BC 1989 12 04 - Laserfiche WebLink

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262 IV. Po VI. PROGRAM ADMINISTRATOR NACo and NACoServices have agreed to sponsor the Program in its present form, and have selected and exclusively contracted with an independent third party administrator, PEBSCO, qualified to fulfill the responsibility for all administrative requirements necessary for the successful operation of the Program. The Member County hereby accepts PEBSCO to act as Program Administrator in fulfilling the administrative and marketing requirements of its Plan and the Program. RESPONSIBILITIES OF NACoSERVIGES NACoServices agrees to: · monitor the administrative, operational,and financial performance of the Program Administrator and selected investment and insurance providers and take such actions as are reasonably necessary to assure the Member County and its employees the best possible combination of costs, benefits, and services; and · monitor annually the accounting and audit systems for the Program Administrator and the selected investment media as necessary to ensure the fiscal integrity of the Program. RESPONSIBILITY OF THE MEMBER COUNTY The Member County agrees to the following terms and conditions of the Program as provided below: A. General Terms and Conditions · provide NACoServices and PEBSCO its full cooperation and support in administering the necessary salary deferral system for contributions to the Plan; and notify PEBSCO in writing, within seven (7) days of a participant's separation from service with a Member County; · disseminate from time to time such promotional materials as provided to it for employee distribution; · arrange for representatives of PEBSCO to conduct enrollment meetings with the Member County's employees; · name a county official or committee to act as an administrator on behalf of the Member County on all material matters relating to activities of the Plan; · accept the terms and conditions of the investment media and, if applicable, insurance contracts issued to the Member County pursuant to the Plan adopted by the Member County. · use only the NACo Plan Document, promotional materials, and other forms provided to it as a participant under the Program in connection with its Plan or otherwise approved by NACoServices or PEBSCO. · select among the payout options available under the Program. Addition of Second Fixed Product Provider At such time as NACoServices selects a second fixed product provider under the Program(anticipated January 1, 1991), Member County hereby authorizes PEBSCO to: withdraw the annual administrative fee on the anniversary date or the prorated administrative fee upon full withdrawal. The annual fee of $12 or $15 (depending on the participant statement frequency) is allocated and withdrawn from the participants' values based on the relative values of each investment optio~ to the total value held for the participant at the time the withdrawal is made. allocate 50% of the Member County's fixed option deferrals to Nationwide Life Insurance Company, the current fixed product provider, and 50% of the Member County's fixed option deferrals to the second fixed product provider on a prospective basis; provided, however, that if a second fixed product provider is not offered under the Program at some point, all subsequent deferrals and earnings that would otherwise have been allocated to such second fixed product provider shall instead be allocated to Nationwide Life Insurance Company. collect, in the event the Member County withdraws all or part of its account value under a product offered under the program other than one issued by Nationwide Life Insurance Company, the lesser of 4% of the account value or the applicable percentage set forth in the table below through December 31, 1997, after which rhea mount payable to PEBSCO shall be the lesser of 2% of the account value or