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05/03/2022
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05/03/2022
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Last modified
5/27/2022 3:33:29 PM
Creation date
5/27/2022 12:44:44 PM
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Meetings
Meeting Type
BCC Regular Meeting
Document Type
Agenda Packet
Meeting Date
05/03/2022
Meeting Body
Board of County Commissioners
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by law. Employer may use the security assessments only for the purposes of <br />meeting its regulatory audit requirements or confirming compliance with the <br />requirements of this section. The information security assessments are <br />Confidential Information of the parties under the terms of this Service Agreement. <br />Any information security assessments are at Employer's expense. <br />(b) LRSC Insurance. LRSC warrants that it has and will continue to have and maintain, <br />at its own expense, without in any way altering its liability and without limiting LRSC's <br />indemnification of Employer, commercial insurance coverage consisting of worker's <br />compensation; and commercial general -liability insurance (including blanket contractual <br />liability, broad -form property damage, personal and advertising injury, and bodily -injury <br />liability coverage) for $4,000,000.00 per occurrence. LRSC agrees to maintain continuous <br />professional liability coverage of $10,000,000.00 during the term of this Service <br />Agreement. In addition, LRSC agrees to maintain liability insurance commonly referred to <br />as "Cyber Liability Insurance" that includes the following coverage: information security <br />and privacy liability, privacy -notification costs, regulatory defense, and penalties. LRSC <br />shall maintain this insurance, at its own expense, in force and effect throughout the term <br />of this Service Agreement. LRSC agrees to promptly notify Employer (within 30 days) if <br />the policy is cancelled or materially altered. The Cyber Liability Insurance coverage must <br />have a minimum limit of $10,000,000 per occurrence. The Cyber Liability Insurance must <br />provide coverage for the following: (a) the liability arising from theft, dissemination, and/or <br />use of Employer Confidential Information (including but not limited to personal information, <br />such as name, address, social security numbers, etc.) stored or transmitted in electronic <br />form; (b) network security liability arising from the unauthorized access to, use of, or <br />tampering with computer systems, including hacker attacks or inability of an authorized <br />third party to gain access to LRSC services, including denial of service; and (c) liability <br />arising from the introduction of a computer virus into, or otherwise causing damage to, <br />Employer's computer or authorized third party's computer, computer system, network, or <br />similar related property and the data, software, and programs thereon. LRSC agrees to <br />promptly notify the Employer if any policy is canceled or materially altered. <br />1.14 Reserved. <br />1.15 Participant Services — Education. Employer authorizes LRSC to provide <br />communications and education to Plan participants and employees of Employer regarding <br />the Plan and their plan accounts, including but not limited to communications about the <br />benefits of participating in the Plan and educational information to assist participants with <br />their accounts. LRSC may also communicate or provide education to participants <br />concerning available distribution options including, but not limited to, the options of staying <br />in the Plan, rolling over to a new plan, rolling over to an individual retirement account or <br />annuity (IRA) and taking a lump sum distribution. Employer acknowledges and agrees that <br />any information relating to investments will be limited to non -fiduciary "investment <br />education" as such term is described in guidance issued by the Employee Benefits <br />Security Administration. <br />In order to provide the education services outlined above, LRSC will provide a total of four <br />(4) days of Retirement Consultant services each year to be allocated across the plans <br />listed below in a manner mutually agreeable to the Parties. The fee stated in Section 2.1 <br />includes the fee for such consulting services. Any additional days requested, will be at <br />the rate of $750.00 per day. <br />158 <br />
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