HomeMy WebLinkAboutEDB MissionSquare v3 EXECUTIVE SUMMARY
AGENDA ITEM:
Administrative Services Agreement with International City Management Association Retirement Corporation doing
business as MissionSquare Retirement.
Date: March 2, 2023
BACKGROUND:
On August 16, 2022, the Board of Supervisors ratified an agreement between Clay County Utility Authority
(CCUA) and SageView Advisory Group, Inc. (SageView) to serve as the Fiduciary for the CCUA Employee
Retirement Plans which include the 457 (b) and 401 (a).
As the Fiduciary, SageView recommended conducting a survey to benchmark the fees associated to the
recordkeeping services for the CCUA Employee Retirement Plan. As you are aware,Ascensus acquired those
cts services on February 29,2021,following a merger from BB&T to Truist.The survey provided results indicating
a) it would be beneficial to initiate a request for proposal(RFP)for recordkeeping services. On behalf of CCUA,
SageView completed the RFP process. SageView prepared a thorough analysis of the five proposal submittals
.2 for the CCUA Retirement Plan Committee's review. The proposals were ultimately narrowed down to two
E finalists, including Empower and MissionSquare. The CCUA Retirement Committee interviewed and
z evaluated the finalist and unanimously selected MissionSquare as the recordkeeper for the plan.
Ce
BUDGET:
This item does not affect the budget as the fees are paid by the funds in the retirement accounts.
RECOMMENDATION:
Staff respectfully request the Board of Supervisors to ratify the agreement with International City Management
Association Retirement Corporation doing business as MissionSquare Retirement.
ATTACHMENTS:
Administrative Services Agreement with MissionSquare Retirement
// JW(Author)
I/ KR(Review)
I/ JW(Final)
ADMINISTRATIVE SERVICES AGREEMENT
for
Clay County Utility Authority
Type: 457
AS
Account #: 305344
Atilliainif
Type: 401
to
Account #: 100366
MissionSquare
RETIREMENT
ADMINISTRATIVE SERVICES AGREEMENT
This Administrative Services Agreement ("Agreement"), made as of this
day, (please enter date) , (herein
referred to as the "Inception Date"), between the International City Management
Association Retirement Corporation doing business as MissionSquare
Retirement ("MissionSquare"), a nonprofit corporation organized and existing
under the laws of the State of Delaware, and the Clay County Utility Authority
("Employer"), an Entity organized and existing under the laws of the State of
Florida with an office at 3176 Old Jennings Road, Middleburg, Florida
32068.
RECITALS
to Employer acts as public plan sponsor of a retirement plan ("Plan"), and in
that capacity, has responsibility to obtain administrative services and investment
alternatives for the Plan;
VantageTrust is a group trust established and maintained in accordance
with New Hampshire Revised Statutes Annotated section 391 :1 and Internal
Revenue Service Revenue Ruling 81-100, 1981-1 C.B. 326, which provides for
the commingled investment of retirement funds;
MissionSquare, or its wholly owned subsidiary, acts as investment adviser
to VantageTrust Company, LLC, the Trustee of VantageTrust;
MissionSquare has designed, and VantageTrust Company offers, a series
of separate funds (the "Funds") for the investment of plan assets as referenced
in the Funds' principal disclosure documents, the Disclosure Memorandum and
the Fact Sheets (together, "MissionSquare Disclosures"); and
MissionSquare provides a range of services to public employers for the
operation of employee retirement plans including, but not limited to,
communications concerning investment alternatives, account maintenance,
account recordkeeping, investment and tax reporting, transaction processing,
and benefit disbursement.
MissionSquare Retirement Agreement 1 of 18
Plan numbers 305344, 100366
AGREEMENTS
1 . Appointment of MissionSquare
Employer hereby appoints MissionSquare as administrator of the Plan to
perform all nondiscretionary functions necessary for the administration of the
Plan. The functions to be performed by MissionSquare shall be those set forth in
Exhibit A to this Agreement.
2. Adoption of VantageTrust
Employer has adopted the Declaration of Trust of VantageTrust Company and
agrees to the commingled investment of assets of the Plan within VantageTrust.
