC to act as agent, to appear on its
behalf, and to join the Employer as a necessary party in all legal proceedings involving
the garnishment of benefits or the transfer of benefits pursuant to the divorce or
separation of par,:icipants in the Employer Plan. Unless Employer notifies RC
otherwise, Employer consents to the disbursement by RC of benefits that have been
garnished or ttansf=-rred to a former spouse, spouse or child pursuant to a domestic
relations order.
Toirel IN-.18190 1M. I Nigel I
(a) Plan Administration Fee. The amount to be paid for plan
administration services under this Agreement shall be 0.75% per annum of the
amount of Plan assets invested in the Trust. Such fee shall be computed based on
average daily net Plan assets in the Trust.
(b) Account Maintenance Fee. There shall be an annual account
maintenance fee of $25.00. The account maintenance fee is payable in full on
January 1 of each year ori each account in existence on that date. For accounts
established after Ja�nuary 1, the fee is payable on the first day of the calendar quarter
following establishment and is prorated by reference to the number of calendar
quarters remaining on the day of payment.
i
(c) Compensation for Management Services to the Trust. Employer
acknowledges that in addition to amounts payable under this Agreement, RC receives
fees from the Trust for investment management services furnished to the Trust,
except that this fee is not assessed in the Mutual Fund Series
(d) Mutual Fund Services Fee. There is an annual charge of 0.25% of
assets under management that are held in the Trust's Mutual Fund Series.
(e) Model Portfolio Fund Fee. There is an annual charge of 0. 10% of
assets under management that are held in the Trust's Model Portfolio Funds.
(f) Payment Procedures. All payments to RC pursuant to this Section
6 shall be paid out of the Plan Assets held by the Trust and shall be paid by the Trust.
The amount of Plan Assets held in the Trust shall be adjusted by the Trust as required
to reflect such payments.
WE
Plan # 9905
7. Custody
Employer understands that amounts invested in the Trust are to be
remitted directly to the Trust in accordance with instructions provided to Employer
by RC and are not to be remitted to RC. In the event that any check or wire transfer
is incorrectly labeled or transferred to RC, RC will return it to Employer with proper
instructions.
RC shall not be responsible for any acts or omissions of any person other
than RC in connection with the administration or operation of the Plan.
This Agreement may be terminated without penalty by either party on
sixty days advancEi notice in writing to the other.
1 tu-rarr-r T rM.r• _r n T M To—,-r
(a) This Agreement may not be amended except by written instrument
4Dsigned by the parties.
(b) The parties agree that compensation for services under this
Agreement and administrative and operational arrangements may be adjusted as
follows:
RC may propose an adjustment by written notice to the Employer given
at least 60 days before the effective date of the adjustment and the notice may
appear in disclosure documents such as Employer Bulletins and the Retirement
Investment Guide. Such adjustment shall become effective unless, within the 60 day
period before the effective date the Employer notifies RC in writing that it does not
accept such adjustment, in which event the parties will negotiate with respect to the
adjustment.
(c) No failure to exercise and no delay in exercising any right, remedy,
power or privilege tzereunder shall operate as a waiver of such right, remedy, power
or privilege.
11. NntirpS
All notices required to be delivered under Section 10 of this Agreement
shall be delivered personally or by registered or certified mail, postage prepaid, return
WE
Plan # 9905
I]
receipt requested, to (i) Legal Department, ICMA Retirement Corporation, 777 North
Capitol Street, N.E., Suite 600, Washington, D.C, 20002-4240; (ii) Employer at the
office set forth in _fie first paragraph hereof, or to any other address designated by
the party to receiva the same by written notice similarly given.
This Agreement shall constitute the sole agreement between RC and
Employer relating �m the object of this Agreement and correctly sets forth the
complete rights, duties and obligations of each party to the other as of its date. Any
prior agreements, promises, negotiations or representations, verbal or otherwise, not
expressly set forth in this Agreement are of no force and effect.
This agreement shall be governed by and construed in accordance with
the laws of the State of Florida applicable to contracts made in that jurisdiction
without reference to its conflicts of laws provisions.
In Witness Whereof, the parties hereto have executed this Agreement
as of the Inception Date first above written.
