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Contract 2019-101A2019-101A ADMINISTRATIVE SERVICES AGREEMENT BETWEEN THE BOARD OF TRUSTEES OF THE CITY OF CLERMONT POLICE OFFICERS' RETIREMENT PLAN AND PENSION RESOURCE CENTER, LLC. This agreement made as of this _day of - 2019, by and between the Board of Trustees of the City of Clermont Police Officers' Retiresfient Plan (hereinafter referred to as "System") and Pension Resource Center, LLC, a Florida Limited Liability Company (hereinafter referred to as "Administrator"). WITNESSETH: WHEREAS, the Code of Ordinances of the CityofCletmont authorizes the System's Board of Trustees to engage the services of an Administrator to administer the System's operations; and WHEREAS, the Administrator is engaged in the business of rendering administrative management services to employee benefit plans; and WHEREAS, the System is familiar with the experience and reputation of the Administrator in rendering these services; and WHEREAS, the System has determined that it is in the best interest of the participants and beneficiaries of the fund to engage the services of the Administrator upon the terms and conditions hereinafter set forth. NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements contained herein, the parties agree as follows: Section 1 Administrator A. Engagement - The System hereby engages and retains the Administrator who hereby accepts the engagement and retainer by the System to serve as Administrator of the Systcm. B. Duties and Responsibilities - Without limiting the generality of the foregoing, it is mutually acknowledged and agreed that the Administrator is engaged to perform those duties and responsibilities of the System as Administrator which arc delegated to it in accordance with the express terms of this ab, �4 w C. Limitation of Authority - The Administrator shall not: Exercise any discretionary authority or discretionary control respecting the management of administration of the System; or Exercise any independent authority or control with respect to the management or disposition of the assets of the System; or Render investment advice with respect to any monies or property of the System. Section 2 Duration This agreement shall become effective on the 1st day of Pl.tj , 2019 and shall continue until otherwise terminated in accordance with the terms of this agreement. Section 3 Fees A. Basic Fee - In consideration of the administrative services to be performed as agreed above, the System agrccs to pay the Administrator an all inclusive fee, as provided in Exhibit A of this agreement. B. Expenses - All extraordinary expenses such as printing charges, postage for mass mailings, overnight delivery charges, and special travel expenses reasonably and necessarily incurred by the Administrator shall be reimbursed by the fund. Section 4 Services The Administrator shall be responsible for and in charge of all administrative services required of it by the System for the proper and complete administration ofthc fund. Without limiting the generality of the foregoing, the Administrator shall perform the specific services listed in Exhibit B of this Agreement: Section 5 Obligations of Administrator It is mutually covenanted and agreed that all services rendered by the Administrator to or on behalf of the System shall be performed with reasonable dispatch and shall be performed in a manner which is adequate and convenient to the System and the participants and beneficiaries ofthe System. The Administrator shall familiarize itself with the basic documents under which the System is established and render all services in accordance with said documents. The Administrator shall perform all obligations under this agreement in accordance with the provisions of and pursuant to Florida Statutes, Section 112.656(2). By execution of this agreement, the Administrator acknowledges that it is a fiduciary of the System within the meaning of the Employee Retirement Income Security Act of 1974 (ERISA) and § 112.656, Florida Statutes. Section 6 Records A. The System will turn over to the Administrator true copies of all records, reports, information and other data pertaining to this System. The Administrator may rely upon the completeness and accuracy of the records, reports, and data delivered to it. B. The Administrator shall be responsible for assisting in the maintenance of records of the fund in the computer system of the System. C. In the course of performing its administrative services hereunder, the Administrator shall notify the System of any information, records or reports which are necessary to maintain the business of the System and shall assist the System in obtaining said information. Section 7 Reports The Administrator shall work with and assist the System and their professional advisors in the preparation of records and reports to be filed with government departments or agencies or which arc necessary to be disclosed and distributed to participants and beneficiaries. Section 8 Disclosure of Records All information, including records and other data, which may come into the possession of the Administrator shall be subject to disclosure and production to the extent required by the Public Records Act, Chapter 119, Florida Statutes, or upon compulsion of a subpoena issued by a court of competent jurisdiction, as approved by the System. Section 9 Excluded Items It is understood and agreed by the parties that the Administrator shall not be responsible for the performance of auditing, legal or financial advisory services. Section 10 Fidelity Bond and Insurance