HomeMy WebLinkAboutHartford Insurance Company I~J.IZABETH A. NE~r~.I.~
TOW~ CLERK
REGISTRA_R OF ~f~TAL STA~STICS
~L~GE OFFICER
RECORDS MANAGEMENT OFFICER
FREEDOM OF INFOP~TION OFFICER
Town Hail, 53095 Main Road
P.O. Box 1179
Southold, New York 11971
Fax (631) 765-6145
Telephone (631) 765-1800
southaidtown.nor thfork.net
OFFICE OF THI~, TOWN CLERK
TOWN OF SOUTHOLD
THIS IS TO CERTIFY THAT THE FOLLOWING RESOLUTION NO. 809 OF 2003
WAS ADOPTED AT THE REGULAR MEETING OF THE SOUTHOLD TOWN BOARD
ON DECEMBER 16, 2003:
RESOLVED that the Town Board 0£ the Town o£ Southold hereby authorizes and directs
Suocrvisor Joshua Y. Horton to execute an Administrative Services A~reement and
Amendment with Hartford Insurance Comoanv £or administrative services relating to the
Town of Southold's Deferred Compensation Plan, both agreements subject to the approval of the
Town Attorney.
Elizabeth A. Neville
Southold Town Clerk
December 22, 2003
Dear Plan Sponsor:
Please find enclosed a fully executed Administrative Services Agreement for your deferred compensation plan
with The Hartford. This is in response to the enhancements made to your plan. Please do not hesitate to contact
us with any questions or concerns.
Sincerely,
The Hartford Life Insurance Company
Securities Offered Through Hartford Equity Sales Compm~y, Inc.
200 Hopraeadow Street, Simsbt~ry, CT 06089 1-800-528-9009
Hartford Hffe Insurance Companies
200 Hopmeadow Street
Simsbury, CT 06089
Mailing Address: P.O. Box 2999
Hartford, CT 06104-2999,
ET.TT,~BETH A. NEVILLE
TOWN CLEIIK
REGISTRAR OF VITAL STATISTIC8
MARRIAGE OFFICER
RECORDS 1ViA~AGEMENT OFFICER
FREEDOM OF INFORIVIATION OFFICER
Town Hail, 53095 Main Road
P.O. Box 1179
Southold, New York 11971
Fax (631) 765-6145
Telephone (631) 765-1800
southoldtown.northfork.net
OFFICE OF THE TOWN CLERK
TOWN OF SOUTHOLD
December 19, 2004
Debra DeNovellis, Assistant Vice-President
Investment Products Division
Hartford Life Insurance Company
Post Office Box 1583
Hartford, Connecticut 06144-1583
Dear Ms. DeNovellis:
The Southold Town Board at their regular meeting held on December 16, 2003 adopted
resolution number 809 authorizing the agreement for the Administration and Amendment with
the Hartford Insurance Company of the Town of Southold Deferred Compensation Plan. A
certified copy of this resolution is enclosed, together with t~vo (2) copies of the agreement.
Please sign both copies, retain one for your files and return the "Town Copy" to my office.
Thank you.
Very truly yours,
Elizabeth A. Nevi le~
Southold Town Clerk
Enclosures (3)
cc: Town Attorney
Town Comptroller
Administrative Services Agreement
To be signed by Plan Sponsor
TOWN COPY
Group Number 30013
(assigned by Hartford Life)
Hartford Life
Hartford Life Insurance Company
P.O. Box 1583
Hartford, CT 06144-1583
Agreement
1.1 This Administrative Services Agreement (hereinafter the
"Agreemen¢') is made and entered into by and between the Plan
Sponsor and Hartford Life Insurance Company, a Connecticut
corporation (hereinafter "Hartford Life"). It is hereby represented
by the Plan Sponsor that the Plan Sponsor has authority to act for
the Plan and to contract for services on behalf of the Plan.
'1.2 The purpose of this Agreement is to fadlitate the maintenance
of Individual Accounts and the administration of the Plan with
respect to those Investment Options offered by Hartford Life and
authorized by the Plan Sponsor as it pertains to accounting for
contributions, benefit payments, the withholding of taxes from
such benefit payments, and the proper reporting to Panticipants,
annuitants, and governmental agencies. The Plan Sponsor
represents that dudng the term of this Agreement, and with
respect to the services to be provided by Hartrerd Life under this
Agreement, that Hartford Life shall be the exclusive provider of
such services to the Plan.
1.3 Unless expressly provided otherwise, the services rendered
by Hartford Life pursuant to this Agreement sh~ll be performed at
no addtiJonal cost to the Plan Sponsor. Upon !he request of the
Plan Sponsor, Hartford Life will make a reasonable attempt to
secure appropriate services, other than those provided under this
Agreement, from other sources with any and alllagreed upon fees
charged back to the Plan Sponsor.
"Employer" means
Town of Southold;
"Individual Account" means that portion of the Plan's assets in
an Investment Arrangement which is held for the benefit of a
Participant pursuant to the terms of the Plan;
"Investment Arrangement" means the arrangement(s) between
the Plan Sponsor or Trustee and Hartford Life to fund the Plan;
"Investment Option" means any investment provided under one
or more Investment Arrangements;
"Participant" means an employee (or former employee) of the
Plan Sponsor participating in the Plan and for whom an account
under the Plan is maintained;
"Plan" means Town of Southold DCP, a plan established
and maintained in accordance with the provisions of Code
Section 457;
"Plan Sponsor" means the Employer and its designated
representative;
"Plan Sponsor Contact" means
Name and/or Title Mr. John Cushman
Town Comptroller
Address P.O. Box 1179
City, State, Zip Southold, NY 11971
1.4 This Agreement is subject to the terms of the Plan and
Subtitle II of the Rules and Regulations of the New York State
Deferred Compensation Board (the "Regulations") and that such
Plan and Regulations are made a part hem0f. It is hereby
recognized that, under this Agreement, Hartford Life serves as an
Administrative Service Agency as that term is defined under the
Regulations.