CiW OF TAMARAC
---' March 25, 1998
Signature/Date
Robert S. Noe, Jr., City Manager
Name and Title (Please Print)
INTERNATIONAL CITY MANAGEMENT
ASSOCIATION RETIREMENT
CORPORATION
by:
Stephen Wm. Nordholt/Date
Corporate Secretary
-7-
1
Temp. Reso. # 8171
March 12, 1998
CITY OF TAMARAC, FLORIDA
RESOLUTION no. R-98 - 77
A RESOLUTION OF THE CITY COMMISSION OF THE
CITY OF TAMARAC, FLORIDA, APPROVING A 401(a)
MONEY PURCHASE RETIREMENT PLAN FOR THE CITY
ATTORNEY THROUGH THE INTERNATIONAL CITY
MANAGEMENT ASSOCIATION RETIREMENT
CORPORATION; PROVIDING FOR CONFLICTS;
PROVIDING FOR SEVERABILITY AND PROVIDING FOR
AN EFFECTIVE DATE.
WHEREAS, the City Attorney currently participates in the Executive and
Managerial/Professional 401(a) Money Purchase Plan; and
WHEREAS, the City Attorney as a City Official based on his position traditionally
has a separate plan from the management group; and
WHEREAS, a separate 401(a) Money Purchase Plan should be established for
the City Attorney at no additional cost to the City; and
WHEREAS, the City desires that the 401(a) money purchase retirement plan be
administered by the ICMA Retirement Corporation and the funds held under such plan
be invested in the ICMA Retirement Trust; and
WHEREAS, the City Commission of the City of Tamarac deems it to be in the
best interests of the citizens and residents of the City to approve a revised retirement
plan for the City Attorney; and
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF
TAMARAC, FLORIDA:
E
2
Temp. Reso. # 8171
March 12, 1998
Section 1: The City Commission of the City of Tamarac approves the
establishment of a new 401(a) Money Purchase Plan with the ICMA Retirement
Corporation for the City Attorney in the form of:
The ICMA Retirement Corporation Money Purchase Plan and Trust, pursuant to
the specific provisions of the Adoption Agreement (agreement attached), to be
maintained for the exclusive benefit of the City Attorney and his/her beneficiaries.
Section 2: The City hereby agrees to serve a trustee under the Plan and to
invest funds held under the Plan in the ICMA Retirement Trust according to the
administrative procedures of the ICMA Retirement Corporation.
Section 3: The Director of Finance shall be the coordinator for the Plan; shall
receive necessary reports, notices, etc. for the ICMA Retirement Corporation of the
ICMA Retirement Trust; shall cast, on behalf of the Employer any required votes under
the ICMA Retirement Trust; and may delegate any administrative duties relating to the
Plan to appropriate departments.
Section 4: That all resolutions or parts of resolutions in conflict herewith are
hereby repealed to the extent of such conflict.
Section 5: If any clause, sections, other part or application of this Resolution is
held by any court of competent jurisdiction to be unconstitutional or invalid, in part or
�I
3
Temp. Reso. # 8171
March 12, 1998
application, it shall not affect the validity of the remaining portions or applications of this
Resolution.
Section 6: This Resolution shall become effective immediately upon adoption.
PASSED, ADOPTED AND APPROVED this v5 Day of A&4k 1998.
ATTEST:
CAROL G , CMC, AAE
CITY CLERK
I HEREBY CERTIFY that I have
Approved this RESOLUTION as
to form. r
MITCHELL S. KRAFT
CITY ATTORNEY
(reso8171.sms)
1
RECORD OF COMMIS ON VOTE
MAYOR SCHREIBER 4,
DIST 1:
COMM. MCKAYE
DIST 2:
V/M MISHKIN
DIST 3:
COMM. SULTANOF
DIST 4:
COMM. RQBERTS
r�
ADMINISTRATIVE SERVICES AGREEMENT
Type: 401
Account Number: 9972
Plan # 9972
is ADMINISTRATIVE SERVICES AGREEMENT
This Agreement, made as of the day of
199 , (herein referred to as the "Inception Date"), between The International
City Management Association Retirement Corporation ("RC"), a nonprofit corporation
organized and existing under the laws of the State of Delaware; and the City of
Tamarac ("Employer") a City organized and existing under the laws of the State of
Florida with an office at 7525 NW iith Avenue, Tamarac, Florida 33321.
Recitals -
Employer acts as -a public plan sponsor for a retirement plan ("Plan") with
responsibility to obtain investment alternatives and services for employees
participating in that Plan;
The ICMA Retirement Trust (the "Trust") is a common law trust governed
by an elected Board of Trustees for the commingled investment of retirement funds
held by state and local governmental units for their employees;
RC acts as investment advise-r to the Trust; RC has designed, and the
Trust offers, a series of separate funds (the "Funds") for the investment of plan
assets as referenced in the Trust's principal disclosure document, "Making Sound
Investment Decisions: A Retirement Investment Guide." The Funds are available
only to public employers and only through the Trust and RC.
