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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
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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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the extent there are insufficient assets in the Plan Expense Account to cover <br />applicable expenses, LRSC will submit a bill to the Plan for the amount owed <br />by the Plan which shall be due within thirty (30) days after the invoice is <br />received. Employer may pay the invoice or instruct LRSC to deduct charges <br />pro rata from participant accounts calculated as a per head or asset-based fee. <br />b. Funding of Plan Expense Account. Employer instructs LRSC to instruct <br />LFGTC to fund the Plan Expense Account as set forth in Exhibit C. <br />c. Payments from Plan Expense Account. Employer instructs LRSC to instruct <br />LFGTC to pay the Plan expenses set forth in Exhibit C. <br />The Parties hereto acknowledge and agree that LRSC will utilize the resources of Lincoln <br />affiliates in order to calculate the fees payable pursuant to this Service Agreement. <br />2.4 Fee Commitment. Fees described in this Service Agreement will remain <br />unchanged for the fee commitment period described in Exhibit C ("Fee Commitment <br />Period"), unless (a) there are changes in the Program such that significant numbers of <br />participants or amounts of balances are different or changed from the current structure, <br />including the failure of participants to rollover or map into the Program as projected, (b) <br />changes in the law cause significant changes to the Plan or the ability of LRSC to provide <br />Recordkeeping Services, (c) the Plan is significantly changed by the Employer, including, <br />but not limited to, any change in the Investments listed in Exhibit A, or (d) other changes <br />to the Plan that may affect the pricing of the Plan. In the event any of these changes occur, <br />LRSC may provide notice that the fee commitment provided herein has been revoked and <br />may update the fee by amending Exhibit C as set forth in Section 4.13. Plan agrees to <br />pay any actual incremental expenses that Lincoln incurs on behalf of the Plan or the <br />Employer. <br />2.5 Transaction Fees. Employer directs LRSC to assess applicable fees set forth in <br />Exhibit C. <br />ARTICLE 3 <br />LIMITATION OF LIABILITY <br />3.1 In addition to any other remedies at law or in equity available to LRSC for breach <br />of this Service Agreement by Employer, Employer will, except to the extent prohibited by <br />applicable law, indemnify Lincoln, its officers, employees and agents from and against any <br />and all damages, losses, costs, judgments, fines and expenses (including attorneys' fees <br />and disbursements) of any kind or nature (hereinafter in the aggregate the "Losses") <br />imposed on or incurred by Lincoln, its officers, employees and agents by reason of its or <br />their participation in this Service Agreement, including any Losses arising out of any <br />threatened, pending, or completed claim, action, suit, or proceeding, whether civil, <br />criminal, administrative, or investigative, to the extent such Losses are the result of <br />Employer or Plan's intentional wrongdoing or its negligent actions or omissions. <br />As a condition of indemnification, (i) LRSC shall give Employer timely notice in writing of <br />any potential Losses promptly after LRSC becomes aware of them; (ii) Employer shall at <br />its option have sole control of the defense of such Losses; and (iii) LRSC shall cooperate <br />with Employer in the defense of such Losses. Employer shall not be responsible for the <br />Indian River County BOCC 457(b) INDR-001 <br />1423269 Page 11 of 20 <br />
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