Definitions
2.1 As used herein, the following words and ~hrases have the
meanings set forth as in this Section, unless this Agreement
expressly provides otherwise:
"Code" means the Internal Revenue Code of '1986, as amended,
including any regulations or rulings thereunder;
457 ASA NY- 01-01
"Trust" means the trust and custodial accounts maintained by
the Trustee under the Plan's trust agreement;
"Trustee" means the trustee(s) named in the Plan's trust
agreement, if any.
Participant Individual
Services
3.1 Hartford Life wilt establish an Individual Account for each
Participant, benefidary, or alternate payee under a Plan approved
domestic relations order. For each such account, Hartford Life
will record and maintain the following information:
(a) name;
(b) serial secudty number;
Page 1 of 6
(c)
(d)
(e)
(f)
(g)
(h)
mailthg address;
date of birth;
current investment allocation direction;
contributions allocated and invested;
investment transfers;
benefit payments.
To establish an Individual Account for an employee, the Plan
Sponsor, after determining such employee's ;eligibility under the
Plan, must provide Hartford Life with an application. To establish
an Individual Account for an alternate payee,i Hartford Life must
be provided: a copy of the coud approved domestic relations
order; a letter from the Plan Sponsor appreving the establishment
of the Individual Account which shall include ~pedfic instructions
on the disposition of the amount in question ~nd the investment
rights of the alternate payee under the Plan; and an application
for the alternate payee. To establish an Individual Account for a
beneficiary, Hartford Life must be provided a Certified copy of the
death certificate of the Participant and an iapplication for the
beneficiary.
3.2 Hartford Life will provide a toll free telephone service, or voice
response unit (VRU), that enables each ~[an Participant to
perform certain functions which include, but are not limited to:
a)
redirecting the investment of future contributions among
the investment Options;
b)
transferring amounts held in the Padicipant's Individual
Account among the Investment Options;
c)
obtaining the Participant's Individual Account balance in
total and on an investment fund ba¢is for the previous
valuation day; and
d)
obtaining the accumulation unit value/price far the
previous valuation day for each bf the Investment
Options.
Hartford Life will provide customer representatives to support the
utilization of the VRU during normal business hours. Hartford Life
may also provide these enumerated services and features
through an thfornet site(s) available to Plan Pa~cipants. Hartford
Life wilt record all activity of the VRU and Internet site(s) in
accordance with generally accepted record, retention practices.
Hartford Lifo will operate its VRU and thtemet services in
accordance with reasonable previsions to ensura the security of
such services. The VRU and Intemet site(s) maY occasionally be
unavailable to accommodate system maintenance.
Contributions
4.1 The Plan Sponsor shall determine, arrange for, and supply,
directly to Hartford LifeI
or its designee, cash proceeds
representing Contributions to the Ran and all Cata necessary to
propedy atiocate Contributions, Re cash add allocation data
submitted to Hartford Life must be in "good order." Good order
457 ASA NY- 01-01
means that the allocation data submitted by the Plan Sponsor to
Hartford Life reconciles with both the cash remitted to Hartford
Life and the Participant Accounts on record with Hartford Life.
Good order also means that cash and allocation data are
submitted electronically in a layout and format mutually agreed to
by both Hartford Life and the Plan Sponsor. For transactions that
are not in good order, Hartford Life shall return the cash to the
Plan Sponsor within 5 business days, unless directed otherwise.
Hadford Life is not responsible for collecting any Contributions
that may be due to the Plan but are not deposited with Hartford
Life.
4.2 Contributions to the Plan will be allocated among each
Participant's Individual Account, according to the instructions filed
with Hartford Life by the Plan Sponsor, subject to the terms of the
Plan. Conbibutions will be invested among the Investment
Options under the Investment Arrangement in accordance with
the terms of the Investment Arrangement and the most current
investment direction on tile at Hartford Life. Transactions are
valued as of the dose of regular trading on the New York Stock
Exchange (usually 4 p.m. Eastern time) on each day the
Exchange is open. Cectdbutions and allocation data received in
good order before the close of the New York Stock Exchange are
considered part of that day's receipts. Contributions and
allocation data received in good order after the dose of the New
York Stock Exchange will be considered part of the next day's
receipts. Where the terms of the Investment Arrangement and
this paragraph conflict, the terms of the Investment Arrangement
will govern.
4.3 Data for processing will be submitted to Hartford Life via a
medium and format mutually agreed to by both Hartford Life and
the Plan Sponsor.
4.4 Any amounts contributed in error by the Plan Sponsor to the
Plan shall be returned to the Plan Sponsor within seven business
days of the receipt of a written notice from the Plan Sponsor to
Hartford Life which establishes the error, the amount of such error
and the intended disposition of such error.
4.5 For purposes of this Section 4.0, the term "Contributions" shall
include amounts under the Plan transfemed to the Investment
Options from other Plan funding vehicles.