In addition to serving as investment adviser to the Trust, RC provides a
complete offering of services to public employers for the operation of employee
retirement plans including, but not limited to, communications concerning investment
alternatives, account maintenance, account record -keeping, investment and tax
reporting, form processing, benefit disbursement and asset management.
Plan # 9972
•
•
Agreements
11 'Tel I M u-• •
Employer hereby designates RC as Administrator of the Plan to perform
all non -discretionary functions necessary for the administration of the Plan with
respect to assets in the Plan deposited with the Trust. The functions to be performed
by RC include:
(a) allocation in accordance with participant direction of individual
- — accounts to investment Funds offered by the Trust;
(b) maintenance of individual accounts for participants reflecting
amounts deferred, income, gain, or loss credited, and amounts disbursed as benefits;
(c) provision of periodic reports to the Employer and participants of the
status of Plan investments and individual accounts;
(d) communication to participants of information regarding their rights
and elections under the Plan; and
(e) disbursement of benefits as agent for the Employer in accordance
with terms of the Plan.
Employer has adopted the Declaration of Trust of the ICMA Retirement
Trust and agrees to the commingled investment of assets of the Plan within the Trust.
Employer agrees that operation of the Plan and investment, management and
disbursement of amounts deposited in the Trust shall be subject to the Declaration
of Trust, as it may be amended from time to time and shall also be subject to terms
and conditions set forth in disclosure documents (such as the Retirement Investment
Guide or Employer Bulletins) as those terms and conditions may be adjusted from time
to time. It is understood that the term "Employer Trust" as it is used in the
Declaration of Trust shall mean this Administrative Services Agreement.
3. ••al,er Duty tit—Eurxis4i• •• . . •
Employer agrees to furnish to RC on a timely basis such information as
is necessary for RC to carry out its responsibilities as Administrator of the Plan,
including information needed to allocate individual participant accounts to Funds in
the Trust, and information as to the employment status of participants, and
participant ages, addresses and oth r identifying information (including tax
-3-
fQMMF,X0J*- +a
identification numbers). RC shall be entitled to rely upon the accuracy of any
information that is furnished to it by a responsible official of the Employer or any
information relating to an individual participant or beneficiary that is furnished by such
participant or beneficiary, and RC shall not be responsible for any error arising from
its reliance on such information. RC will provide account information in reports,
statements or accountings. All account discrepancies must be reported to RC within
120 days of the close of the quarter in which the discrepancy occurs. After that
time the report, statement, or accounting shall be deemed to have been accepted by
the Employer and the participants
RC represents and warrants to Employer that:
(a) RC is a non-profit corporation with full power and authority to enter
into this Agreement and to perform its obligations under this Agreement. The ability
of RC to serve as investment adviser to the Trust is dependent upon the continued
willingness of the Trust for RC to serve in that capacity.
(b) RC is an investment adviser registered as such with the Securities
and Exchange Commission under the Investment Advisers Act of 1940, as amended.
ICMA-RC Services, Inc. (a wholly owned subsidiary of RC) is registered as a broker -
dealer with the Securities and Exchange Commission (SEC) and is a member in good
standing of the National Association of Securities Dealers, Inc.
RC covenants with employer that:
(c) RC shall maintain and administer the Plan in compliance with the
requirements for plans which satisfy the qualification requirements of Section 401 of
the Internal Revenue Code; provided, however, RC shall not be responsible for the
qualified status of the Plan in the event that the Employer directs RC to administer the
Plan or disburse assets in a manner inconsistent with the requirements of Section 401
or otherwise causes the Plan not to be carried out in accordance with its terms;
provided, further, that if the plan document used by the Employer contains terms that
differ from the terms of RC's standardized plan document, RC shall not be responsible
for the qualified status of the Plan to the extent affected by the differing terms in the
Employer's plan document.
Employer represents and warrants to RC that:
(d) Employer is organized in the form and manner recited in the opening
paragraph of this Agreement with full power and authority to enter into and perform
its obligations under this Agreement an to act for the Plan and participants in the
-4-
Plan # 9972
manner contemplated in this Agreement. Execution, delivery, and performance of this
Agreement will not conflict with any law, rule, regulation or contract by which the
Employer is bound or to which it is a party.