Employer agrees that the investment, management, and distribution of amounts
deposited in VantageTrust shall be subject to the Declaration of Trust, as it may
be amended from time to time and shall also be subject to terms and conditions
set forth in disclosure documents (such as the MissionSquare Disclosures or
Employer Bulletins) as those terms and conditions may be adjusted from time to
time.
3. Exclusivity Agreement
to
Employer agrees that for the initial or succeeding term of this Agreement
specified in Section 11, so long as MissionSquare continues to perform in all
material respects the services to be performed by it under this Agreement,
Employer shall not obtain plan administration from anyone other than
MissionSquare. Employer acknowledges that MissionSquare has agreed to the
compensation to be paid to MissionSquare under this Agreement in the
expectation that MissionSquare will be able to offset costs allocable to
performing this Agreement with revenues arising from Employer's exclusive use
of MissionSquare at the rates provided herein throughout the initial or
succeeding term.
4. Employer Duty to Furnish Information
Employer agrees to furnish to MissionSquare on a timely basis such information
as is necessary for MissionSquare to carry out its responsibilities as Administrator
of the Plan, including information needed to allocate individual participant
accounts to Funds in VantageTrust, and information as to the employment status
of participants, and participant ages, addresses, and other identifying
information (including tax identification numbers). Employer also agrees that it
will notify MissionSquare in a timely manner regarding changes in staff as it
relates to various roles. Such notification is to be completed through the plan
sponsor website. MissionSquare shall be entitled to rely upon the accuracy of
any information that is furnished to it by a responsible official of the Employer or
MissionSquare Retirement Agreement 2 of 18
Plan numbers 305344, 100366
any information relating to an individual participant or beneficiary that is
furnished by such participant or beneficiary, and MissionSquare shall not be
responsible for any error arising from its reliance on such information.
MissionSquare will provide reports and account information to the Employer
through the plan sponsor website.
Employer is required to send in contributions through the plan sponsor website.
Alternative electronic methods may be allowed but must be approved by
MissionSquare for use. Contributions may not be sent through paper submittal
documents.
To the extent Employer selects third-party funds that do not have fund profile
information provided to MissionSquare through electronic data feeds from
external sources (such as Morningstar) or third-party fund providers, the
Employer is responsible for providing to MissionSquare timely fund investment
updates for disclosure to Plan participants. Such updates may be provided to
MissionSquare through the Employer's investment consultant or other
designated representative.
5. MissionSquare Representations and Warranties
to MissionSquare represents and warrants to Employer that:
(a) MissionSquare is a non-profit corporation with full power and
authority to enter into this Agreement and to perform its
obligations under this Agreement. The ability of MissionSquare, or
its wholly owned subsidiary, to serve as investment adviser to
VantageTrust Company is dependent upon the continued
willingness of VantageTrust Company for MissionSquare, or its
wholly owned subsidiary, to serve in that capacity.
(b) MissionSquare is an investment adviser registered as such with the
U.S. Securities and Exchange Commission under the Investment
Advisers Act of 1940, as amended.
(c)(i) MissionSquare shall maintain and administer the 457(b) Plan in
accordance with the requirements for eligible deferred
compensation plans under Section 457 of the Internal Revenue
Code and other applicable federal law; provided, however, that
MissionSquare shall not be responsible for the eligible status of the
457(b) Plan in the event that the Employer directs MissionSquare
to administer the 457(b) Plan or disburse assets in a manner
inconsistent with the requirements of Section 457 or otherwise
causes the 457(b) Plan not to be carried out in accordance with its
terms. Further, in the event that the Employer uses its own
MissionSquare Retirement Agreement 3 of 18
Plan numbers 305344, 100366
customized plan document, MissionSquare shall not be
responsible for the eligible status of the 457(b) Plan to the extent
affected by terms in the Employer's plan document that differ from
those in MissionSquare's model plan document. MissionSquare
shall not be responsible for monitoring state or local law applicable
to retirement plans or for administering the 457(b) Plan in
compliance with local or state requirements regarding plan
administration unless Employer notifies MissionSquare of any such
local or state requirements.
