Contract 2019-102A2019-102A
ADMINISTRATIVE SERVICES AGREEMENT
BETWEEN
THE BOARD OF TRUSTEES OF THE CITY OF CLERMONT
FIREFIGHTERS' RETIREMENT PLAN
AND
PENSION RESOURCE CENTER, LLC.
This agreement made as of this -W day of - , 2019, by and between the Board
of Trustees of the City of Clermont Firefighters' Rctireme t 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 City of Clermont 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 System.
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 are delegated to it in accordance with the
express terms of this agreement.
C. Limitation of Authority - The Administrator shall not:
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Exercise any discretionary authority or discretionary control respecting the
management of administration of the System; or
2. 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 I st day of , 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 agrees 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 of the 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 of the 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.
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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 arc 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 S
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 cybcr 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.
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Section 11
Damages
The Administrator agrees it shall be liable 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, including reasonable attorney'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 one hundred eighty (180) days written notice, with or without cause. In the
event of a termination, the Administrator agrees to promptly (not to exceed 30 days) turn over to the
successor administrator or such other parry 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.
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Section 16
Public Records
In accordance with the provisions of Chapter 119.070 ] (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.
D. The Administrator must comply with public records laws, specifically to:
Keep and maintain public records required by the System to perform the
service.
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.
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.
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 publ is 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.
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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 (".pdi") or tagged image file
format (".tiff'), shall be equally effective 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.
DATED this -- _27 day of re6 , 2019.
PENSION RESOURCE CENTER, LLC BOARD OF TRUSTEES OF THE CITY
OF CLERMONT FIREFIGHTERS'
RETIREMENT PLAN
B By:
s• C', Chairman
ATTEST:
As cretary
diNcler/poUO2-04-19/Adminin.PRC
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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 fees shall be as follows:
A three percent (3.0%) annual increase to the monthly retainer fee beginning on the third anniversary
of the effective date of this Agreement.
A fee for each additional meeting of Three Hundred Fifty Dollars ($350.00)
A separate monthly retainer fee of One Hundred Dollars ($100.00) for the monthly benefit payments,
distributions, and accounts payable from a local checking account described in Exhibit B.
A set-up fee per disability or retirement application of One Hundred Dollars ($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 ($750.00) for maintenance of interim monthly
financial statements.
These fees shall be guaranteed for a period of three (3) years. The Administrator shall notify
the System at least ninety (90) days in advance of any proposed changes in this fee structure.
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ADMINISTRATIVE SERVICES AGREEMENT
CLERMONT FIREFIGHTERS' RETIREMENT PLAN
AND
RESOURCE CENTERS, LLC,
EXHIBIT B
SERVICES
The fee paid by the Pension Plan shall include the following basic services for the administration
of the plan:
Set -vices Related to bleeting qj*Tr-ttstees:
• Schedule meetings (including coordination with City)
• Attendance at Public Board Meeting, including:
o Notice
o Agenda
o Minutes
Sen4ces Related to Administration gt*Board:
• Plan Organization
o Contact Lists (Trustees and Service Providers)
o Summary of Plan Provisions
o Pending Matter List
• Trustee Elections
o Notice of Election and Nominations
o Ballot Procedures
• Trustee Travel, Conference Arrangements and Reimbursements
o Reservations and Arrangements
o Documentation
o 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 Providers
• Advise and Educate Trustees on Various Pension and Board Matters
• Act as Liaison for Plan to Florida Division of Retirement
• Internet Access to Basic Plan Information
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Plan and Policy Change:
• Ordinance Changes
o Assist with Cost Estimates and Plan Changes
o File Ordinance and Impact Statement with Division
• Assist with Policy Changes and Implementation
• Summary Plan Description
o Review Changes and Updates
o Assist with Distribution of SPD
Coordination ofSen4ce Providers:
• Projects and Pending Issues
• Coordination for Meetings, as Necessary
• Implementation of Investment Changes
o Funding of New Managers
o Replacement of Existing Managers
o Direction to Rebalance Assets
• Requests for Proposals for Service providers
Review ol'Slatements and Documents:
• Review All Statements and Documents Received from:
o Money Managers
o Performance Monitors
o Attorneys
o Actuaries
o Accountants
o Others
• Review Bank Statements
• Review Custodial Statements
Public Reco►•ds Custodian:
• Maintain All Plan Records as Records Custodian
• Maintain Current Beneficiary Designations
• Assure Compliance with the Government in the Sunshine Act
• Assure Compliance with the Public Records Act
• Provide Access to Plan Records and Information
Electronic Plan Recor(Is:
• Maintain Data for Benefit Eligibility of Participants
• Maintain Participant Service, Payroll, and Contribution Data
• Prepare Member Schedules for Annual State & Actuarial Reports
o Auditor
o Annual Report
o Actuarial Valuation
• Online Benefit Calculation System
Benefit Processing:
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• Provide Benefit Calculations and Estimates to Members
o Communication with Members
o Provide to Actuary for Certification
o Prepare for Approval by Board
• Process Member Applications for Other Benefits and Changes
o Active Members
• Retired Members
• Assist in Processing Benefit Claims and Appeals
Plan Financials:
• Local Checking Account or Custodian
o Maintain or Monitor Disbursement Account for Plan
o Reconcile Account Monthly
• Accounts Payable
o Review Invoices
o Prepare Expenses for Approval by Board
o Pay Invoices from Account
• Monitor and Reconcile Contributions and Deposits
• Review and Reconcile Basic Investment Activity
• Interim Financial Statements
o Maintain General Ledger of Transactions
o Provide Interim Financial Statement
DROP Accounts Statements:
• Provide Quarterly DROP Account Statements to Members
o Record DROP Contributions and Additions
o Process DROP Account Distributions
o Maintain Investment Elections by Participants
o Post Earnings and Expenses to Accounts
• Provide Online Account Access
Benefit Payments and Distributions:
• Process BcncFit Payments and Distributions
o Periodic Benefit Payments
o Non -Periodic Distributions
• Track Changes to Payments
o New Benefits
o Deceased Members and Beneficiaries
o Supplemental Distributions
o Scheduled Changes or Cola Increases
• Generate Benefit Payments
o Check
o Direct Deposit (EFT)
o Authorized Deductions from Checks
• Tax Withholding and Reporting
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o Deduct Tax Withholding from Payments
a Make Tax Deposits
o Issue 1099Rs Reports
o File Annual Form 945
• Complete Periodic Death Searches of Plan Beneficiaries
Systems to Record Payments and Distributions:
• Accounts Payable
• Periodic Benefit Payments
• Non -Periodic Distributions
• Changes to Payments
o New Benefits
o Deceased Members and Beneficiaries
a Supplemental Distributions
o Scheduled Changes
o Tracking Eligibility
Local Checking Account Maintenance:
• Establish and Maintain Account
• Reconcile Account Activity Monthly
Accounts Payable:
• Review of Invoices
• Approval of Expenses by Board
o Signed Warrant
a Specific Reference to Minutes
• Raise Cash
• Payment of Invoices from Local Checking Account
o Controls and Procedures to Issue Checks
o Signatures on Checks
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