HomeMy WebLinkAboutHartford Life Insurance Co - Deferred CompRESOLUTION 2008-758
ADOPTED
DOC ID: 4117
THIS IS TO CERTIFY THAT THE FOLLOWING RESOLUTION NO. 2008-758 WAS
ADOPTED AT THE REGULAR MEETING OF THE SOUTHOLD TOWN BOARD ON
AUGUST 12, 2008:
WHEREAS, the Town of Southold did establish a Deferred Compensation Plan for employees,
and
WHEREAS, the Deferred Compensation Committee did accept and review proposals for the
administration of the Deferred Compensation Plan for a five-year contract period as stipulated in
Section 9003 of Subtitle 11, Title 9 NYCRR, and
WHEREAS, the Deferred Compensation Committee does recommend the award of such
contract to The Hartford as Administrative Services Agency and Financial Organization pursuant
to section 9003 of Subtitle lI, Title 9 NYCRR, and
WHEREAS, the Deferred Compensation Committee does recommend that State Street Bank
and Trust Company act as trustee,
NOW, THEREFORE, BE IT
RESOLVED that the Town Board of the Town of Southold hereby adopts the "Model Plan"
with an effective date of January 1~ 2002 including amendments through December 7~ 2007~
and be it further
RESOLVED that the Supervisor Scott Russell, Chairman of the Town of Southold Deferred
Compensation Plan, is hereby authorized and directed to execute all necessary, documents to
contract with The Hartford and State Street Bank & Trust Company for administrative~
financial~ and trustee services for the Town of Southold Deferred Compensation Plan for
the period September Iv 2008 or as soon thereafter as possible through August 31~ 2013.
Resolution 2008-758 Board Meeting of August 12, 2008
Elizabeth A. Neville
Southold Town Clerk
RESULT: ADOPTED [UNANIMOUS]
MOVER: Vincent Orlando, Councilman
SECONDER: William Ruland, Councilman
AYES: Ruland, Orlando, Kmpski Jr., Evans, Russell
ABSENT: Thomas H. Wickham
Updated: 8/5/2008 2:07 PM by John Cushman Page 2
August 13, 2009
John Cushman
Town Of Southold
Po Box 1179
53095 Main Road
Southold, NY 11971
TRUSTED
200
YEARS
THE HARTFORD
Re: Administrative Services Agreement Amendment
30013, Town Of Southold Deferred Compensation Plan
Dear Plan Sponsor,
You previously entered into an Administrative Services Agreement with The Hartford. The Adnfinistrative Services
Agreement describes certain nondiscretionary mcordkeeping, reporting and processing services, which The Hartford is
currently providing on your behalf.
In order for The Hartford to maintain accurate addresses on file for Plan Participants, effective November 1, 2009, The
Hartford will implement an enhanced process to identify and correct stale Plan Participant addresses.
As a result of this service change, The Hartford has amended the Administrative Services Agreement mentioned above.
Please review the a~ached "Amendment to Administrative Services Agreement, Undeliverable Mail Procedures," which
describes the services that The Hartford will be providing and your role as Plan Sponsor.
If you have any questions regarding the enclosed information, please contact your plan manager, the 457 Select Team at 1-
800-637-6444 and enter extension 47085.
Enclosure
The Hartford
Retirement Plan Solutions
I Griffin Road North
Windsor, CT 06095-1512
Mailing Address: P.O. Box 1583
Hartford, CT 06144-1583
The Hartford is The Hartford Financial Services Group, Inc. and its subsidiaries, including Hartford Life Insurance Company, Hartford Retirement
Services, LLC, and Hartford Securities Distribution Company, Inc. ("HSD"). HSD (member FINRA and SIPC), a registered broker / dealer affiliate of
The Hartford.
Retirement programs can be funded by group fixed or variable annuiiy products & funding agreements issued by Hartford Life Insurance Company
(Simsbury, CT). Group variable contracts are underwritten and distributed by HSD, where applicable. Retirement programs can also invest in mutual
funds through custodial accounts.
Before investing, you should carefully consider the investment objectives, risks, charges and expenses of the mutual funds or The Hartford's
group variable annuity products and funding agreements, and their underlying funds. For fund and product prospectuses and/or a disclosure
document containing this and other information, contact your investment professional or visit our website. Read them carefully.
Group(s):
30013, Town Of Southold Deferred Compensation Plan
AMENDMENT TO
ADMINISTRATIVE SERVICES AGREEMENT
UNDELIVERABLE MAIL PROCEDURES
WHEREAS, Hartford Life Insurance Company (hereinafter "Hartford Life") previously entered into an
Administrative Services Agreement (hereinafter "Agreement") with the Plan Sponsor to provide certain
nondiscretionary recordkeeping, reporting and processing services to the Plan on behalf of the Plan Sponsor;
and
WHEREAS, under the terms of the Agreement, Hartford Life reserves the right to amend the Agreement upon
advance written notice to the Plan Sponsor;
NOW THEREFORE, the Agreement is hereby amended as set forth herein. This Amendment is attached to and
made a part of the Agreement and is effective on November 1,2009. The terms of the Agreement shall apply
herein except as may be otherwise provided by the terms of this Amendment.
