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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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settlement of any claim, demand or lawsuit related to the Losses without Employer's <br />written consent. <br />3.2 In addition to any other remedies at law or in equity available to the Employer for <br />breach of this Service Agreement by LRSC, LRSC will indemnify Employer, its officers, <br />employees and agents from and against any Losses imposed on or incurred by Employer, <br />its officers, employees and agents by reason of its or their participation in this Service <br />Agreement, including any Losses arising out of any threatened, pending, or completed <br />claim, action, suit, or proceeding, whether civil, criminal, administrative, or investigative, <br />to the extent such Losses are the result of LRSC's intentional wrongdoing or its negligent <br />actions or omissions. In addition, Lincoln will have no liability with respect to claims of <br />breach of fiduciary duty for (i) the inclusion, exclusion, or deletion of Investments in the <br />Program, (ii) monitoring of such Investments after the Employer's selection of them as an <br />investment option for the Plan, or (iii) providing the Recordkeeping Services. <br />As a condition of indemnification, (i) Employer shall give LRSC timely notice in writing of <br />any potential Losses promptly after Employer becomes aware of them; (ii) LRSC shall, at <br />its option, have sole control of the defense of such Losses; and (iii) Employer shall <br />cooperate with LRSC in the defense of such Losses. LRSC shall not be responsible for <br />the settlement of any claim, demand or lawsuit related to the Losses without LRSC's <br />written consent. <br />ARTICLE 4 <br />GENERAL PROVISIONS <br />4.1 Governing Law. This Service Agreement, including any attachments hereto, and <br />the Manual and any attachments thereto will be governed by and interpreted under the <br />laws of the State of Indiana without regard to its conflicts of law. <br />4.2 Entire Agreement. This Service Agreement, including any attachments hereto and <br />the Manual, including any attachments thereto, represent the entire agreement between <br />LRSC and the Employer and is not intended as an agreement between, or to reflect the <br />rights and responsibilities of, any other parties, other than the Parties as defined herein. <br />The Parties have read this Service Agreement, and have had the opportunity to review it <br />with counsel of their choice, and agree to all of the terms of this Service Agreement. To <br />the degree there are any ambiguities, the parties agree that they shall not be construed <br />against the drafter. <br />4.3 Termination. This Service Agreement will remain in effect until terminated by either <br />LRSC or the Employer upon at least 60 days' written notice to the other; provided, <br />however, that the Party being provided with notice of termination may waive the 60 -day <br />time period and agree to an earlier termination effective date. <br />4.4 Acknowledgment of Receipt. The Employer acknowledges receipt of the Manual <br />and understands that the services referred to in this Service Agreement and Manual will <br />be provided in accordance with the Service Agreement and Manual, unless LRSC agrees <br />otherwise in writing. <br />4.5 Notices. Any notices that may be required under this Service Agreement will be in <br />writing and either hand delivered, sent via a nationally recognized overnight delivery <br />Indian River County BOCC 457(b) INDR-001 <br />1423269 Page 12 of 20 <br />
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