Benefit Payments
5.1 The Plan Sponsor shall notify Hartford Life in writing of each
Participant, beneficiary, or attemate payee the Plan Sponsor has
determined is entitled to receive benefit payments under the
terms of the Plan. Such notice shah instruct as to the form of
benefit payment. For purposes of this Section 5, the term
Participant shall include beneficiaries and alternate payees as
applicable.
Page 2 of 6
5.2 Pursuant to any notice received at Section 5.1, Hartford Life
· shall issue benefit payments to each Participant from the
Participant's Individual Account.
5.3 To the extent required by federal and state law, Hartford Life
will calculate and withhold from each benefit payment federal and
state income taxes. Hartford Life will report Such withholding to
the federal government and state govemmentl with a copy to the
Plan Sponsor. All income taxes, so withheld, will be remitted by
Hartford Life to the appropriate federal and state tax authorities
within the time prescribed by federal and state law.
5.4 Hartford Life shall furnish to each Parti~pant who has
received a benefit payment tax reporting form(s) in the manner
and time prescribed by federal and state lawl Each Participant
remains solely responsibte for any tax tiabitity incurred as a result
of such benefit payment.
Financial Records
6.1 Hartford Life shall establish and maintain financial records for
the purposes of this Agreement in accordance with generally
accepted accounting practices and procedures Which include:
a)
a record of all notifications from the Plan Sponsor
concerning Participants who are to receive benefit
payments per Section 5.0 of this Agreement;
b)
c)
statements of gross benefit payments under Section 5.0
of this Agreement;
statements of all federal and state income taxes
withheld under Section 5.3 of this Agreement;
d)
records of all income tax withholding reports as filed
with the federal government and state government(s)
on behalf of the Plan Sponsor;
a) records of all transacfions withih the Individual
Accounts.
['.0 Individual Participant Reports
7.`1 Hartford Life shall mai[ directly to each PartiCipant (beneficiary
or alternate payee as applicable) at the addression file:
a) with each benefit check, a statement of gross benefit
payment made under Secfion 5.0 of this Agreement,
including the amount of federal and state taxes withheld
and the net amount paid;
b)
a eenfirmation of investment fund transfers, allocation
changes, name and address changes within one (1)
business day of such activity;
457 ASANY- 01-0I
c)
a statement of accounts summarizing all financial
acfivity for each calendar quarter within ten (10)
business days of such quarter end.
8.1 Hartford Life shall furnish to the Plan Sponsor:
a)
a monthly report containing a statement of each and
every periodic benefit payment made under Section 5.0
of this Agreement which includes the amount of federal
and at, re taxes withheld pursuant to Section 5.3;
b)
for each calendar quarter, a report including all
conthbution, investment, and benefit payment activity
which occurred dudng the calendar quarter, as well as
calendar quarter beginning and ending account values,
including gains or losses for the calendar quarter;
c)
data or information to enable the Plan to determine
assets and earnings in connection with requirements of
the Government Accounfing Standards Board to meet
Comprehensive Annual Financial Report (CAFR)
requirements.
8.2 If requested by the Plan Sponsor, Hartford Life will provide
copies of reports previously provided to the Plan Sponsor.
Hartford Life reserves the right to charge a fee for such copies.
8.3 Where Al[first Trust Company has been appointed by the Plan
Sponsor as Trustee for the Plan, Hartford Ufe will report to the
Trustee each month the total value of the assets of the Plan held.
In addition, the reports described in Section 8.1 are delivered by
Hartford Life to the Plan Sponsor on behalf of the Trustee.
Other Services
9.'1 Hartford Life shall prepare and mail to the Plan Sponsor
topical updates regarding legislative and regulatory changes
affecting the Plan. The Plan Sponsor agrees and acknowledges
that such updates are informafional only and do not constitute tax,
legal, or investment advice.
9.2 Hartford Life shall assist in the completion of enrollment forms
for eligible employees who elect to pertidpate in the Plan.
Hartford Life shall provide informational and promotional material
regarding the Plan for distribution to employees. The Plan
Sponsor agrees to allow and facilitate the periodic distribution of
such material to employees.
9.3 Hartford Life shall conduct or arrange to have conducted
group presentations to explain the Plan to employees. The Plan
Sponsor agrees to facilitate the scheduling of such presentations
and to provide facilities at which satisfactory attendance can be
expected. Hartford Life agrees that a sufficient number of
Page 3 of 6
qualified personnel shall be made available to discuss the Plan
with individual Participants.
9.4 Hartford Life representatives shall provide, in a manner
consistent with insurance and securities law, information to help
each employee undemtand the various Iqvestment Options
approved by the Plan Sponsor.
9.5 Forms and materials required to maintain Pa~cipant and Plan
level records for the Plan shall be provided at no additional cost to
the Plan Sponsor.
9.6 All persons and companies authorized to offer investments
under the Plan must be duly licensed by the e~plicable state and
federal regulatory agencies. All Hartford Life p~reannel that have
contact with employees, other than of a routine administrative
nature, will have any necessary state insurancle licenses and will
be registered with the NASD, to the extent reguired by law, and
wii[ be trained, licensed, and supervised wi~h respect to the
conduct ng of the r business activities hereund4r.
9.7 Hartford Life shall assist each Participant ~@ calculating iris or
her deferral limitation under applicable law, he!p to reconcile any
account discrepancies, and provide informatipn to explain the
procedures of the Plan~
9.8 Upon request by any Participant in the Plan, a representative
shall provide information about the variou~ payout options
available under the Plan, shall provide an annuity or installment
payment illustration and shall help the Participant complete the
necessary application and other forms in lorder to receive
payment.
