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RETIREMENT MANAGER AGREEMENT
This Agreement is entered into by and between ____________________________, a
____________________________ (“
Employer
”), and
VALIC Retirement Services Company
,
a corporation organized under the laws of the State of Texas (“
VRSCO
”).
WHEREAS
, Employer sponsors one or more retirement plans (“
Retirement Plans
”) for
the benefit of eligible employees (“
Eligible Employees
”) who may elect to participate in one or
more of the Retirement Plans (“
Participating Employees
” or “
Employees
”);
WHEREAS
, VRSCO (1) has developed a common remitter system combined with a
participant service center (“
Retirement Manager
”) designed to assist in the administration of
retirement plans with multiple investment providers (collectively, “
Vendors
,” and singularly,
“
Vendor
”), (2) is qualified to provide these services, and (3) desires to offer these services to
Employer; and
WHEREAS
, Employer desires to receive these services described from VRSCO;
WHEREAS,
Employer hereby acknowledges that it has consulted with legal counsel as
appropriate, and that the services described in this Agreement are consistent with Employer’s
obligations under the Employer’s plan(s) and the Internal Revenue Code of 1986, as amended
(“
IRC
”) and, if applicable, the Employee Retirement Income Security Act of 1974, as amended
(“
ERISA
”); and that Employer has further determined that compensation that will or may be
paid for services under this Agreement will constitute reasonable compensation for such
services;
NOW, THEREFORE
, in consideration of the mutual promises herein contained, the
parties hereby agree as follows:
1.
Term of Agreement.
The effective date of this Agreement is the later of
______________, 20___, or the date of the signature of VRSCO hereto (“
Effective
Date
”). The term of this Agreement shall commence on the
Effective Date
and shall
continue for a period of three (3) years from such date (“
Initial Term
”). The term of the
Agreement may be renewed upon the written agreement of both parties (“
Renewal
Terms
”). The Initial Term and all Renewal Terms are collectively referred to in this
Agreement as the “
Agreement Term.
”
2.
Scope of Work and Schedules
. VRSCO will provide the services (collectively, the
“
Services
”) as more particularly described in a written Scope of Work set forth in
Exhibit A
(Scope of Work), attached and incorporated for all purposes. For purposes of
this Agreement, an Approved Vendor is a Vendor that provides the loan and hardship
distribution file to Retirement Manager on a periodic basis and has signed a Retirement
Manager Plan Service Agreement with Employer or that is receiving remittances from
Employer through Retirement Manager or all of the foregoing. The implementation
timeframe for the Services will be as mutually agreed by VRSCO and Employer. In the
event that Employer and VRSCO agree to modify the Scope of Work, Employer and
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