(c)(ii) MissionSquare shall maintain and administer the 401(a) Plan in
accordance with the requirements for plans which satisfy the
qualification requirements of Section 401 of the Internal Revenue
Code and other applicable federal law; provided, however,
MissionSquare shall not be responsible for the qualified status of
the 401(a) Plan in the event that the Employer directs
MissionSquare to administer the 401(a) Plan or disburse assets in a
manner inconsistent with the requirements of Section 401 or
otherwise causes the 401(a) Plan not to be carried out in
accordance with its terms; provided, further, that if the plan
document used by the Employer contains terms that differ from the
to terms of MissionSquare's model plan document, MissionSquare
shall not be responsible for the qualified status of the 401(a) Plan
to the extent affected by the differing terms in the Employer's plan
document. MissionSquare shall not be responsible for monitoring
state or local law applicable to retirement plans or for
administering the 401(a) Plan in compliance with local or state
requirements regarding plan administration unless Employer
notifies MissionSquare of any such local or state requirements.
6. Employer Representations and Warranties
Employer represents and warrants to MissionSquare that:
(a) Employer is organized in the form and manner recited in the
opening paragraph of this Agreement with full power and
authority to enter into and perform its obligations under this
Agreement and to act for the Plan and participants in the manner
contemplated in this Agreement. Execution, delivery, and
performance of this Agreement will not conflict with any law, rule,
regulation or contract by which the Employer is bound or to which
it is a party.
(b) Employer understands and agrees that MissionSquare's sole
function under this Agreement is to act as recordkeeper and to
MissionSquare Retirement Agreement 4 of 18
Plan numbers 305344, 100366
provide administrative, investment or other services at the
direction of Plan participants, the Employer, its agents or
designees in accordance with the terms of this Agreement. Under
the terms of this Agreement, MissionSquare does not render
investment advice, is neither the "Plan Administrator" nor "Plan
Sponsor" as those terms are defined under applicable federal,
state, or local law, and does not provide legal, tax or accounting
advice with respect to the creation, adoption or operation of the
Plan and its related trust. MissionSquare does not perform any
service under this Agreement that might cause MissionSquare to
be treated as a "fiduciary" of the Plan under applicable law, except,
and only, to the extent that MissionSquare provides investment
advisory services to individual participants enrolled in Guided
Pathways Advisory Services.
(c) Employer acknowledges and agrees that MissionSquare does not
assume any responsibility with respect to the selection or retention
of the Plan's investment options. Employer shall have exclusive
responsibility for the Plan's investment options, including the
selection of the applicable share class. Where applicable,
Employer understands that the MissionSquare Retirement
to IncomeAdvantage Fund is an investment option for the Plan and
that the fund invests in a separate account available through a
group variable annuity contract. By entering into this Agreement,
Employer acknowledges that it has received the Important
Considerations document and the MissionSquare Disclosures and
that it has read the information therein concerning the
MissionSquare Retirement IncomeAdvantage Fund.
(d) Employer acknowledges that certain such services to be
performed by MissionSquare under this Agreement may be
performed by an affiliate or agent of MissionSquare pursuant to
one or more other contractual arrangements or relationships, and
that MissionSquare reserves the right to change vendors with
which it has contracted to provide services in connection with this
Agreement without prior notice to Employer. MissionSquare will
provide prior notice, however, to Employer of changes to all third-
party vendors MissionSquare retains to provide custom services
unique to Employer, and the parties agree that "subcontractor"
under this Agreement shall mean such third-party vendors.
(e) Employer approves the use of its Plan in MissionSquare external
media, publications and materials. Examples include press
releases announcements and inclusion of the general plan
information in request for proposal responses.
MissionSquare Retirement Agreement 5 of 18
Plan numbers 305344, 100366
7. Participation in Certain Proceedings
The Employer hereby authorizes MissionSquare to act as agent, to appear on its
behalf, and to join the Employer as a necessary party in all legal proceedings
involving the garnishment of benefits or the transfer of benefits pursuant to the
divorce or separation of participants in the Plan. Unless Employer notifies
MissionSquare otherwise, Employer consents to the disbursement by
MissionSquare of benefits that have been garnished or transferred to a former
spouse, current spouse, or child pursuant to a domestic relations order or child
support order.