5. Participation in Caftain Proceedinqs
The Employer hereby authorizes RC to act as agent, to appear on its
behalf, and to join the Employer as a necessary party in all legal proceedings involving
the garnishment of benefits or the transfer of benefits pursuant to the divorce or
separation of participants in the Employer Plan. Unless Employer notifies RC
otherwise, Employer consents to the disbursement by RC of benefits that have been
garnished or transferred to a former spouse, spouse or child pursuant to a domestic
relations order.
(a) Plan Administration Fee. The amount to be paid for plan
administration services under this Agreement shall be 0.75% per annum of the
amount of Plan assets invested in the Trust. Such fee shall be computed based on
average daily net Plan assets in the Trust.
(b) Account Maintenance Fee. There shall be an annual account
maintenance fee of $25.00. The account maintenance fee is payable in full on
January 1 of each year on each account in existence on that date. For accounts
established after January 1, the fee is payable on the first day of the calendar quarter
following establishment and is prorated by reference to the number of calendar
quarters remaining on the day of payment.
(c) Compensation for Management Services to the Trust. Employer
acknowledges that in addition to amounts payable under this Agreement, RC receives
fees from the Trust for investment management services furnished to the Trust,
except that this fee is not assessed in the Mutual Fund Series
(d) Mutual Fund Services Fee. There is an annual charge of 0.25% of
assets under management that are held in the Trust's Mutual Fund Series.
(e) Model Portfolio Fund Fee. There is an annual charge of 0.10% of
assets under management that are held in the Trust's Model Portfolio Funds.
(f) Payment Procedures. All payments to RC pursuant to this Section
6 shall be paid out of the Plan Assets held by the Trust and shall be paid by the Trust.
The amount of Plan Assets held in the Trust shall be adjusted by the Trust as required
to reflect such payments.
-5-
Plan # 9972
7. Custody
Employer understands that amounts invested in the Trust are to be
remitted directly to the Trust in accordance with instructions provided to Employer
by RC and are not to be remitted to RC. In the event that any check or wire transfer
is incorrectly labeled or transferred to RC, RC will return it to Employer with proper
instructions.
8. Respnnsihilitty
RC shall not be responsible for any acts or omissions of any person other
than RC in connection with the administration or operation of the'Plan. -
9. Term LL
This Agreement may be terminated without penalty by either party on
sixty days advance notice in writing to the other.
10. Ameadments and -Adjustments
(a) This Agreement may not be amended except by written instrument
• signed by the parties. - -
(b) The parties agree that compensation for services under this
Agreement and administrative and operational arrangements may be adjusted as
follows: -
RC may propose an adjustment by written notice to the Employer given
at least 60 days before the effective date of the adjustment and the notice may
appear in disclosure documents such as Employer Bulletins and the Retirement
Investment Guide. Such adjustment shall become effective unless, within the 60 day
period before the effective date the Employer notifies RC in writing that it does not
accept such adjustment, in which event the parties will negotiate with respect to the
adjustment.
(c) No failure to exercise and no delay in exercising any right, remedy,
power or privilege hereunder shall operate as a waiver of such right, remedy, power
or privilege.
11. Notices
All notices required to be delivered under Section 10 of this Agreement
shall be delivered personally or by registered or certified mail, postage prepaid, return
6-
Plan # 9972
receipt requested, to (i) Legal Department, ICMA Retirement Corporation, 777 North
Capitol Street, N.E., Suite 600, Washington, D-C, 20002-4240; (ii) Employer at the
office set forth in the first paragraph hereof, or to any other address designated by
the party to receive the same by written notice similarly given.
This Agreement shall constitute the sole agreement between RC and
Employer relating to the object of this Agreement and correctly sets forth the
complete rights, duties and obligations of each party to the other as of its date. Any
- — prior agreements, promises, negotiations or representations, verbal or otherwise, not
expressly set forth in this Agreement are of no force and effect.
This agreement shall be governed by and construed in accordance with
the laws of the State of Florida applicable to contracts made in that jurisdiction
without reference to its conflicts of laws provisions.
In Witness Whereof, the parties hereto have executed this Agreement
as of the Inception Date first above written.
CI r OF TAMARAC
r March 25 1998
,
Signature/Date
Robert S. Noe, Jr., City Manager
Name and Title (Please Print)
INTERNATIONAL CITY MANAGEMENT
ASSOCIATION RETIREMENT
CORPORATION
by:
Stephen Wm. Nordholt/Date
Corporate Secretary