Records Management
10.1 Except as othe~ise provided herein, ~artferd Life shall
retain all financial records and supporting documents,
correspondence and other written materials Ipertaining to the
investment Options, the Plan and all federal ~nd state income
taxes withheld for three years following the date of termination of
this Agreement, or, if later, the time prescribed bY federal law, but
only with respect to those items to which i the law applies.
Hartford Life may retain such records and documents on
microfilm, microtiche, optical storage, or any 4ther process that
accurately reproduces or forms a curable medidm for reproducing
the original. The Plan Sponsor has the right ~o make dup[icata
copies at Plan Sponsor's expense.
10.2 If an audit of the Plan has begun, b0t has not been
completed at the end of the three-year period, ~r if audit findings
have not been resolved at the end of the three-year pedod,
Hartford Ufe shall retain the records descdbed in Section 10.1
until the audit findings are resolved.
t0.3 If, for any reason, Hartferd Life ceases o~eretions prior to
the expiration of the records retention period required by this
section, all records described in Section 10.1 shall, upon request
of the Plan Sponsor, he made available to the Plan Sponsor.
10.4 Upon reasonable wdtfen request and during normal
business hours, Harfford Life shall allow the Plan Sponsor full and
complete access to all records required to be retained by Hartford
Life.
10.5 The Plan Sponsor shall have the dght upon reasonable
written notice, exercised directly or through its independent
auditors, to examine and audit Hartford Life's records to
determine Hartford Life's compliance with the terms and
conditions herein.
10.6 The Plan Sponsor acknowledges that Hadford Life is not
responsible for auditing Plan Sponsor records or data for the
Plan.
Amendment
11,1 The Agreement may be amended by Hartrtord Life by
providing 90 days wdttan notice of the amendment to the Plan
Sponsor. If the Plan Sponsor does not terminate this Agreement
in the manner set forth in Section 12.0, the amendment shall be
deemed accepted by the Plan Sponsor upon expiration of said
notice.
Termination
12.1 This Agreement may be terminated without any further
liability of either party for any obligation matudng subsequent to
the date of such termination, upon 90 days wdtten notice to the
other party.
12.2 Within 90 days of termination of this Agreement, Hartford
Life shall deliver to the Plan Sponsor any reports required by this
Agreement which have not already been provided.
12.3 This Agreement is contingent upon the existence of an
investment Arrangement. If the Investment Arrangement is
discontinued, this Agreement automatically terminates as of the
date the Investment Arrangement is discontinued.
Discontinuance of the Investment Arrangement will not affect any
ob[igatian of Hartford Life under Section 5.0 of this Agreement to
Participants who have become entitled to payments under the
Investment Arrangement and the Plan prior to such
discontinuance.
· General Provisions
t3,1 The responsibility of Hartford Life is limited to the terms of
this Agreement. Nothing in this Agreement shall be construed to
make Hartford Life responsible for the Plan or Plan Trust or to
confer respansibilities upon Hartford Life except for those
expressly provided for in this Agreement. The Plan Sponsor
457 ASA NY- 0i-0I
Page 4 of 6
agrees and acknowledges that no discretionary responsibility is
hereby conferred upon or assumed by Hartford Life under this
Agreement. The Plan Sponsor hereby acknowledges that
Hartford Life does not agree, pursuant to this Agreement or
otherwise, to provide tax, legal, or investment advice.
13.2 Hartford Life shall perform its obligations hereunder as agent
for the Plan Sponsor and only in accordance with instructions
received from those persons authorized to act on behalf of the
Plan Sponsor as specified to Hartford bta ~n wr!tmg.
13.3 The Plan Sponsor understands that all services performed
and reports prepared pursuant to this Agreement will be based on
information provided by the Plan Sponsor and that Hartford Life
shall incur no liability and responsibility for the performance of
such services and preparation of such reports until and unless
such information as Hartford Life shall request is provided.
Hartford Life shall be entitled to rely on Be information submitted
as to accuracy and completeness and assume no obligation or
duty to verity such information. The Plan Sponsor understands
that all services performed and reports prepared pursuant to this
Agreement will be in satisfaction of this Agreement. Where the
information provided to Hartford Life by the Plan Sponsor was
incorrect, and where services previously provided, based on such
incorrect information, must be performed again, Hartford Life
reserves the right to charge additional fees. 'Hartford Life shall
have no responsibility or liability for any error, inadequacy, or
omission which results from inaccurate Information, data
documents or other records provided to Hartford Life. The
performance of obligations hereunder is subject to force majeure
and is excused by fires, power failures, strikes, acts of God,
restrictions imposed by government, or delays beyond the control
of the delayed party.
13,4 Plan Sponsor hereby agrees that Hadford Ufe, its officers,
employees, brokers, registered representatives, vendors and
professional advisors (such as attorneys, accountants and
actuaries) may use and disclose Plan and Participant information
only to enable or assist it in the performance of its duties
hereunder and with other Plan related activities and expressly
authodzee Hartford Life to disclose Plan and PadJcipant
information to the Plan's agent and/or broker of record on file with
Hartford Life. Plan and Participant information may also be used
or disclosed by Hartford Life to other third padJes pursuant to a
wdtfen authorization signed by the Plan Sponsor.