8. Compensation and Payment
(a) Participant Fees. Plan participant accounts shall be assessed an
asset-based fee to cover the costs of record-keeping and other
services provided by MissionSquare, and other costs associated
with the Plans as directed by the Employer. The Employer shall
work with MissionSquare to determine the appropriate amount of
the gross asset-based fee to be charged to participant accounts,
which may be increased or decreased from time to time at the
to direction of the Employer. At the inception of this Agreement the
participant fee shall be 0.21%.
(b) Revenue Requirement. MissionSquare shall receive total annual
aggregate revenue of 0.09%of Plan assets under MissionSquare's
administration for providing recordkeeping and other services to
the Plans. Such revenue shall be deducted by MissionSquare from
amounts collected through the application of the asset-based fee
described in section 8(a) prior to allocation of any participant level
asset-based fees to the Administrative Allowance Account
described is section 8(c) below.
(c) Administrative Allowance Account. Amounts collected through
the application of the asset-based fee described in section 8(a)
above in excess of the Revenue Requirement specified in
subsection 8(b) above, if any, shall be held in an Administrative
Allowance Account for each Plan (that is maintained as a Plan asset
by MissionSquare). Employer understands that the Plan
administrative allowance is to be used only to pay for reasonable
plan administrative expenses of the Plan or allocated to Plan
participants at the instruction of the Employer. Employer may
determine that funds from the Administrative Allowance Account
should directly pay the invoices of consultants to the Plan. If
MissionSquare Retirement Agreement 6 of 18
Plan numbers 305344, 100366
Employer makes such a determination, Employer will direct
MissionSquare in a separate letter to send Administrative
Allowance monies to such consultants.
The payment will be made only from the above-referenced Plan's
Administrative Allowance Account. Should the amount in the
Plan's Administrative Allowance Account be insufficient to cover
the fee due, MissionSquare will seek written instruction from the
Plan or Plan Sponsor as to the amount to pay the consultant. For
processing purposes, the consultant may submit an invoice to
MissionSquare for payment of the fee; provided, however, that
MissionSquare will pay the consultant only as set forth above. The
consultant shall have no authority to calculate the fee amount,
change the frequency of the payment, or change the payee.
Employer acknowledges and agrees that,for the purposes of these
payments, MissionSquare is acting as the agent of the Plan.
Employer also acknowledges that in following its direction
MissionSquare is not exercising any discretion regarding whether
the above fee payment is an appropriate or reasonable use of Plan
funds. Accordingly, Employer agrees to hold MissionSquare
to harmless from adverse consequences that may result from making
such payments.
(d) Revenue Received from Investment Options. Neither
MissionSquare nor the Employer shall retain recordkeeping
revenue received directly from investment options made available
under the Plan. MissionSquare shall be compensated from fees
collected from participant accounts through the application of the
asset-based fee described in section 8(a) above. In the event that
any Plan investment options do generate revenue from plan
investments, MissionSquare shall, as directed by the Employer,
credit any and all revenue back to those participant accounts
invested in the option in question.
(e) Compensation for Management Services to VantageTrust
Company, Compensation for Advisory and other Services to
the MissionSquare Funds Class M and Payments from Third-
Party Mutual Funds. Employer acknowledges that MissionSquare,
or its wholly owned subsidiary, receives fees from VantageTrust
Company for investment advisory services and plan and
participant services furnished to VantageTrust
Company. Employer further acknowledges that MissionSquare,
including certain of its wholly owned subsidiaries, receives
MissionSquare Retirement Agreement 7 of 18
Plan numbers 305344, 100366
compensation for advisory and other services furnished to the
MissionSquare Funds Class M, which serve as the underlying
portfolios of a number of Funds offered through VantageTrust. For
a MissionSquare Fund Class R that invests substantially all of its
assets in a third-party mutual fund not affiliated with
MissionSquare, MissionSquare or its wholly owned subsidiary
receives payments from the third-party mutual fund families or
their service providers in the form of 12b-1 fees, service fees,
compensation for sub-accounting and other services provided
based on assets in the underlying third-party mutual fund. These
fees are described in the MissionSquare Disclosures and
MissionSquare's fee disclosure statement. In addition, to the
extent that third party mutual funds are included in the investment
line-up for the Plan, MissionSquare receives administrative fees
from its third-party mutual fund settlement and clearing agent for
providing administrative and other services based on assets
invested in third-party mutual funds; such administrative fees come
from payments made by third-party mutual funds to the settlement
and clearing agent.
