HomeMy WebLinkAboutC2011-030 - 2/22/2011 - ApprovedAmendment
to
Service Provider and Custodial Agreements
This Amendment is made to the Service Provider and Custodial Agreements (collectively, the
"Agreements ") by and between City of Corpus Christi ( "Employer ") and VALIC Retirement
Services Company ( "Service Provider ") and AIG Federal Savings Bank ( "Custodian ") for
services with respect to the City of Corpus Christi Deferred Compensation Plan, a plan
established pursuant to Section 457(b) of the Internal Revenue Code of 1986 ( "Code ").
WHEREAS, Employer, Service Provider and VALIC Trust Company, predecessor custodian to
AIG Federal Savings Bank, entered into the Agreements for nondiscretionary plan administrative
and custodial services effective January 1, 2000;
WHEREAS, AIG Federal Savings Bank succeeded VALIC Trust Company as Custodian
effective January 1, 2004;
WHEREAS, the Agreements provided for a five -year Initial Term and successive two -year
Renewal Terms; and
WHEREAS, Employer, Service Provider, and Custodian desire to extend the Renewal Term of
the Agreements.
NOW, THEREFORE, in consideration of the mutual promises herein contained, the parties
hereto agree to amend the Agreements, effective January 1, 2011, as follows:
1. The current Renewal Term of the Agreements is hereby extended through December 31,
2011. At the conclusion of the Initial Term/current Renewal Term, the Agreements shall
renew for successive one -year periods thereafter ( "Renewal Terms ") unless and until
terminated according to the terms of the Agreement, as hereby amended.
2. Appendix A is hereby revised to reflect default procedures in the event a fund selected by the
Employer has closed or merged due to fund- company action and the Employer or its
authorized Plan representative has not selected a new fund. Appendix A may also reflect
updated information regarding investment options, including but not limited to changes to the
name, investment objective, fees or reimbursements relating to one or more of the investment
options. A copy of Appendix A as hereby revised is attached to this Amendment..
This Amendment shall remain in full force and effect until termination of the Agreements in
accordance with the terms and conditions therein.
SAVE AND EXCEPT as specifically amended herein, the terms and conditions of the
Agreements shall remain in full force and effect.
2011 -030
Res. 028971
02/22/11
VALIC & AIG
IND
IN WITNESS WHEREOF, the parties have caused this Amendment to be executed by their
duly authorized representatives.
EMPLOYER: SERVICE PROVIDER:
Z/vl?
Print Name: _1`tYiGl R, L -SC6 Print Name: q..+ `CLq n n
Title: amy
Date: �a2311
ODIAN:
P
a
P ' t Name: Jacqueline H. Williams
Title: Vice President and Trust Officer
Date: LSG� //9
Approved as to form:
gY� _.
L. Brian Narvaez
Assistant City Attorney
For Oty Attorney
Title: Administrative Officer
Date: 161 1 �
k - L221 I AUTHORIZED
ray MUNCIL ...6, z L
...., S£CR.E AY
60925_001 Amendment 010111
Appendix A
to
Service Provider and Custodial Agreements
Effective January 1, 2011
Available Investment Options
VALIC receives 12b -1 fees and recordkeeping fees from mutual funds or their affiliates as shown below
for administrative and shareholder services. VALIC offsets the plan sponsor's administrative fee by the
12b -1 fees and recordkeeping fees received from the fund families as described in the Service Provider
Agreement.
' A VALIC group fixed unallocated annuity (policy form GFUA -398). Transfers from this annuity
contract shall be subject to a contractually imposed 90 -day "equity wash" limitation, meaning that
transfers out of this Fixed - Interest Option may not occur to a "competing option," as defined in the
annuity contract, for 90 days after such transfer from the Fixed - Interest Option, This fund will be the
default investment option for the Plan.
The default investment option(s) will be used:
a. for any contributions received on behalf of a participant who does not have investment elections
60925 I I
Amounts Paid to
VALIC from
Fund Famil
Fund Name
Asset Cate or y
Ticker
Symbol or
CUSIP
Number
12b -1
Fees
%
Record
keeping/
Admin
Fees
1
AmCent Cap Pres Mny Mkt Inv
Money Market
CPFXX
0.00
0.25
2
JArnerican Century Infl -Adj Bond Inv
Inflation - Protected Bond
ACITX
0.00
0.25
3
American Century Real Estate Inv
Real Estate
REACX
0.00
0.35
4
American Century Vista Inv
Mid-Cap Growth
TWCVX
0.00
0.35
5
American Funds American Balanced R4
Moderate Allocation
RLBEX
0.25
0.10
6
American Funds American Hi Inc Tr R4
Hi h Yield Bond
RWEX
0.25
0.10
7
American Funds American Mutual R4
Large Value
RMFEX
0.25
0.10
8
American Funds Capital World GA R4
World Stock
RWIEX
0.25
0.10
9
American Funds EuroPacific Gr R4
Foreign Large Blend
REREX
0.25
0.10
10
American Funds Growth Fund of Amer R4
Large Growth
RGAEX
0.25
0.10
11
Davis NY Venture A
Large Blend
NYVTX
0.25
0.25
12
Dreyfus Bond Market Index Inv
Intermediate -Term Bond
DBMIX
0.25
0.10
13
Dreyfus Intl Stock Index
Foreign Large Blend
DIISX
0.25
0.15
14
Dreyfus MidCap Index
Mid-Cap Blend
PESPX
0.25
0.15
15
Dreyfus S &P 500 Index
Large Blend
PEOPX
0.25
0.15
16
Dreyfus Small Cap I
Small Value
DSVRX
0.00
0.40
17
Dreyfus Small Cap Stock Index
Small Blend
DIIXSX
0.25
0.15
18
Legg Mason ClearBrid a Small Cap Gr A
Small Growth
SASMX
0.25
0.25
19
PIMCO Total Return A
Intermediate -Term Bond
PTTAX
0.25
0.10
20
Pioneer Mid-Cap Value A
Mid-Cap Value
PCGRX
0.25
0.30
21
VALIC Fixed - Interest Option'
' A VALIC group fixed unallocated annuity (policy form GFUA -398). Transfers from this annuity
contract shall be subject to a contractually imposed 90 -day "equity wash" limitation, meaning that
transfers out of this Fixed - Interest Option may not occur to a "competing option," as defined in the
annuity contract, for 90 days after such transfer from the Fixed - Interest Option, This fund will be the
default investment option for the Plan.
The default investment option(s) will be used:
a. for any contributions received on behalf of a participant who does not have investment elections
60925 I I
on file with Service Provider; or
b. in the event a fund selected by the Employer has closed due to fund- company action and the
Employer or its authorized Plan representative has not selected a new fund, for any contributions
received on behalf of a participant who is participating in such fund; and, where required for the
current account balances in the unavailable fund, Employer hereby directs Service Provider and
Custodian to transfer such amounts to this investment option.
In the event a fund selected by the Employer has been merged with another fund due to fund- company
action and the Employer or its authorized Plan representative has not selected a new fund, for any
contributions received on behalf of a participant who is participating in such fund, and, where required for
the current account balances in the merged fund, Employer herby directs Service Provider and Custodian
to transfer such amounts to the surviving fund of the fund merger.
VALIC represents The Variable Annuity Life Insurance Company and its subsidiaries VALIC Financial Advisors,
Inc. and VALIC Retirement Services Company.
60925_001_Amendment_0 t 0111