Section A Hartford Life Responsibilities. Hartford Life shall utilize the United States Postal Service's
National Change of Address Program to update the addresses of Plan Participants. Hartford Life
may also utilize other research and location identification methods to update Plan Participant
addresses. Hartford Life will confirm any change of address to the Participant.
Section B Plan Sponsor Responsibilities. Plan Sponsor shall be responsible for maintaining and updating
Participant addresses on file with Hartford Life. Plan Sponsor shall provide Hartford Life with
updates of Participant addresses at least annually.
Section C Stop Mail Procedures. Hartford Life may cease the mailing of Participant reports described under
the Agreement to Participant addresses on file that are deemed to be stale in accordance with
Hartford Life's most recently effective Stop Mail administrative procedures.
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be signed.
For Hartford Life Insurance Company:
By:
Kathleen Ciullo, Vice President
Retirement Plans Services
Undeliverable Mail Procedures - Gov/HETE
Administrative Services Agreement
To be signed by Plan Sponsor
Group Number 030013
{assigned by Hartford Life)
Hartford Life
Hartford Life Insurance Company
P.O. Box 1583
Hartford, CT 06144-1583
1.1 This Administrative Services Agreement (hereinafter
"Agreement") 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 facilitate 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 Padicipants,
annuitants, and governmental agencies. The Plan Sponsor
represents that during the term of this Agreement, and with
respect to the services to be provided by Hartford Life for
Participant individual Accounts maintained 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 shall be performed at
no additional cost to the Plan Sponsor. Upon the 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 all agreed upon fees
charged back to the Plan Sponsor.
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 (hereinafter "Regulations") and
that such Plan and Regulations are made a pad thereof. It is
hereby recognized that, under this Agreement, Hartford Life
serves as an Administrative Service Agency as that term is
defined under the Regulations.
"Code" means the internal Revenue Code of 1986, as amended,
including any regulations or rulings thereunder;
"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 Deferred Compensation Plan for Employees of
Town of Southold, a plan established and maintained in
accordance with the previsions of Code Section 457;
"Plan Sponsor" means the Employer and its designated
representative;
"Plan Sponsor Contact" means
Name and/or Title John Cushman
Town Comptroller
Address P.O. Box 1179
City, State, Zip Southold, NY 11971-0959;
"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.
2.1 As used herein, the following words and phrases have the
meanings set forth as in this Section, unless this Agreement
expressly provides otherwise:
3A Hartford Life will establish an individual Account for each
Participant, beneficiary, or alternate payee under a Plan approved
457 ASA NY RENEWAL 04-08
domestic relations order. For each such account, Hartford Life
will record and maintain the following information:
(a) name;
(b) social security number;
(c) mailing address;
(d) date of birth;
(e) current investment allocation direction;
(0 contributions allocated and invested;
(g) investment transfers;
(h) 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 or,
alternatively, Individual Accounts may be established
electronically as further described in Section 3.3. To establish an
Individual's Account for an alternate payee, the Plan Sponsor
must provide: a cedified copy of the court approved domestic
relations order; a letter from the Plan Sponsor that certifies that
the domestic relations order is a qualified domestic relations order
under Section 414(p) of the Code and that approves the
establishment of the Individual's Account with specific instructions
on the disposition of the amount in question and the investment
rights of the alternate payee under the Plan; and an enrollment
application for the alternate payee.
3.2 Hartford Life will provide a toll free telephone service, or voice
response unit (VRU), that enables each Plan 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 Participant's Individual
Account among the Investment Options;
c)
obtaining the Participant's Individual Account balance in
total and on an investment fund basis for the previous
valuation day; and
d)
obtaining the accumulation unit value/price for the
previous valuation day for each of 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 Intemet site(s) available to Plan Participants. Hartford
Life will record all activity of the VRU and Internet site(s) in
accordance with generally accepted record retention practices.
Hartford Life will operate its VRU and Intemet services in
accordance with reasonable provisions to ensure the security of
such services. The VRU and Intemet site(s) may occasionally be
unavailable to accommodate system maintenance.
3.3 If elected by the Plan Sponsor in Section 15.1, Hartford Life
will provide internet enrollment services (e-enroll") to the Plan,
pursuant to the Plan Sponsor's election in Section 15.1.
Individuals will be able to access a dedicated e-enroll Intemet
site. The e-enroll process will capture an individual's desired
contribution level, investment allocation direction and other
census information. These individuals will not be able to re-
access e-enroll, however they will be provided with access to the
VRU and internet services described in Section 3.2. The Intereet
services will include an option to record changes to contribution
levels.