(f) Redemption Fees. Redemption fees imposed by outside mutual
to funds in which Plan assets are invested are collected and paid to
the mutual fund by MissionSquare. MissionSquare remits 100% of
redemption fees back to the specific mutual fund to which
redemption fees apply. These redemption fees and the individual
mutual fund's policy with respect to redemption fees are specified
in the prospectus for the individual mutual fund and referenced in
the MissionSquare Disclosures.
(g) Payment Procedures. All payments to MissionSquare pursuant to
this Section 8 shall be made from Plan assets held by VantageTrust
or received from third-party mutual funds or their service providers
in connection with Plan assets invested in such third-party mutual
funds, to the extent not paid by the Employer. The amount of Plan
assets administered by MissionSquare shall be adjusted as
required to reflect any such payments as are made from the Plan.
In the event that the Employer agrees to pay amounts owed
pursuant to this Section 8 directly, any amounts unpaid and
outstanding after 30 days of invoice to the Employer shall be
withdrawn from Plan assets.
The compensation and payment set forth in this Section 8 are contingent upon
the Employer's use of MissionSquare's plan sponsor website for contribution
processing and submitting contribution funds by ACH or wire transfer on a
MissionSquare Retirement Agreement 8 of 18
Plan numbers 305344, 100366
consistent basis over the term of this Agreement. The compensation in this
Section 8 is also based on the assets of the Plan being invested in R10 shares of
MissionSquare PLUS Fund and the Employer offering the MissionSquare PLUS
Fund as the sole stable value option.
The compensation and payment set forth in this Section 8 are further contingent
upon the transfer of all assets of the Plan(s) from the prior recordkeeper for the
Plan(s) to MissionSquare's administration in the approximate amount of $13
million. Employer further acknowledges and agrees that compensation and
payment under this Agreement shall be subject to re-negotiation in the event
that there is a material difference between the assets and/or participants
transferred to MissionSquare and the information provided from the Employer
pursuant to the Request for Proposal.
Employer further acknowledges and agrees that compensation and payment
under this Agreement shall be subject to re-negotiation in the event that the
Employer(a)chooses to implement additional mutual funds that neither(i)trade
via NSCC nor (ii) meet MissionSquare's daily trading operational guidelines or
(b) chooses to implement investment options that are not mutual funds.
9. Indemnification
to
MissionSquare shall not be responsible for any acts or omissions of any person
with respect to the Plan or its related trust, other than MissionSquare in
connection with the administration or operation of the Plan. Employer shall
indemnify MissionSquare against, and hold MissionSquare harmless from, any
and all loss, damage, penalty, liability, cost, and expense, including without
limitation, reasonable attorney's fees, that may be incurred by, imposed upon,
or asserted against MissionSquare by reason of any claim, regulatory
proceeding, or litigation arising from any act done or omitted to be done by any
individual or person with respect to the Plan or its related trust, excepting only
any and all loss, damage, penalty, liability, cost or expense resulting from
MissionSquare's negligence, bad faith, or willful misconduct.
10. Term
This Agreement shall be in effect and commence on the date all parties have
signed and executed this Agreement ("Inception Date"). The term of this
Agreement will commence on the Inception Date and extend five (5) years
from the date of completion and reconciliation of the transition of assets of the
Plan from the prior record keeper to MissionSquare. This Agreement will be
renewed automatically for each succeeding year unless written notice of
termination is provided by either party to the other no less than 60 days before
the end of such Agreement year. The Employer understands and acknowledges
that, in the event the Employer terminates this Agreement (or replaces the
MissionSquare Retirement Agreement 9 of 18
Plan numbers 305344, 100366
MissionSquare PLUS Fund of VantageTrust, as an investment option in its
investment line-up), MissionSquare retains full discretion to release Plan assets
invested in the MissionSquare PLUS Fund in an orderly manner over a period of
up to 12 months from the date MissionSquare receives written notification from
the Employer that it has made a final and binding selection of a replacement for
MissionSquare as administrator of the Plan (or a replacement investment option
for the MissionSquare PLUS Fund).
11. Amendments and Adjustments
(a) This Agreement may be amended by written instrument signed by the
parties.
