HomeMy WebLinkAboutAgreement A-09-530-1 with Great-West Life Annuity Co..pdf-1 -
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
LETTER AGREEMENT 3 TO AGREEMENT NO. 09-530
(Group Annuity Contract No. 98957-01)
THIS LETTER AGREEMENT is made and entered into this 3rd day of November, 2020, by and
between COUNTY OF FRESNO, a Political Subdivision of the State of California, Fresno, California
(hereinafter “COUNTY”), and GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY, a Colorado
Corporation, whose address is 8515 East Orchard Road, Greenwood Village, CO, 80111 (hereinafter
“CONTRACTOR”).
WITNESSETH:
WHEREAS, COUNTY and CONTRACTOR entered into Agreement No. 09-530 (Group Annuity
Contract No. 98957-01) effective November 19, 2009 (hereinafter “Agreement”), pursuant to which
CONTRACTOR agreed to provide a Stable Value Fund investment option to County of Fresno 457(b)
Deferred Compensation Plan (hereinafter “Plan”) participants; and
WHEREAS, the Agreement included a Periodic Payments Option Rider in order to provide a
Periodic Payment Option to Plan participants; and
WHEREAS, the Agreement included Amendment No. I-97C in order to conform Agreement to
changes made to the Internal Revenue Code of 1986 and place all Plan assets in trust; and
WHEREAS, the Agreement included an Amendment to Section 457 Plans in order to conform
Agreement to the Economic Growth and Tax Relief Reconciliation Act of 2001 and required minimum
distribution regulations issued by the Federal Department of Treasury; and
WHEREAS, the Agreement included a Letter Agreement (hereinafter “Letter Agreement 1”) in
order to clarify the Investment Management Fee Schedule and Investment Guidelines (which form
part of the Agreement) and amend the distribution amount allowed by a Plan participant at the Annuity
Commencement Date or separation from service; and
WHEREAS, COUNTY and CONTRACTOR entered into a Letter Agreement dated December
18, 2013 (hereinafter “Letter Agreement 2”), which was executed by the Chair of the Deferred
Compensation Management Council (hereinafter “Council”), in order to amend the Investment
Management Fee, Investment Guidelines, and distribution amount allowed by a Plan participant at the
Annuity Commencement Date or separation from service in Letter Agreement 1; and
Agreement No. 09-530-1
- 2 -
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
WHEREAS, COUNTY and CONTRACTOR entered into Amendment I effective June 16, 2016
(hereinafter “Amendment 1”), which was executed by the Chair of the Council, in order to amend the
Investment Guidelines in Letter Agreement 2; and
WHEREAS, COUNTY and CONTRACTOR entered into a Second Amendment dated May 23,
2019 (hereinafter “Amendment 2”), which was executed by the Chair of the Council, in order to amend
the Investment Guidelines in Amendment 1; and
WHEREAS, Empower Retirement LLC is an affiliate of CONTRACTOR; and
WHEREAS, COUNTY and CONTRACTOR desire to decrease the Investment Management
Fee from 0.35% to 0.34%, retroactive to June 1, 2019 and amend a typographical error in Letter
Agreement 1 and Letter Agreement 2.
NOW, THEREFORE, for good and valuable consideration, the receipt and adequacy of which
is hereby acknowledged, COUNTY and CONTRACTOR agree as follows:
1. Section 1 of Letter Agreement 2 is deleted in its entirety and replaced with Section 1 in
Exhibit A of this Letter Agreement 3;
2. All references to Amendment No. 1-96C in Letter Agreement 1 and Letter Agreement 2
are amended to read Amendment No. 1-97C.
COUNTY and CONTRACTOR agree that this Letter Agreement 3 is sufficient to amend
Section 1 of Letter Agreement 2 and, that upon execution of this Letter Agreement 3, the Agreement,
Amendment No. 1-97C, the Periodic Payments Option Rider, Amendment to Section 457 Plans, Letter
Agreement 1, Letter Agreement 2, Amendment 1, Amendment 2, and this Letter Agreement 3 together
shall be considered the Agreement.
The Agreement, as hereby amended, is ratified and continued. All provisions, terms,
covenants, conditions and promises contained in the Agreement and not amended herein shall remain
in full force and effect.
//
//
//
//
1
2
EXECUTED AND EFFECTIVE as of the date first above set forth .
3 CONTRACTOR
4 ~qit--
·-----5 (Authorized Signature)
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
Jonathan Kreider, Sr. VP & Head of GWI
Print Name & Title
8515 E. Orchard Rd .
Greenwood Village, CO 80111
Mailing Address
FOR ACCOUNTING USE ONLY :
Fund:
Subclass :
ORG:
Account
COUNTY OF FRESNO
£ ~a--~~
Ernest Buddy MBn ~hairman of the
Board of Supervisors of the County of
Fresno
ATTEST:
Bernice E. Seidel
- 3 -
Clerk of the Board of Supervisors
County of Fresno , State of California
Great-West Life & Annuity
Company Letter Agreement
Notwithstanding the provisions of the Great-West Life & Annuity Insurance Company Group
Deferred Stable Asset Fund Annuity Contract (here i nafter referred to as the "Contract"), Group
Policy Number 98957-01 , the Great-West Life & Annuity Insurance Company (hereinafter
referred to as the "Company") and the County of Fresno {hereinafte r referred to as the "Group
Policyholder") agree to the following modification of said Contract issued by the Company.
1. Investment Management Fee -The Investment Management Fee as described in Section
5.8 is declared to be 0.34% per annum , of which 0 .19% is an investment management fee
and 0 .15 % is the Book Value Accounting fee .
2. References to Amendment 1-96C i n prior letter agreements are hereby corrected to read
"Amendment 1-97C" due to a typographical error.
This Letter Agreement became effective on June 1, 2019 ("Effective Date "). This Letter
Agreement is i n effect until modified by both parties . Additionally, the Company shall maintain
the right to terminate this Letter Agreement in the event that there are substantial changes in
the operation of the Group Policyholder's Plan, including but not limited to a change in
approved investment product providers, marketers or required record keeping services.
County of Fresno
Signature : ~~ ~ Date : __ \\__.\,..-3-+\_1.Dio __
Name: £-r-N-5\. ~&, ~s.
Title : lli_~\~ ~~c?tS ~...-~~
I U ~
Great-West Life & Annuity Insurance Company
Date: 10/21/2020
Name: Jonathan Kreider
Title : Sr . VP & Head of GWI -------