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2022-206
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Last modified
10/31/2022 2:46:54 PM
Creation date
10/31/2022 2:39:31 PM
Metadata
Fields
Template:
Official Documents
Official Document Type
First Amendment
Approved Date
10/11/2022
Control Number
2022-206
Agenda Item Number
8.D.
Entity Name
Nationwide Retirement Solutions, Inc. Corporation
Subject
First Amendment for recordkeeping services for Assets, termination of the ProAccount
Application for Group Flexible Purchase Payment Deferred Fixed Annuity Contract.
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DocuSign Envelope ID: 924COABD-8341-4698-AD6B-D714CC08FOB9 <br />FIRST AMENDMENT TO THE ADMINISTRATIVE SERVICES AGREEMENT FOR THE <br />GOVERNMENTAL 457(b) DEFERRED COMPENSATION PLAN OF INDIAN RIVER <br />COUNTY <br />This first Amendment to the Administrative Services Agreement ("Amendment") is effective on <br />the date written below by and between Nationwide Retirement Solutions, Inc., a Delaware corporation <br />(hereinafter "Nationwide"), and [Plan Sponsor Name], the Plan Sponsor (hereinafter "Plan Sponsor") <br />WHEREAS, Plan Sponsor and Nationwide executed the Administrative Services Agreement for <br />itself, its employees, and any special districts governed by the Indian River Board of County <br />Commissioners, the Tax Collector, the Clerk of Courts, the Property Appraiser, the Supervisor of Elections <br />and their respective employees a deferred compensation program ("Agreement") between Nationwide and <br />Plan Sponsor on the 15th day of August 2017, under which Nationwide agreed to provide administrative <br />services to the Plan Sponsor's Deferred Compensation Plan (hereinafter "Plan"); and <br />WHEREAS, Plan Sponsor has decided to move all plan assets to a successor service provider <br />except those assets in the Nationwide Fixed Account, and <br />WHEREAS, Plan Sponsor desires to leave assets in the Nationwide Fixed Account on an <br />investment only basis, and <br />WHEREAS, Nationwide is willing to hold the assets currently in the Fixed Account and credit <br />investment returns. <br />NOW, THEREFORE, Plan Sponsor and Nationwide hereby mutually agree to the following: <br />The Administrative Service Agreement for the Plan is hereby amended to remove any Nationwide <br />responsibility not related to maintaining the existing Fixed Account. From the date of this Amendment, <br />Nationwide will provide the Fixed Account as an investment only accommodation. The assets in the <br />account will be credit with a rate of return equal to 2.50% until 12/31/2022. Future quarterly crediting <br />rates will be determined on a quarterly basis by Nationwide and may vary based on market conditions and <br />investment performance. No new contributions for the Plan will be accepted into the Fixed Account. <br />Nationwide will process distributions from the Fixed Account in accordance with its normal business <br />practices as agreed upon by the Plan Sponsor. <br />Section 3. TERM is hereby deleted and replaced in its entirety with the following: <br />3. TERM <br />This Agreement is effective until terminated in accordance with Section 8. <br />Section 4. COMPENSATION is hereby deleted and replaced in its entirety with the following: <br />4. COMPENSATION <br />A. As compensation for the performance of the Administrative Services provided by Nationwide <br />pursuant to this Agreement, the Plan Sponsor and Nationwide agree that Nationwide shall be <br />entitled to receive an annualized compensation requirement of 0.25% (25 basis points) of the <br />Plans account value held by Nationwide ("Compensation Requirement") to be calculated and <br />collected according to Nationwide's standard business practices. Nationwide's Compensation <br />M <br />
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