(b) MissionSquare may modify this Agreement by providing 60 days'
advance written notice to the Employer prior to the effective date of such
proposed modification. Such modification shall become effective unless,
within the 60-day notice period, the Employer notifies MissionSquare in
writing that it objects to such modification.
(c) The parties agree that enhancements may be made to administrative
services under this Agreement. The Employer will be notified of
to enhancements or reduction in fees through electronic messages or
special mailings.
12. Notices
Unless otherwise provided in this Agreement, all notices required to be
delivered under this Agreement shall be in writing and shall be delivered,
mailed, e-mailed or faxed to the location of the relevant party set forth below or
to such other address or to the attention of such other persons as such party may
hereafter specify by notice to the other party.
MissionSquare: Legal Department, MissionSquare, 777 North
Capitol Street, N.E., Suite 600, Washington, D.C., 20002-4240
Facsimile; (202) 962-4601
Employer: at the office set forth in the first paragraph hereof, or to
any other address, facsimile number or e-mail address designated
by the Employer to receive the same by written notice similarly
given.
Each such notice, request or other communication shall be effective: (i) if given
by facsimile, when transmitted to the applicable facsimile number and there is
appropriate confirmation of receipt; (ii) if given by mail or e-mail, upon
transmission to the designated address with no indication that such address is
MissionSquare Retirement Agreement 10 of 18
Plan numbers 305344, 100366
invalid or incorrect; or (iii) if given by any other means, when actually delivered
at the aforesaid address.
13. Complete Agreement
This Agreement shall constitute the complete and full understanding and sole
agreement between MissionSquare and Employer relating to the object of this
Agreement and correctly sets forth the complete rights, duties and obligations
of each party to the other as of its date. This Agreement supersedes all written
and oral agreements, communications or negotiations among the parties. Any
prior agreements, promises, negotiations or representations, verbal or
otherwise, not expressly set forth in this Agreement are of no force and effect.
14. Titles
The headings of Sections of this Agreement and the headings for each of the
attached schedules are for convenience only and do not define or limit the
contents thereof.
15. Incorporation of Exhibits
to All Exhibits (and any subsequent amendments thereto), attached hereto, and
referenced herein, are hereby incorporated within this Agreement as if set forth
fully herein.
16. Governing Law
This Agreement shall be governed by and construed in accordance with the laws
of the State of Florida, applicable to contracts made in that jurisdiction without
reference to its conflicts of laws provisions.
17. Public Records
Employer is public agency subject to Chapter 119.0701(2), Florida Statutes.
MissionSquare shall comply with Florida's Public Records Law. Specifically,
MissionSquare shall:
(a) Keep and maintain public records required by the Employer to perform
the service;
(b) Upon request from the Employer's custodian of public records, provide
the Employer with a copy of the requested records or allow the records
to be inspected or copied within a reasonable time at a cost that does not
exceed the cost provided in Chapter 119, Fla. Stat., or as otherwise
provided by law;
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Plan numbers 305344, 100366
(c) Ensure that public records that are exempt or that are confidential and
exempt from public record disclosure requirements are not disclosed
except as authorized by law or as may be required to provide the services
hereunder for the duration of the Agreement term and, following
completion of the Agreement, MissionSquare shall destroy all copies of
such confidential and exempt records remaining in its possession after
MissionSquare transfers the records in its possession to the Employer,
except that MissionSquare may retain copies of such records to satisfy
applicable regulatory requirements; and
(d) Upon completion of the Agreement, transfer, at no cost, to the Employer
all public records in possession of MissionSquare or keep and maintain
public records required by the Employer to perform the services herein.
If MissionSquare transfers all public records to the Employer upon
completion of the Agreement, MissionSquare shall destroy any duplicate
public records that are exempt or confidential and exempt from public
records disclosure requirements except to the extent MissionSquare is
required to retain copies to satisfy regulatory requirements. If
MissionSquare keeps and maintains public records, upon termination
MissionSquare shall meet all applicable requirements for retaining public
to records. All records stored electronically must be provided to the
Employer, upon request from the Employer's custodian of public records,
in a format compatible with the information technology systems of the
Employer.