The Administrator agrees to maintain an appropriate fidelity bond, coverage for errors and omissions, and cyber security liability insurance during the term of this Agreement. The Administrator shall provide copies of the proof of said bond and insurance to the System. Section I Damages The Administrator agrees it shall be Gable to the System for any damages or losses, which the System or the fund may occur as the result of negligent or intentional acts or omissions of the Administrator or breach of this agreement. Section 12 Governing Law This agreement has since been executed in Clermont, Florida and shall be governed and construed in accordance with the laws of the State of Florida. Venue for any dispute shall be in Lake County, Florida. In the event that any action shall be necessary for the enforcement of this agreement, the prevailing party shall recover its court costs, inchxiing reasonable attomcy's fees. Section 13 Entire Agreement This agreement constitutes the entire understanding and agreement by the parties hereto and shall not be modified, amended or revoked except by the express written consent of the parties. Section 14 Termination This agreement may be terminated by the System on thirty (30) days' written notice, or by the Administrator on ninety (90) days written notice, with or without cause. N the event of a termination, the Administrator agrees to promptly (not to exceed 30 days) turn over to the successor administrator or such other party designated by the System, all records, reports or documents belonging to the System and in possession of the Administrator. Section 15 Public Entity Crimes Bill Section 287.133, Florida Statutes, provides that a person or affiliate who has been placed on the convicted vendor list following a conviction for a public entity crime may not submit a bid on a contract to provide any goods or services to a public entity, may not submit a bid on a contract with a public entity for the construction or repair of a public building or public work. may not submit bids on leases of real property to a public entity, may not be awarded or perform work as a contractor, supplier, subcontractor, or consultant under a contract with any public entity, and may not transact business with any public entity in excess of the threshold amount provided in Section 287.017, Florida Statutes, for CATEGORY TWO for a period of 36 months from the date of being placed on the convicted vendor list. Section 16 - Public Records 4 In accordance with the provisions of Chapter 119.4701(2), Florida Statutes: A. IF THE ADMINISTRATOR HAS QUESTIONS REGARDING THE APPLICATION OF CHAPTER 119, FLORIDA STATUTES, TO THE ADMINISTRATOR'S DUTY TO PROVIDE PUBLIC RECORDS RELATING TO THIS CONTRACT, CONTACT THE CUSTODIAN OF PUBLIC RECORDS AT: TRACY ACKROYD, 352-241-7331, TACKROYD@CLERMONTFL.ORG, 685 W. MONTROSE STREET, CLERMONT, FLORIDA 34711. B. The Administrator must comply with public records laws, specifically to: I. Keep and maintain public records required by the System to perform the service. 2. Upon request from the System's custodian of public records, provide the System with a copy of the requested records or allow the records to be inspected or copied within a reasonable time at a cost that does not exceed the cost provided in Chapter 119. Florida Statutes, or as otherwise provided by law. 3. Ensure that the public records that are exempt or confidential and exempt from public records disclosure requirements are not disclosed except as authorized by law for the duration of the term of the Agreement and following completion of the Agreement if the Administrator does not transfer the records to the System. 4. Upon completion of the Agreement, transfer, at no cost to the System, all public records in possession of the Administrator or keep and maintain public records required by the System to perform the service. If the Administrator transfers all public records to the System upon completion of the Agreement, the Administrator shall destroy any duplicate public records that are exempt or confidential and exempt from public records disclosure requirements. If the Administrator keeps and maintains public records upon completion of the Agreement, the Administrator shall meet all applicable requirements for retaining public records. All records stored electronically must be provided to the System, upon request from the System's custodian of public records, in a format that is compatible with the information technology systems of the System. Section 17 - Electronic Delivery This Agreement may be executed in two or more counterparts, each of which shall be an original, but all of which together shall constitute one and the same agreement. Delivery of an executed counterpart of' this Agreement by facsimile, including, without limitation, by facsimile transmission or by electronic delivery in portable document format (".pdf') or tagged 'image file format (-.tiff-), Shall be equally efTectivc as delivery of a manually executed counterpart thereof. IN WITNESS WHEREOF, the parties who caused this agreement to be executed on the date set forth. WTI) this __ 27-- day of'— 2019. PENSION RESOURCE CENTER, LLC BOARD OF TRUSTEES OF THE; CITY OF CLERMONT POLICE OFFICERS' RETIREMENT PLAN By: 4 dm/eler/pn1/02.04-1 V/Adminin, PRC 6 By: 001w, As Chairman ATTEST: As Secretary ADMINISTRATIVE SERVICES AGREEMENT EXHIBIT A FEE SCHEDULE In consideration of the administrative services to be performed as agreed in the foregoing agreement, the System shall pay the Administrator an all-inclusive monthly retainer fee. The all- inclusive