Notwithstanding anything to the contrary contained herein, it is
expressly understood that Hartford Life retains the right to use
any and all information in its possession in connection with its
defense and/or prosecution of any litigation which may arise in
connection with this Agreement, the Investment Arrangement
funding the Plan, or the Plan.
13.5 Where information needed to perform services under this
Agreement is not received in good order, the Plan Sponsor
authorizes Hartford Life to contact any employee at his or her
home or business address to obtain additional information.
13.6 Hartford Life shall conduct an internal audit from time to time
and shall promptly notify the Plan Sponsor of any material
irregularities that would affect the operation of the Plan.
13.7 Unless otherwise agreed to in wdting by the Plan Sponsor,
neither Hartford Life nor its agents shall use information obtained
under the Plan to directly or indirectly solicit Participants with
respect to any Hartford Life product not a part of the Plan without
the prior consent of the Plan Sponsor. Notwithstanding the
foregoing, nothing in this Agreement shall prohibit Hadford Life
from solicitations undertaken in the ordinary course of Hartford
Life's business using lists obtained fi.om sources other than the
Plan Sponsor.
13.8 The failure of the Plan Sponsor or Hartford Life at any time
to enforce a provision of this Agreement shall in no way constitute
a waiver of the provision, nor in any way affect the validity of this
Agreement or any part hereof, or the right of the Plan Sponsor or
Hartford Uta thereafter to enforce each and every provision
thereof.
13.9 Hartford Life may assign its rights and obligations under this
Agreement to an affiliate or subsidiary company without the
written consent of Plan Sponsor. However, any other assignment
of this Agreement, or any part of it, without the written consent of
the other party shall be void.
13.10 Any notices provided for herein shall be in writing and shall
be delivered personally, or sent by facsimile device, express
delivery or registered or certified United States mail, postage
prepaid, return receipt requested and shall be deemed to have
been given when received by:
a)
the Plan Sponsor Contact as referenced in Section 2.1
of this Agreement and/or to such other persons at such
other addresses which the Plan Sponsor has
designated in writing;
b)
Hartford Life:
Director, Service Center Operations
Retirement Plan Solutions
Hartford Life insurance Company
P.O. Box 2999
Hartford, CT 06104-2999
13.tl Indemnification by the Plan Sponsor - The Plan Sponsor
agrees to indemnify, defend and hold harmless Hartford Ufe, its
subsidiaries, affiliates, officers, directors, employees and agents
from and against any and alt loss, damage or liability assessed
against Hartford Life or incurred by Hartford Life adsing out of or
in connection with any claim, action or suit brought or asserted
against Hartford Life alleging or involving the Plan Sponsor's
negligence or willful misconduct in the performance (or non-
performance) of its services, duties and ob[igatiqns under this
Agreement and/or the Plan; provided that (i) Hartford Life has
notified the Plan Sponsor promptly and in wdting of the claim,
action or suit; (ii) the Plan Sponsor has the right to assume the
457 ASA NY- 01-01
Page 5 of 6
defense of such claim, action or suit with counsel selected by the
Plan Sponsor and to compromise or settle such action, suit or
claim (provided however, that any such compromise or settlement
shall not require action or non-action by Hartford Life without its
prior written consent, which shall not be unreasonably withheld);
and (iii) the Plan Sponsor receives Hartford Life's cooperation, at
the Plan Sponsor's sole cost, in such defense. The provisions of
this Section shall survive any termination of this Agreement.
Indemnification by Hartford Life - Hartford Life agrees to
indemnify, defend and hold harmless the Plan Sponsor, its
off~cers, directoro, employees and agents from and against loss,
damage or liability assessed against the Plan Sponsor or incurred
by the Plan Sponsor arising out of or in connection with any claim,
action or suit brought or asserted against the Plan Sponsor
alleging or involving Hartford Life's negligence or willful
misconduct th the performance (or non-performance) of its
services, duties and obligations under this Agreement; provided
that (i) the Plan Sponsor has notified Hartford Rife promptly and in
writing of the claim, action or suit; (ii) Hadford Life has the right to
assume the defense of such claim, action oi' suit with counsel
selected by Hartford Ufe and to compromise or settle such action,
suit or claim (provided however, that any such compromise or
settlement shall not require action or non-action by the Plan
Sponsor without its pdor wdtten consent, Which shall not be
unreasonably withheld}; and (iii) Hartford Life receives the Plan
Sponsor's cooperation, at Hartford Life's sole cost, in such
defense. The provisions of this Section shall survive any
termination of this Agreement.
t3.12 Notwithstanding anything to the contrery contained heroin,
neither party nor their affiliates shall be liable for indirect, special
or consequential damages. The Plan Sponsor understands and
agrees, on behalf of itself and each Participant, that it is the Plan
Sponsor's and Participants' duty to vedfy the accuracy of the
repods previded to them pureuant to Sections 7 and 8 heroin and
to notify Hartford Life of any errors at our adminisfrative offices
within thirty (30) days of their receipt of such roports. All such
roports shall be binding on the recipients if not objected to within
such thirty (30) day time pedod. Nothing in this Section shall
provent Hartford Life from correcting errers discovered beyond
this timeframe in accordance with its uniformly applied
administrative proeceduros in existence at the time such errer is
discovered. The provisions of this section shall survive any
termination of this Agreement.
13.13 The laws of State of New York shall govern the dghts and
obligations of the parties under this Agreement.
