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HomeMy WebLinkAboutContract 45466-A2 �,Al��i L CREF , Financial Services Amendment No. 2 to the Record Keeping Services Agreement Between Teachers Insurance and Annuity Association of America (TIAA) And City of Fort Worth Dated April 1,2014 Effective as of the dates stated below, or such later date as the parties shall agree by Notice, the Record Keeping Services Agreement("Agreement"), dated April 1,2014, between Teachers Insurance and Annuity Association of America ("TIAA") and City of Fort Worth ("City") as Sponsor of the City of Fort Worth 457 Deferred Compensation Plan (the "Plan(s)"), is hereby amended as follows: 1. Effective as of the date signed by both parties,Article 2 is hereby amended to read as follows: Except with respect to its offering a Contracted Service that delivers investment and savings advice to Plan participants as described in Schedule A, it is intended that the Contracted Services be ministerial in nature and that nothing in this Agreement should be construed as granting any discretionary authority or discretionary responsibility to TIAA with respect to the Plan(s),the Participants, or the investments under the Plan(s). The power to determine which funding options are made available to Participants under the Plan(s) (as listed in Schedule B of this Agreement) is reserved to the Employer and fiduciary(ies) of the Plan(s). The City and fiduciary(ies) of the Plan(s), in their sole discretion, shall select such funding options from the funding options that TIAA makes available on its recordkeeping platform. TIAA shall have no responsibility for the selection of funding options under the Plan(s) and shall not render investment advice to any person in connection with the selection of such options. 2. Effective as of the date signed by both parties,Section 11.3 is hereby amended to read as follows: 11.3 Subject to the express written consent of the City, TIAA shall have the non-exclusive and non-transferable right to use the name of the City solely in connection with rendering Contracted Services. Any material, including electronic,print, or other media, in which the City's name may be used shall be submitted to the City in hard copy or electronic copy for review and approval prior to use by TIAA. Notwithstanding the foregoing or any other provision of Section 11, the City(i) agrees that TIAA may include the names of the City and the Plan(s) in any material or presentation that is specifically prepared and Client ID:065299 Pagel of 5 a T1AA ,., CREF Financial Services used in connection with a process relating to a request for proposal or procurement solicitation from a non-for-profit or governmental entity("RFP-Related Disclosure"), and (ii) acknowledges that no prior review or approval is required in connection with such RFP-Related Disclosure. For the avoidance of doubt, none of a general solicitation, advertising, or press release shall constitute RFP-Related Disclosure. Upon termination of this Agreement,TIAA agrees to immediately discontinue use of the City name. 3. Effective as of the date signed by both parties,Item number 3 of Schedule A(List of Services) is hereby amended to read as follows: TIAA shall arrange for contributions to and investments in a participant's account to be allocated to the mutual funds under a Plan, in TIAA-CREF annuity contracts available under a Plan, or in a TIAA-CREF Brokerage Account as described in Schedule B,as directed by the participant or the participant's beneficiary in the event of the participant's death. The mutual funds, other funds,TIAA-CREF annuity contracts, and TIAA-CREF Brokerage Account chosen for the Plans are set forth in Schedule B. All contributions shall be allocated among such options in accordance with the most recent valid instructions. Transfers among plan funding options shall be made pursuant to the instructions of the participant or beneficiary in accordance with the terms of the Plans but subject to any restrictions in the applicable mutual fund,brokerage agreement,or TIAA-CREF annuity contract. TIAA shall provide to the participant or beneficiary all of the forms necessary to enable him or her to allocate contributions or transfer amounts among the Plan funding options. TIAA reserves the right,in its sole discretion,to amend or delete funding options that are offered on TIAA's recordkeeping platform and made available to plan sponsors. If such amendment or deletion would affect a funding option set forth in Schedule B TIAA reserves the right, in its sole discretion,to amend or delete funding options that are offered on TIAA's recordkeeping platform and made available to plan sponsors which shall include,if applicable,the addition or deletion of one or more of the TIAA-CREF Lifecycle or Lifecycle Index Funds.,TIAA shall provide the City Notice of such amendment or deletion at least ninety(90)days prior to such action or,if there are exigent circumstances beyond the control of TIAA(including,but not limited to, a change initiated by a fund company), as soon as administratively practicable following notice to TIAA by the fund company. The City or fiduciary(ies)of the Plan may, in their sole discretion,select another funding option from TIAA's recordkeeping platform to replace the deleted or amended funding option. To the extent permitted by such funding option, amounts in a deleted or amended funding option will be transferred to a funding option directed by the City or the fiduciary(ies)of the Plan(s)or,at the election of the City or fiduciary(ies)of the Plan(s),shall remain in the deleted or amended funding option. TIAA shall work with the City to amend Schedule B of this Agreement and transition to the new or amended funding option directed by the City or the fiduciary(ies)of the Plans. In the event that the City or the fiduciary(ies)of the Plan(s)fail to provide TIAA with instructions,and such City or fiduciary(ies)of the Plan(s)have not selected another funding Client ID:065299 IT] Page 2 of 5 TIAA CREF Financial Services option from TIAA's recordkeeping platform,amounts in a deleted or amended funding option will be transferred to the Plan's current default fund until TIAA receives such instructions. In connection with plan administration matters, including but not limited to the correction of errors relating to the remittance of a contribution or a change of plan custodian,the City may, in its sole discretion,take any or all of the following actions with respect to participant's account(a) instruct and direct TIAA-CREF and/or Custodian to liquidate securities, (b)terminate account and (c)transfer assets in participant account to another institution, all without participant's consent. 