IF MissionSquare HAS QUESTIONS REGARDING THE
APPLICATION OF CHAPTER 119, FLORIDA STATUTES, TO
MissionSquare's DUTY TO PROVIDE PUBLIC RECORDS
RELATING TO THIS CONTRACT, CONTACT THE
EMPLOYER'S CUSTODIAN OF PUBLIC RECORDS AT:
Clerk of Court and Comptroller Clay County FL
Tara Green
Judge William A. Wilkes Judicial Complex (Clay County
Courthouse)
825 North Orange Avenue / P.O. Box 698
Green Cove Springs, Florida 32043
info@clayclerk.com
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Plan numbers 305344, 100366
18. E-Verify
MissionSquare certifies that it uses the E-Verify system and is aware of the
requirements of Section 448.095, Florida Statues, as may be amended from time
to time and briefly described herein below.
(a) Definitions for this Section.
i. "Contractor" means a person or entity that has entered or is
attempting to enter into a contract with a public employer
to provide labor, supplies, or services to such employer in
exchange for salary, wages, or other remuneration.
"Contractor" includes, but is not limited to, a vendor or
consultant.
ii. "Subcontractor" means a person or entity that provides
labor, supplies, or services to or for a contractor or another
subcontractor in exchange for salary, wages, or other
remuneration.
to iii. "E-Verify system" means an Internet-based system operated
by the United States Department of Homeland Security that
allows participating employers to electronically verify the
employment eligibility of newly hired employees.
(b) Registration Requirement; Termination. Pursuant to Section 448.095,
Florida Statutes, effective January 1, 2021, Contractors, shall register with
and use the E-verify system in order to verify the work authorization status
of all newly hired employees. Contractor shall register for and utilize the
U.S. Department of Homeland Security' s E-Verify System to verify the
employment eligibility of:
i. All persons employed by a Contractor to perform
employment duties within Florida during the term of the
contract;
ii. All persons (including subvendors/ subconsultants/
subcontractors) assigned by Contractor to perform work
pursuant to the contract with the Employer. The Contractor
acknowledges and agrees that registration and use of the
U.S. Department of Homeland Security' s E-Verify System
during the term of the contract is a condition of the contract
with the Employer; and
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Plan numbers 305344, 100366
iii. The Contractor shall comply with the provisions of Section
448.095, Fla. Stat., "Employment Eligibility," as amended
from time to time. This includes, but is not limited to
registration and utilization of the E-Verify System to verify
the work authorization status of all newly hired employees.
Contractor shall also require all subcontractors to provide
an affidavit attesting that the subcontractor does not
employ, contract with, or subcontract with, an unauthorized
alien. The Contractor shall maintain a copy of such affidavit
for the duration of the contract. Failure to comply will lead
to termination of this Contract, or if a subcontractor
knowingly violates the statute, the subcontract must be
terminated immediately. Any challenge to termination
under this provision must be filed in the Circuit Court no
later than twenty (20) calendar days after the date of
termination. Termination of this Contract under this Section
is not a breach of contract and may not be considered as
such. If this contract is terminated for a violation of the
statute by the Contractor, the Contractor may not be
awarded a public contract for a period of one (1 ) year after
the date of termination.
to
19. Scrutinized Companies
MissionSquare its principals or owners, certify that they are not listed on the
Scrutinized Companies that Boycott Israel List, Scrutinized Companies with
Activities in Sudan list, Scrutinized Companies with Activities in the Iran
Petroleum Energy Sector List, or is engaged in business operations with Syria. In
accordance with Section 287.135, Florida Statutes, as may be amended, a
company is ineligible to, and may not, bid on, submit a proposal for, or enter
into or renew a contract with any agency or local governmental entity for goods
or services of:
(a) Any amount of, at the time of bidding on, submitting a proposal for,
or entering into or renewing such contract, the company is on the
Scrutinized Companies that Boycott Israel List, created pursuant to
Section 215.4725, Florida Statutes, as may be amended, or is
engaged in a boycott of Israel; or
(b) One million dollars or more if, at the time of bidding on, submitting a
proposal for, or entering into or renewing such contract,the company:
i. Is on the Scrutinized Companies with Activities in Sudan list
or the Scrutinized Companies with Activities in the Iran
MissionSquare Retirement Agreement 14 of 18
Plan numbers 305344, 100366
Petroleum Energy Sector List, created pursuant to Section
215.473, Florida Statutes, as may be amended; or
ii. Is engaged in business operations in Syria.
