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2022-204
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2022-204
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Last modified
10/31/2022 12:28:43 PM
Creation date
10/31/2022 12:26:45 PM
Metadata
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Template:
Official Documents
Official Document Type
Agreement
Approved Date
10/11/2022
Control Number
2022-204
Agenda Item Number
8.C.
Entity Name
Lincoln Retirement Services Company, LLC
Subject
Record Keeping Services Agreement
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In addition to the fees noted above, Plan agrees to pay any increased costs of time and <br />material if Lincoln is required to perform additional services or to meet accelerated or other <br />Employer or Plan deadlines outside the ordinary course of services set forth in this Service <br />Agreement. In addition, Plan agrees to pay Lincoln's increased cost for reprocessing due <br />to errors by Employer or the Plan. In addition, Plan agrees to pay LRSC's actual unusual <br />and extraordinary expenses not included in the fees described above, provided that <br />Lincoln receives Employer's approval before such expense is incurred. <br />In the event that the Investments selected by the Employer to fund its Plan impose a sales <br />load due to the failure of a sufficient dollar amount being invested within a particular <br />Investment within a specified amount of time as agreed to by Lincoln and the issuer of <br />such Investment, the Parties agree that such sales load amounts will be paid by Plan. <br />Employer has reviewed those Investments' prospectuses and additional information to the <br />extent the Employer deems necessary, including provisions in information describing fees <br />and charges that may be imposed if the Employer removes an Investment from the lineup <br />or terminates this Service Agreement or if Plan participants engage in trading in an <br />Investment subject to certain trade limitations (e.g. redemption fees). <br />2.2 Compensation. Employer directs LRSC to direct the appropriate Lincoln affiliate <br />to pay compensation set forth in Exhibit C to the broker dealer identified in Exhibit C. <br />2.3 Payment of Plan Expenses. The Plan permits the payment of administrative <br />expenses and other legitimate expenses approved by the Plan from the respective Plan's <br />assets. It is the Employer's obligation to determine whether a particular expense may be <br />paid with Plan assets. The Employer specifically directs LRSC to direct LFGTC to pay the <br />Plan expenses as set forth in this Service Agreement and to make such payments from <br />the Plan only in such amounts and to such persons as specifically directed by the <br />Employer. LRSC will rely on such instructions and makes no representation regarding the <br />legality or appropriateness of the payments. Employer must notify LRSC of any change in <br />the payment amounts or the payee of such amounts. Employer directs that all such <br />expenses charged to the Plan are to be assessed against all the Plan participants' <br />accounts on a prorated basis, except if the Employer specifically identifies an account(s) <br />against which such charges will be made (a "Plan Expense Account" — see below). If there <br />are insufficient assets to cover applicable fees, LRSC will submit a bill to the Plan for the <br />amount owed by the Plan. LRSC is, hereby authorized to direct LFGTC to liquidate any <br />assets of the Plan as is necessary to cover such expenses. <br />a. Establishment of Plan Expense Account. Pursuant to the terms of this Service <br />Agreement, Employer establishes a Plan Expense Account for the Plan. The <br />amounts deposited in the Plan Expense Account may include (1) fees received <br />by LRSC from certain eligible Investments that exceed the LRSC fees set forth <br />in Section 2.1, and (2) other amounts directed by Employer under this Service <br />Agreement. <br />In situations in which the Employer directs LRSC to include the fee for a <br />specified Plan expense in the price charged for establishing the Program, <br />LRSC may deposit amounts to a Plan Expense Account at LFGTC to pay these <br />Plan expenses or for such purposes as determined by the Employer. LFGTC <br />will pay such fees to the appropriate provider as directed by the Employer. To <br />Indian River County BOCC 457(b) INDR-001 <br />1423269 Page 10 of 20 <br />
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