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EXHIBIT B
Fees
The following fees are payable by Employer to VRSCO for the Services provided hereunder:
1.
A one-time set-up fee of $__________ due 60 days after the Effective Date of this
Agreement.
2.
An annual maintenance fee of $___________, due 60 days after January 1st of the next
calendar year and each subsequent calendar year.
Fee Calculation: VRSCO will reduce the fee to $0.00 when assets under management
with VALIC exceeds $20,000,000.00 as determined on the last close of the New York
Stock Exchange each calendar year and applied beginning the next calendar year.
The above fees assume:
•
Retirement Manager standard file formats are used by Employer and Approved Vendors
•
The Employer utilizes one (1) payroll system and ten (10) or fewer Approved Vendors
are administered by Retirement Manager
If more than ten (10) Approved Vendors are administered by Retirement Manager, the following
fees also apply:
1.
A one-time Approved Vendor maintenance fee of $500 for each Approved Vendor in
excess of 10, due 120 days after the Effective Date of the Agreement.
Fee Calculation: Based on the highest number of Approved Vendors under any of
Employer’s Retirement Plans as determined 90 days after the Effective Date of the
Agreement and prorated based on the number of days remaining in the calendar year of
the implementation of Retirement Manager following the determination of the number of
Approved Vendors.
2.
An annual Approved Vendor maintenance fee of $500 for each Approved Vendor in
excess of 10, due 60 days after January 1st of each subsequent calendar year.
Fee Calculation: Based on the highest number of Approved Vendors under any of
Employer’s Retirement Plans as determined on the first day of each calendar year.
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