monthly fee of$1,000.00, shall include all services detailed in Exhibit B, normal travel, copying and postage cost and attendance at up to six (6) meetings. Additional meetings shall be billed at the rate set forth below. Such leas shall be as follows: A three percent(3.0%) annual increase to the monthlyretainer fee beginning on the third anniversary of the cffmtive date of this Agreement. A fee for each additional meeting of Three Hundred Fifty Dollars (5350.00) A set-up fee per disability or retirement application of One Hundred Dollars (S 100.00) System programming changes necessitated by changes in plan shall be billed at an hourly rate not to exceed One Hundred Twenty Five Dollars ($125.00) A separate fee of Seven Hundred Fifty Dollars (5750.00) for maintenance of interim monthly financial statements. These fees shall be guaranteed fora period ofthree (3) years. The Administrator shall notify the System at least ninety (90) days in advance of any proposed changes in this foe structure. I. ADMINISTRATIVE SERVICES AGREEMENT CLERMONT POLICE OFFICERS' RETIREMENT PLAN AND RESOURCE CENTERS, LLC, EXHIBIT B SERVICES The fee paid by the Pension Plan shall include the following bask services for the administration of the plan: Services Related to Meetings of Trustees: ❑ Schedule Meetings ❑ Attendance at Public Board Meetings, Including: d Notice Agenda Minutes Services Related To Administration Of Board: ❑ Plan Organization O Contact Lists (Trustees and Service Providers) 4 Summary of Plan Provisions 44 Pending Matter List ❑ Trustee Elections O Notice of Election and Nominations b Ballot Procedures ❑ Trustee Travel, Conference Arrangements and Reimbursements Reservations and Arrangements Documentation Reimbursements ❑ Maintain Membership in Professional Organizations ❑ Obtain Quotes for Plan Liability Insurance and Fidelity Bond Coverage Basic Communication: ❑ Prepare Fund Correspondence to Providers and Participants ❑ Respond to Inquiries by Trustees, Participants, And Service Providers ❑ Advise and Educate Tmaces on Various Pension and Board Matters ❑ Act as Liaison for Plan to Florida Division of Retirement ❑ Internet Access to Basic Plan Infonnatiion Plan and Polity Changes: ❑ Ordinance Changes 4 Assist with Cost Estimates and Impact Statements a File Ordinance and Impact Statement to Division 11 Assist with Policy Changes and Implementation © Swtumay Plan Description Review Changes and Updates Assist with Distribution of SPD Com'U"ar►oa r f sen*v Prowim ❑ Projects and Pending Issues ❑ Coordination for Meetings as Necessary ❑ Implementation of investment Changes + Funding of New Managers + Replacement of Existing Managers + Direction to Rebalance Assets D Requests for Proposals for Service Providers Review Of Swements And Documents: ❑ Review All Statements and Documents Received From: + Money Managers Perlbrtnance Monitors Attorncya Actuaries Accountants Others ❑ Review Bank Statements ❑ Review Custodial Statemems Publk Records Custodian: ❑ Maintain All Plan Records as Retards Custodian 0 Maintain Current Beneficiary D ❑ Asswe Compliance with The C . ., . In The Sunshine Law ❑ Assure Compliance with The Public Records Act ❑ Provide Access to Plan Records and laf oration 9 Electronic Plan Records: O Maintain Data for Benefit Eligibility of Participants O Maintain Participant Service, Payroll, and Contribution Data ❑ Prepare Member Schedules for Annual State & Actuarial Reports Auditor Annual Report 4 Actuarial Valuadon ❑ Online Benefit Calculation System Benefit Processing: ❑ Provide Benefit Calculations and Estimates to Members Communication with Members Provide to Actuary for Certification Prepare for Approval by Hoard ❑ Process Member Applications for Other Benefits and Changes Active Members b Retired Members ❑ Assist in Processing Benefit Claims and Appeals Pion Financials: ❑ Local Checking Account or Custodian Maintain or Monitor Disbursement Account for Plan Reconcile Accoum Monthly O Accounts Payable 4 Review Invoices Prepare Expenses for Approval by Board 4 Pay Invoices from Account ❑ Monitor and Reconcile Contributions and Deposits O Review and Reconcile Basic Investment Activity DROP Accounts Statements: ❑ Provide Quarterly DROP Account Statements to Members 4 Record DROP Contributions and Additions Process DROP Account Dism'butions 4 Maintain Investment Elections by Participants 4 Post Earrings and Expenses to Accounts ❑ Provide Online Account Access Benefit Payments and Distributions: ❑ Process Benefit Payments and Distributions Periodic Benefit Payments Non -Periodic Distributiorm ❑ Track Changes to Payments New Benefits Deceased Members and Beneficiaries 10 Supplemental Distributions ¢ Scbeduled Changers or Cole Increases ❑ Generate Benefit Payments 4 Check Direct Deposit (EFT) 4 Authorized Deductions from Checks 0 Tax Withholding and Reporting 4 Deduct Tax Withholding from Payments Make Tax Deposits Issue I OWIts Reports Fib Annual Form 945 ❑ Complete Periodic Death Searches of Plan Beneficiaries Systems to Record Payments and Distributions: ❑ Accounts Payable ❑ Periodic Be wfut Payments ❑ Han-Paatiodic Distributions ❑ C Mqp to Paymems New Benefits Deceased Mambos and Beneficiaries 4. Supplemental Distributions Scheduled Changes Tracking Eligibility Cowl Clwddny Aecotrrrt Maintenance. ❑ Establish and Maintain Account ❑ Reconcile Account Activity Monthly Accounts Payable: ❑ Review of Invoices ❑ Approval of Expenses by Board ¢ Signed Warrant ¢ Specific Reference to mi"Was 1. Raise Cash Payment of invoices from Local Checking Account ¢ Controls and Procedures to Issue Checks Signatures on Checks