13.14 Any provision of this Agreement which is prohibited or
unenforceable in any jurisdiction shall be ineffective to the extent
such provision is prohibited or unenforceable without invalidating
the remaining provisions, and any such prohibition or
unenforceable provision in any judsdicfion shall not invalidate nor
render unenforceable such provision in af~y other jurisdiction.
13.15 Both the Plan Sponsor and Hartford Life agroe to comply in
all matedal respects with all applicable federal, state, and local
laws and regulations as it affects the Plan and its operation.
Nothing contained herein shati be construed to prohibit either
party from performing any act or not performing any act as either
may be required by statute, court, or other authority having
jurisdiction thereof.
13.16 Two or moro duplicate originals of this Agreement may be
signed by the parties, each of which shall be an original but all of
which together shall constitute one and the same thstmment,
13.17 This Agreement and any wdtten appendices, amendments
and addenda heroto embody the entire Agroement of the parties.
There are no promises, terms, conditions or obligations other than
those contained heroin and this Agreement shall supersede all
previous communications, representations or agreements, either
oral or wdtten, between the padies hereto with respect to this
Agreement.
13.18 This Agroement shall be effective immediately upon
execution by both parties and shall remain in force until
terminated by either party as provided herein.
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be signed,
For the Plan.~onsor
Narr~: .Joshua Y; Horton
For Hartford L4fe In~brance Cempany:¢/
Debra Denovellis, Assistant Vice,resident
Investment Products Division
Date: / ,~//'7/~'~
Title: Supervisor. Town of Southold
457 ASA NY- 01-01
Page 6 of 6
AMENDMENT TO ADMINISTRATIVE SERVICES AGREEMENT
ONLINE INVESTMENT GUIDANCE, RESEARCH AND EDUCATIONAL SERVICES
WHEREAS, Hartford Life Insurance Company (hereinafter "Hartford Life") entered into an Administrative
Services Agreement (hereinafter "Agreement") effective with the
(hereinafter "Plan
Sponsor") to provide certain nondiscrationary recordkeeping, reporting and processing services to the
(hereinafter "Plan") on behalf of the Plan Sponsor; and
WHEREAS, Hartford Life and the Plan Sponsor desire and agree to amend the Agreement;
NOW THEREFORE, the Agreement is hereby amended as set forth herein. This Amendment is attached to
and made a part of the Agreement effective immediately upon execution by both parties. The terms of the
Agreement shall apply herein except as may be otherwise provided by the terms of this Amendment.
A new Section 9~9 is hereby made a part of the Agreement as follows:
'"9.9 Until notified in writing by the Plan Sponsor otherwise, Hartford Life will arrange to make available the
services identified below. Hartford Life has made arrangements for Momingstar Associates, LLC to provide
Momingstar ClearFuture online investment guidance, research and educational services to Plan Participants.
The Momingstar ClearFuture service is accessed through a secure link on the HartfordOnline group
retirement plan website. This online service provides the Plan and its Participants with access to research,
education and asset allocation recommendations only; it does not provide recommendations of specific
investment choices. Through this service, the Plan Sponsor will have access to participant usage statistics
through the Morningstar ClearFuture Sponsor Measurement Module. Momingstar Associates LLC is not
affiliated with Hartford Life. To make this service available, Hartford Life will share with Momingstar
Associates, LLC all necessary Plan and Plan Participant information on record at Hartford Life. If you do not
want us to share information with Morningstar, you must elect below not to have the Momingstar ClearFuture
services made available to the Plan and its Participants. There is no fee for this service. However, Hartford
Life reserves the right to charge a fee for making this service available by amending this Agreement. if so
amended, continued access to Morningstar ClearFuture will require the payment of any applicable fees.
Hartford Life may discontinue making this service available at any time. The Plan Sponsor may discontinue
access to this service at any time by written notice to Hartford Life."
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be signed.
For the Plan Sp.,~sor:
By: ¢ --
Name: / .Joshua ¥. Horton
Date:
Title: Supervisor. Town of $outhold
For Hartford L'Ce In,s~, rance Companv~
Debra DeNoveJlis, Assistant'Vi~e,.;President
Investment Products Division
Date:
ASA Amendment- Guidance
Ver. 01-2003
NYMIR
· Members are contingently liable for any assessment which may be no less
than one or more than ten times the annual premium.
· Not backed by the NY State Guarantee Fund.
· No Stop Loss on General Liability, Police Professional or Auto Liability
claims.
· Members must pay capitalization fees over a two year period and are liable
for thc payment of capitalization fees even if they exit the program.
· Deductible pro,rams do not give any control of claims within the deductible.
Claims are handled by NYMIR and deductible billed to member.
· Complete program with the exception of Boat & Crime.
· Can provide "First Dollar Coverage".
Insurance Coro. ofHannover
· Do not offer "First Dollar Coverage".
· Minimum SIR $50,000 each claim.
· Public Officials & Boat coverages will require a separate policy.
· Provides Umbrella limits to a maximum of $5,000,000.
· Excess Policy required for additional limits up to $10,000,000.
· Can provide crime coverage but only to $500,000.
· Backed by the NY State Guarantee Fund up to $1,000,000 per claim.
· Provides Stop Loss on General Liability, Police Professional & Auto Liability
of $250,000.
· Gives control of claims to the Town for claims within the SIR.
HARCO National Ins.
· Does not offer "First Dollar Coverage".
· Minimum SIR $50,000.
· Umbrella does not provide coverage for Public Officials Liability. Maximum
Public Officials Limit is $5,000,000.
