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Agmt 2004 Hartford Life Insurance Company
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Agmt 2004 Hartford Life Insurance Company
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8/12/2009 10:38:08 AM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Agreement
Document Date (6)
3/18/2004
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PERM
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Reso 2004-029
(Approved by)
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\City Clerk\City Council\Resolutions\2004
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deemed accepted try the Emplv,~er. Nolwithstandmg the <br />foregoing, it is expressly understood ttmt, where required by law, <br />this Agreement may be amended bl I-~rtford life upon written <br />nbtice without the carserrt of the Employer. <br />Y2P1711112tIC <br />121 This Agresmerrt may be terminated without airy further <br />IiabAity of either party for airy obliga5on maturing subsequent to <br />the date of such termination, upon W days writlen notice to the <br />other patty. <br />122 Withrtr 9D days of termination of th~ Agreement, Hartford <br />Life shall delver to the Plan Sponsor arty r~rorts required by this <br />Agreement which (rave rwtalr~dy been provided. <br />12.3 Ths Agreement is contingent upon the existence of an <br />Investment Artangemertl. For the purposes of this Agreement, <br />the Iraestmerd Araangemeni shay remain in effect through <br />February 28, 2009, unless diskxm5nued prior to that date. If the <br />Invesbnorrt Arrangement a dstxxrtinuad, this Agreement <br />automaficatly terminates as of the date the Investment <br />Arangement 's discon5nued. Discon5nuar~e of the Investment <br />Artangement wit not affect airy obligatron of Hartford Life under <br />Section 5.0 of this Agreement to ParScipants who have became <br />entitled to payments under the Irvestment Arangement and the <br />Plan priorto such discon5nkmnce. <br />124 For purposes of this SecSon 12, Hartford life shatl perform <br />certain func5ons which indude, but are mat limited to: <br />a) upon r~eipt of written notice #o Hartford Life that the <br />Inve; tmerrt Arrangem~t ~ being dscar5nued, Hertfoni Life <br />wiR produce a D'scontinuance Quote within 10 business <br />~: <br />b1 Hertford Life wid schedule .the liquidation of assets at the <br />close of business (4:00 PM Eastern Time) an the date <br />identified by the Plan Sporrsor in the Dscorrfinuance Quote, <br />and agreed fi by Hartford Life; <br />c) all assess wig be wired to the accep5ng ins5hr5on by 4:OD <br />PM Eastern Time on the fdlowing business day. A p~n- <br />level balance breakdown may also be provided to the <br />akx~pting institution upon request; <br />dj no later than five business days follovring the wire date, <br />Hartford Life will provide deM~iled electronic par5dpant-laud <br />financial data to the accep5ng institution. <br />1 • rr <br />13.1 The responsibitity of Hartford life is trotted to the terms of <br />ths Agreement Nothing in ths Agreement shall be construed to <br />make Fartford life responsible for the Plan or Plan Trust or to <br />confer responstl~ilities upon Hartford Life exc~t for arose <br />expressly provided for in ths Agreement. Ttm: Plan Sponsor <br />agrees and adarowledges that no discretionary resparsixliiy s <br />hereby conferred upon or assumed by liartfnrd Life under this <br />Agreement The Plan Sponsor hereiry acknowledges that <br />Hartford Life does not agree, pursuant to the Agreement a <br />otherwise, io provide tax, legal, or investment advice. . <br />13.2 Hartford Lrfe shall perform its obligations hereunder ~ <br />agent for the Plan Sponsor and only in accordance wrtt <br />irrstructiors recenred from those persons authorized to act a <br />behalf ~ the Plan Sponsor as specfied to Hartford life in wri5ng. <br />13.3 The Plan Sponsor understands that all services performed <br />and reports prepared pursuant to this Agreement wit be based <br />on information provided by the Plan Sponsor and that Hartford <br />Life shall incur no 5abiily end r~porrslbiliy for the performarxe <br />of such serve and prepara5on of such reports un~ and unless <br />such informafion as Hartford Ltle shall request is provided. <br />Hartford Life shall be entitled io rely on the information srtbmitled <br />~ io eccuraky and canpleteness and assume no oblgfation or <br />duty to verify such infama5on. The Plan Sponsor understands <br />that a5 services performed and reports prepared pursuant to the <br />Agreement wit be in satsfac5on of this Agreemer, Whore the <br />hrforna5on provided to Hartford life by the Plan Sponsor was <br />incortect, and where services previously provided, based ar <br />sk~h incorrect mforna5on, must be per(omred again, Hartford <br />Life reserves the right to charge additior>el fees. Hartford Lie <br />shall have no responsibility or IiabTity for airy prar, inadequacy, <br />or omission wh~h results from inacciaate infortna5on, data <br />documerr>s or other records provided to Hartford Life. The <br />performance of obligations hereunder s srrbjed to force majeure <br />and is excused by frees, power faaures, strikes, ads of God, <br />restric5ons imposed by government, or delays beyond the cordrd <br />of the delayed party. <br />13.4 Plan Sponsor hereby agrees that Flartford Life, its of5cas, <br />empbyees, hookers, registered representalves, yerxiors and <br />professional advisors (such as attorneys, aa~untants and <br />actuaries) may use and dsdose Pmn and Partic~ant irrformetian <br />Doty to made or assist it in the performance of its duties <br />hereunder and with other Pfan .related ac5vities and- <br />eulhor¢es Hertford life to disdose Plan and PerGcipant <br />informaton to the Plan's agent of reckxd on file with Hartford Life. <br />Plan and Participant information m~ also be used or disdosed <br />by Hartford Life to other third parses pursuant to a written <br />akrthorizadion signed by the Plan Sponsor. Notwithstanding <br />anything to the contrary contained herein, tl is expressly <br />understood that Hartford Life retains the right to tse arty and a0 <br />information in its possession in connec5on with tls defense <br />and/or prosecution of any titi~tion which may arise in connec5on <br />with' ths Agreement, the Investment Arrangement funding the <br />Plan, or the Plan. <br />13.5 Where information needed to perform serves under this <br />Agreement is not received in good order, the Phn 5pansa <br />457 A5A - 01-03 <br />
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