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09/19/2017 (2)
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09/19/2017 (2)
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Last modified
5/1/2025 11:17:33 AM
Creation date
11/14/2017 9:45:16 AM
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Meetings
Meeting Type
BCC Regular Meeting
Document Type
Agenda Packet
Meeting Date
09/19/2017
Meeting Body
Board of County Commissioners
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ARTICLE III—THE ACCOUNT <br />The Sponsor advises NTC that the Account shall be funded as described herein. The Sponsor hereby <br />authorizes NTC to take any action required to establish and maintain any Funding Vehicle(s) designated <br />by the Sponsor under this Agreement. <br />NTC has entered into arrangements with a number of providers to make available certain Funding <br />Vehicles for possible inclusion in the Account. The assets of the Account shall consist of the Funding <br />Vehicle(s) and any outstanding loans made under the terms of the Plan. The Account and any funds <br />invested pursuant to this Agreement are not insured by the Federal Deposit Insurance Corporation <br />("FDIC"), are not deposits or other obligations of NTC and are not guaranteed by NTC. The value of the <br />Account is subject to investment risks, including possible loss of principal. NTC agrees to hold and <br />administer the Account in accordance with this Agreement. The Account shall not include any Plan <br />Assets for which Sponsor has selected as the designated investment manager for Participant accounts <br />an investment manager other than Nationwide Investment Advisors, LLC. <br />To the extent permitted by the Plan, NTC, at the direction of the Sponsor or its designee, shall accept .an <br />eligible rollover distribution and/or eligible direct rollover under the then applicable sections of the Code. <br />NTC shall not be under any duty to require payment of any contributions to the Account, if any, or to see <br />that any payment made to it is computed in accordance with the provisions of the Plan. NTC shall <br />continue to administer the Account in accordance with this Agreement until its obligations are discharged <br />and satisfied. <br />In the event that Sponsor and NTC mutually agree to include life insurance as a Funding Vehicle for <br />inclusion in the Account, Sponsor agrees that NTC shall not be responsible in any manner to Sponsor, <br />the Plan, a Participant or his or her beneficiary, or to any third -party, including any issuer of life insurance, <br />for any determination as to prudence of inclusion of life insurance as a Funding Vehicle in the Account or <br />as an investment option under the Plan; any determination on a Participant basis that the purchase of life <br />insurance is incidental to the primary purpose of providing retirement benefits; the tax treatment of <br />premium payments or disbursements of benefits; any and all administrative, marketing, and sales duties <br />or responsibilities related in any manner to the initial purchase, or continuing maintenance , of any life <br />insurance; and any other action or omission related to life insurance. <br />The Sponsor authorizes NTC to commingle Plan assets, as applicable, in a master custodial account for <br />purposes of facilitating the omnibus trading of various plan assets. <br />ARTICLE IV—GENERAL ADMINISTRATIVE RESPONSIBILITIES OF NTC <br />NTC is authorized to take any action set forth below with respect to the Account: <br />Accept instructions in the Required Format from the Sponsor or its designee regarding the allocation, <br />distribution or other disposition of the assets of the Account and all matters relating thereto; <br />Cause any portion or all of the Account to be issued, held, or registered in the individual name of NTC, in <br />the name of its nominee, in an affiliated securities depository, or in such other form as may be required or <br />permitted under applicable law (however, the records of NTC shall indicate the true ownership of such <br />property); <br />Employ such agents and counsel, including legal counsel, as NTC determines to be reasonably <br />necessary to manage and protect the assets held in the Account, to handle controversies that may arise <br />under this Agreement, or to defend itself successfully against allegations of a fiduciary breach, and to pay <br />such agents and counsel their compensation from the Account unless such compensation is otherwise <br />paid by the Sponsor; <br />NRS (07/2007) -3 of 9- <br />P58 <br />
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