· Property coverages will require a separate policy. Harco doesn't offer
property coverages.
· Public Officials, Umbrella & Boat will require separate policies.
· Provides Stop Loss on General Liability, Police Professional & Auto Liability
of $350,000.
· Backed by the NY State Guarantee Fund up to $1,000,000 per claim.
· Gives control of claims to the Town for claims within the SIR.
August 4, 2004
Town of Southold
Mr. John Cuslmaan
PO Box 1179
53095 Main Rd.
Southold, NY 11971
Re: Trustee Resignation
Group Number: 30013
Dear Mr. Ctuhman:
ltTFOltD
Harlford Life Insurance Company
P.O. Box 1583
Hartford, CT 06144-1583
Enclosed please fred the original signature docmnent of your appointment oflBT as trustee for your plan.
· Thank you for your attention to this matter. Please contact your plan manager if you have any questions.
The Hartford Retirement Plan Services
CC: Mark Gagen
Page 1 of 25
SUCCESSOR TRUSTEE !&GREEMENT
This Successor Trustee Agreement (~'Agreement") is made and entered into as of the 5 day
of April ,2004 ("Effective Date"), by and among the Town of Southold
("Employer") and Investors Bank & Trust Company ('~IBT")
~,¥1tEREAS, the Employer sponsors the Town of Southold Deferred Compensation Plan
("Plan"), a qualified retirement plan under Section 457 of the Internal Revenue Code of 1986, as
amended ("Code");
WItEREAS, the Employer previously entered into a Trust Agreement with
Manufacturers and Traders Trust Company ("M&T Bank"), successor to ~adlfirst Trust Company,
N.A., £q~'a FMB Trust Company N.A., wherein M&T Bank acted as directed trustee for the Plan;
~ttEREAS, the Employer now wishes to appoint IBT as the Successor Tm~ee for the
Plan;
WHEREAS, [BT a~ees to serve as Successor Trustee tbr the Plan as provided herein
and under the terms of the Trust Agreemant;
NOW I'H ~;REFORE, for good and valuable considerat/on, the stttTmiency of which is
hereby ack~xowledged, the PatXies agree as follows:
1. 'As of the Effective Date, the Employer shall remove M&T Bank as mastee of the Plan.
The Employer appoints [BT as Successor Trustee to the Plan, and [BT accepts
appointment as Successor Trustee for the Plan as of the Effective Date.
The Parties agree that [BT shall assume the role of Successor Trustee as provided for
herein and in the Trust Agreement for the Plan as of the Effective Date.
The Parties a~ee that, from and after the Effective Date, [BT shalt have ail n~qts, duftes
and obligations of the Trustee as set forth herein and in the Trust Ageement for the Plan,
the tetras and conch'dons of which are hereby incorporated into and made a part of this
Ageement. IBT agrees, from and after the Effecnve Date, to assume all such rights,
duties and obligations of the Trustee in accordance xvith the terms and conditsons
provided for herein and in the Trust Agreement for the Plan.
The Employer hereby certifies that as of the Effective Date the Plan is a qualified plan
under the Code, and agrees to notify the Trustee ~fit has an), reason to betieve the Plan
has ceased or will cease to be so qualified.
[BT x~-[ll not be liable or responsible for anything done or ormt~ed to be done in the
administration of the Plan's trust ("Trust") before it became Trustee or after st ceases to
be Trustee. The Employer agrees to indemnify and hold taintless IBT for any losses,
liabilities, costs, damages or expenses, including reasonable atturueys' fees and expenses,
whsch [BT may incur or pay out by reason of any alleged or actual action or inaction on
the part of any predecessor or successor mastee of the Trust for the Plan.
In the management of the Trust and to the fullest extent permitted, [BT may employ
agents and delegate to them such ministet4al and limited discretionary duties as the
Trustee shall see fit. As of the Effective Date, ~BT has appointed Hmlford Life Insurance
Company ("Hartford") as the agent to which it h~s delegated certam duties. The
Employer hereby aclmowledges and consents to such delegation of duties between IBT
and Hartford, and further acknowledges that Employer was responsible tbr the selection
and appoinU-neut of HartZbrd as the delegatee/serricing agent fuT the Trustee. The
Employer hereby agrees to hold harmless IBT from and against any loss, liability, cost,
damage or e_rpense, mcluding reasonable attorney's fees, which IBT may incur or pay out
by reason of.' (i) Hartford's performance and exercise of any duties or powers delegated
to them, (ii) Hartford's actions or fmlures to act in accordance x~fith the duties or powers
delegated to them, and (iii) Employer's investment ofplan assets in any investment
vehicle sponsored or made available through Hartford and/or its affiliates_
IN '~VITNESS,WI-~.REOF, the Parties have caused this Agreement to be executed by their duly
authorized representatives as of the date specified above.
The Employer
Joshua Y. Horton
Supervisor
Title
InYestors Bank & Trust Company
8ally G. b'tubbs
C~,~ur ~..; ;iduuiary O~L~er
Investors Bank &Trust Company
Title
April 27, 2005
~o
Town Of Southold
Benefits Manager
Po Box 1179
53095 Main Road
Southold, NY 11971
Re: 30013
Town Of Southold Deferred Compensation Plan
Dear Plan Sponsor:
Hartford Life
The growing concern regarding frequent trading activity within the mutual fund industry has left
many plan sponsors and participants considering the impacts to their retirement program. The
Hartford understands and appreciates these concerns.