4. Effective as of November 24,2015, Schedule B is hereby amended to read as follows: SCHEDULE B Plan Funding Options TIAA-CREF Mutual Funds The annual 12b-1 fee that TIAA shall receive for services rendered for the TIAA-CREF Mutual Funds listed below is 0 basis points. FUND NAME SHARE CLASS TICKER TIAA-CREF International Equity Index Fund Institutional Class TCIEX TIAA-CREF Lifecycle Retirement Income Fund Institutional Class TLRIX TIAA-CREF Lifecycle Funds': TIAA-CREF Lifecycle 2010 Fund Institutional Class TCTIX TIAA-CREF Lifecycle 2015 Fund Institutional Class TCNIX TIAA-CREF Lifecycle 2020 Fund Institutional Class TCWIX TIAA-CREF Lifecycle 2025 Fund Institutional Class TCYIX TIAA-CREF Lifecycle 2030 Fund Institutional Class TCRIX TIAA-CREF Lifecycle 2035 Fund Institutional Class MIX TIAA-CREF Lifecycle 2040 Fund Institutional Class TCOIX TIAA-CREF Lifecycle 2045 Fund Institutional Class TTFIX TIAA-CREF Lifecycle 2050 Fund Institutional Class TFTIX TIAA-CREF Lifecycle 2055 Fund Institutional Class TTRIX 1 The actual Lifecycle Funds currently available as funding options under the Plans are detailed in Schedule B of this Agreement. TIAA will deem Schedule B to this Agreement to be amended to include a new Lifecycle Fund when a new Lifecycle Fund becomes available and is subsequently approved by the City to be added as a funding option under the Plans. Any additional funds,that are not part of the Lifecycle family of funds,will need a signed and executed Amendment to the Record Keeping Agreement prior to being added as a funding option under the Plans. Client ID:065299 vl.l Page 3 of 5 CREF Financial Services Non-Proprietary Mutual Funds American Funds New Economy R4 RNGEX The annual 12b-I and revenue sharing TIAA shall receive for services rendered is 35 basis points. American Funds SMALLCAP World R4 RSLEX The annual 12b-1 and revenue sharing TMA shall receive for services rendered is 35 basis points. B1ackRock High Yield Bond Instl BHYIX The annual 12b-I and revenue sharing TIAA shall receive for services rendered is 15 basis points. DFA Emerging Markets Small Cap I DEMSX The annual 12b-1 and revenue sharing TIAA shall receive for services rendered is 0 basis points. DFA Real Estate Securities I DFREX The annual 12b-1 and revenue sharing TIAA shall receive for services rendered is 0 basis points. Goldman Sachs Small Cap Value Instl GSSIX The annual 12b-I and revenue sharing TIAA shall receive for services rendered is 10 basis points. Harbor International Administrative HRINX The annual 12b-1 and revenue sharing TIAA shall receive for services rendered is 25 basis points. Invesco Diversified Dividend R5 DDFIX The annual 12b-1 and revenue sharing TIAA shall receive for services rendered is 35 basis points. Metropolitan West Total Return Bond I MWTIX The annual 12b-1 and revenue sharing TIAA shall receive for services rendered is 10 basis points. Scout Mid Cap UMBMX The annual 12b-I and revenue sharing TIAA shall receive for services rendered is 35 basis points. Templeton Global Bond Adv TGBAX The annual 12b-1 and revenue sharing TIAA shall receive for services rendered is 25 basis points. Vanguard Institutional Index I VINIX The annual 12b-1 and revenue sharing TIAA shall receive for services rendered is 0 basis points. Vanguard Mid Cap Index Adm VIMAX The annual 12b-1 and revenue sharing TIAA shall receive for services rendered is 0 basis points. Vanguard Small Cap Index Adm VSMAX The annual 12b-1 and revenue sharing TIAA shall receive for services rendered is 0 basis points. Vanguard Total Bond Market Index Adm VBTLX The annual 12b-1 and revenue sharing TIAA shall receive for services rendered is 0 basis points. Collective Investment Trust ICMA PLUS Fund R9 ICMB# The annual l2b-1 and revenue sharing TIAA shall receive for services rendered is 3 basis points. TIAA-CREF BrokeraLye Account Notwithstanding any other provision of the Agreement to which this Schedule is attached to the contrary,the following provisions shall apply to the TIAA-CREF Brokerage Account. If so directed by the City and subject to TIAA's acceptance of a properly executed TIAA-CREF Retirement Plan Self-Directed Brokerage Account Application of a Plan participant or Beneficiary,all or a portion of the assets of the accounts of a Plan shall be segregated into individual TIAA-CREF Brokerage Accounts established for the benefit of Plan participants and Beneficiaries.Pursuant to the terms of the applicable Plan,each participant or Beneficiary shall have the power to Client ID:065299 IT] Page 4 of 5 L F Financial Services direct the investment and reinvestment of assets in the TIAA-CREF Brokerage Account established for his or her benefit,subject to such administrative rules and procedures as TIAA may establish. Pursuant to the terms of the applicable Plan,participants and Beneficiaries shall provide instructions regarding the investment of the TIAA-CREF Brokerage Account directly to the broker appointed for purposes of executing transactions under the account. For 403(b)Plans,investments in the TIAA-CREF Brokerage Account shall be limited to mutual funds in accordance with Internal Revenue Code Section 403(b)(7). Teachers Insuranc and Annuity Association of America Date: Print Name: Title _ ' City of Fort Worth By: On / Date: 1®-'2o°115 Print Name: LgV)0'4X. Title: ate' 1 " APPROVED AS TO FORM AND LEGALITY: err ATTCnN OR r I-FIETA IN worK1,114 it ,I n Client ID:065299 vl.l Page 5 of 5