111:1\1
'c)(l)
14CIII.f
MissionSquare Retirement Agreement 15 of 18
Plan numbers 305344, 100366
In Witness Whereof, the parties hereto certify that they have read and
understand this Agreement and all Schedules attached hereto and have caused
this Agreement to be executed by their duly authorized officers as of the
Inception Date first above written.
CLAY COUNTY UTILITY AUTHORITY
By
Signature/Date
By
Name and Title (Please Print))
THE INTERNATIONAL CITY MANAGEMENT
ASSOCIATION RETIREMENT CORPORATION
doing business as MISSIONSQUARE
RETIREMENT
to
0
By< '
/ Erica McFarquhar
Authorized Representative
Please return an executed copy of the Agreement to a Delivery Address, either:
(a) Via DocuSign
(b) Electronically to ClientContracts_ICMA-RC@icmarc.org
MissionSquare Retirement Agreement 16 of 18
Plan numbers 305344, 100366
Exhibit A
Administrative Services
The administrative services to be performed by MissionSquare under this
Agreement shall be as follows:
(a) Participant enrollment services are provided online. Employees will
enroll online through a secure site or the Employer will enroll
employees through the plan sponsor website.
(b) Establishment of participant accounts for each employee participating in
the Plan for whom MissionSquare receives appropriate enrollment
instructions. MissionSquare is not responsible for determining if such Plan
participants are eligible under the terms of the Plan.
(c) Allocation in accordance with participant directions received in good
order of individual participant accounts to investment funds offered
under the Plan.
(d) Maintenance of individual accounts for participants reflecting amounts
deferred, income, gain or loss credited, and amounts distributed as
to benefits.
(e) Maintenance of records for all participants for whom participant accounts
have been established. These files shall include enrollment instructions
(provided to MissionSquare through the participant website or the plan
sponsor website), beneficiary designation instructions and all other
documents concerning each participant's account.
(f) Provision of periodic reports to the Employer through the plan sponsor
website. Participants will have access to account information through
Participant Services, Voice Response System, the participant website,
and text access, and through quarterly statements that can be delivered
electronically through the participant website or by postal service.
(g) Communication to participants of information regarding their rights and
elections under the Plan.
(h) Making available Participant Services Representatives through a toll-free
telephone number from 8:30 a.m. to 9:00 p.m. Eastern Time, Monday
through Friday (excluding holidays and days on which the securities
markets or MissionSquare are closed for business (including emergency
closings)), to assist participants.
(i) Making available access to MissionSquare's website, to allow
participants to access certain account information and initiate certain
plan transactions at any time. The participant website is normally
MissionSquare Retirement Agreement 17 of 18
Plan numbers 305344, 100366
available 24 hours a day, seven days a week except during scheduled
maintenance periods designed to ensure high-quality performance.
(j) Maintaining the security and confidentiality of client information through
a system of controls including but not limited to, as appropriate:
restricting plan and participant information only to those who need it to
provide services, software and hardware security, access controls, data
back-up and storage procedures, non-disclosure agreements, security
incident response procedures, and audit reviews.
(k) Making available access to MissionSquare's plan sponsor web site to
allow plan sponsors to access certain plan information and initiate plan
transactions such as enrolling participants and managing contributions
at any time. The plan sponsor web site is normally available 24 hours a
day, seven days a week except during scheduled maintenance
periods designed to ensure high-quality performance.
(I) Distribution of benefits as agent for the Employer in accordance with
terms of the Plan. Participants who have separated from service can
request distributions through the participant website or via form.
(m)Upon approval by the Employer that a domestic relations order is an
acceptable qualified domestic relations order under the terms of the Plan,
to MissionSquare will establish a separate account record for the alternate
payee and provide for the investment and distribution of assets held
thereunder.
(n) Loans may be made available on the terms specified in the Loan
Guidelines, if loans are adopted by the Employer. Participants can
request loans through the participant website.
(o) MissionSquare will determine appropriate delivery method (electronic
and/or print)for plan sponsor/participant communications and
education based on a number of factors (audience, effectiveness, etc.).
MissionSquare Retirement Agreement 18 of 18