Frequent trading, a potentially abusive practica, involves frequent movements in and out of
funds in an attempt to attain short-term gains. Such activity can adversely affect the
performanca of the underlying funds available as investment options within your retirement
program, reducing investment returns to all fund shareholders, including participants in your plan
who are not engaged in frequent trading activity. In addition, it can be disruptive to the
management of a fund, as it may increase expenses and require a larger cash position than is
ideal for its performance.
Should participants within your retirement program engage in frequent trading activity, we
understand that it is the plan's responsibility to determine the prudent response. Although, as
an intermediary between the underlying fund and the plan, it is our goal to provide you with the
information and administrative tools to recognize and deal effectively with such activity.
As a result, we are pleased to announca to all of our existing plan sponsors a new feature of our
service platform. The enclosed Amendment tqthe Adlllinistmtive Services AOmet~ent ("ASA")
effective August 15, 2005 provides for a Frequent Trading Policy and Procedure enabling a plan
sponsor or The Hartford to restrict or suspend any or all participants engaged in frequent trading
activity from intemet, phone, facsimile or other electronic investment option transfer privileges
(collectively "electronic transfer privileges"). Participants whose electronic transfer privileges are
suspended are still permitted to trade, but must do so by regular U.S. mail, which in our
experlenca has resulted in a decrease in frequent trading activity by those participants.
-over-
V519RO
We ara confident that the process we have developed will allow us to assist you in responding
prudently to frequent trading activity, while helping to praserve the availability of the underlying
funds available as investment options within your ratirament program. Should you have any
questions, please contact your Plan Manager, GREGORY FREY, at (877) 695-3706.
Sincerely,
Susar~Hess, Vice-President Investment Products Service
Hartford Life Insurance Company
Amendment to Administrative Services Agreement
Individual Participant Account Services
WITNESSETH
WHEREAS, Hartford Life entered into an Administrative Services Agreement (hereinafter
"Agreement") with the Plan Sponsor to provide administrative services for the Plan;
WHEREAS, the Agreement may be amended by Hartford Life by providing 90 days advanced
written notice of the Amendment to the Plan Sponsor,
WHEREAS, defined terms in the Agreement shall have the same meaning in this Amendment;
NOW THEREFORE, the following is made a part of the Agreement effective 90 days from the date
of this Amendment:
Notwithstanding the foregoing, nothing in this Agreement shall prohibit Hartford Life or the Plan
Sponsor from restricting or suspending any or all Participants from intemet, phone, facsimile or
other electronic investment option transfer privileges. Any such action taken by Hartford Life or
the Plan Sponsor shall be in accordance with the procedures provided in Frequent Trading
Policy and Procedure attached hereto.
Plan Sponsor acknowledges the following: The underlying funds, available as investment
options under the Plan, are not intended as vehicles for short-term trading. Excessive
exchange activity may interfere with portfolio management and may have an adverse effect on
all shareholders. The underlying funds expressly reserve the right to curtail such short-term
trading activity. These policies can be found in the underlying fund prospectuses. Plan Sponsor
acknowledges that in the event that excessive or abusive exchange activity in an underlying
fund is detected, Hartford Life may take action, including restricting or suspending any or all
Participants from intemet, phone, facsimile or other electronic investment option transfer
privileges.
IN WITNESS WHEREOF, this Amendment has been executed by Hartford Life
Insurance Company as of the date written below.
For Hartford Life insurance Company:
Date: April 27, 2005
Susan Hess, Vice-President Investment Products Service
Hartford Life Insurance Company
G446R0
~o
Frequent Trading
Policy and Procedure
~1.0 Notice by Underlying Fund
If Hartford Life receives written notice from an
underlying fund that an investment option
under the Plan is experiencing excessive or
abusive trading activity, the following
procedures will be followed:
1.5 Hartford Life will provide written notice
to the Participant detailing the action to be
taken.
~2.0 Detection of Frequent Trading
1.1 If the underlying fund in its notice
identifies specific trade dates that are of
concern, Hartford Life will, in turn, review the
transaction history of each Participant
Account invested in the investment option to
identify Participants who purchased and
redeemed shares on such dates;
If frequent trading activity by Plan
Participants is detected, the following
procedures will be followed:
2.1 Hartford Life will send written notice to
the Plan Sponsor detailing Participant
trading activity;
1.2 Hartford Life will send written notice to
those Participants asking that they cease
from engaging in such trading activity;
1.3 If an underlying fund provides subsequent
written notice that it is continuing to
experience excessive or abusive trading,
Hartford Life will review the transaction history
of each Participant Account invested in the
investment option. If any Participant who has
already received wfittan notice of abusive
trading is again identified, Hartford Life will
inform the Plan Sponsor;
1.4 Hartford Life or the Plan Sponsor may
restdct any Participant who has been
identified twice as engaging in abusive or
excessive trading from the use of the internet,
phone, facsimile or other electronic
investment option transfer privileges and will
only accept written investment instructions
submitted by the Participant via regular U.S.
Mail; and
2.2 Subsequent to such notice, Hartford Life
or the Plan Sponsor may restdct any
Participant who has been identified as
engaging in abusive or excessive trading
from the use of the internet, phone,
facsimile or other electronic investment
option transfer privileges and will only
accept written investment instructions
submitted by the Participant via regular U.S.
Mail; and
2.3 Hartford Life will provide written notice to
the Participant detailing the action to be
taken.
G,452RO