The Plan Sponsor will provide Hartford Life with an employee
census file. Electronic enrollments shall only be processed for
those individuals on such file. Census data must be provided to
Hartford Life by the Plan Sponsor via a medium and format
acceptable to Hartford Life.
Each week, Hartford Life will make a report available to the Plan
Sponsor via the Internet that will include the following data
obtained since the last report: (i) each individual who has
completed the e-enrell process (or application process described
in Section 3.1), including, to the extent applicable, the individual's
desired contribution level; and (ii) any Padicipant contribution
level changes made via the Internet or other service.
4.1 The Plan Sponsor shall determine, arrange for, and supply,
directly to Hartford Life or its designee, cash proceeds
representing Contributions to the Plan and all data necessary to
properly allocate Contributions. The cash and allocation data
submitted to Hartford Life must be in "good order.' Good order
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.
Hariford 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. Contributions 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 file at Hartford Life. Transactions are
valued as of the close of regular trading on the New York Stock
Exchange (usually 4 p.m. Eastern time) on each day the
Exchange is open. Contributions and allocation data received in
457 ASA NY RENEWAL 04-08
Page 2 of 8
good order before the close of the New York Stock Exchange are
considered part of that day's receipts. Contributions and
afiocation data received in good order after the close 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 conthbuted 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 transferred to the Investment
Options from other Plan funding vehicles.
5.1 The Plan Sponsor shall notify Hartford Life in writing of each
Participant, beneficiary, or alternate payee the Plan Sponsor has
determined is entitled to receive benefit payments under the
terms of the Plan. Such notice shall 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.
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 repod such withholding to
the federal government and state government, 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 Participant who has
received a benefit payment tax reporting form(s) in the manner
and time prescribed by federal and state law. Each Participant
remains solely responsible for any tax liability incurred as a result
of such benefit payment.
Arrangement by such means or methods required by Hartford.
Such notice shall include a copy of the loan agreement and
promissory note.
6.2 Loan requests will be processed within one business day
following receipt by Hartford and the disthbution will be mailed
within three business days following trade settlement. Hartford
will prepare and send to the Plan Sponsor an amortization
schedule for the loan based upon the data provided.
6.3 Loans from a Participant's Account will be accounted for
separately and repayments of the loans will be allocated to the
Participant's Account with principal and interest paid in
accordance with the amortization schedule prepared in 6.2 or
such other instruction filed with Hartford by the Plan
Administrator. Loan repayments must be received in a single
sum directly from the Plan Sponsor in good order (as defined in
Section 4.1), In the event that a repayment is less than or
exceeds the amount expected under the amortization schedule
on file at Hartford Life, the payment will be applied to the next
payment(s) due under such schedule without reamodization,
6.4 The Plan Administrator shall notify Hartford in writing of any
Participant loan it considers to be in default. If Hartford
processed and distributed such loan, Hartford will prepare and file
the appropriate federal tax reporting form. The provisions of
Section 5.4 shall also apply to tax reporting under this paragraph.
7.1 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)
b)
a record of ali notifications from the Plan Sponsor
concerning Padicipants who are to receive benefit
payments per Section 5.0 of th. is Agreement;
statements of gross benefit payments under Section 5.0
of this Agreement;
c)
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;
e) records of all transactions within the Individual
Accounts.
6.1 The Plan Administrator shall notify Hartford of each
Participant the Plan Administrator has determined is entitled to
receive a loan under the terms of the Plan and Investment
457 ASA NY RENEWAL 04-08
8.1 Hartford Life shall provide each Participant (beneficiary or
alternate payee as applicable):
Page 3 of 8
a)
b)
c)
with each benefit check, a statement of gross benefit
payment made under Section 5.0 of this Agreement,
including the amount of federal and state taxes withheld
and the net amount paid;
a confirmation of investment fund transfers, allocation
changes, name and address changes within one (1)
business day of such activity;
a statement of accounts summarizing all financial
activity for each calendar quarter within ten (10)
business days of such quarter end. Participants shall
be informed by Hartford Life that they must notify
Hartford Life within thirty (30) days of receipt of the
statement of account in order to report any errors to
Hartford Life. Hartford Life will have no responsibility to
report, or account for the accuracy of information
applicable to periods prior to the effective date of this
Agreement and the Investment Arrangement.
9.1 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 state taxes withheld pursuant to Section 5.3;
b)
for each calendar quarter, a report including all
contribution, investment, and benefit payment activity
which occurred during 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 Accounting Standards Board to meet
Comprehensive Annual Financial Report (CAFR)
requirements.
9.2 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.
9,3 If State Street Bank & Trust Company has been appointed by
the Plan Sponsor as Trustee for the Plan, Hartford Life will report
to the Trustee each calendar quarter the total value of the assets
ofthe Plan held. In addition, the repods described in Section 8.1
are delivered by Hartford Life to the Plan Sponsor on behalf of the
Trustee.
457 ASA NY RENEWAL 04-08
10.1 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 informational only and do not constitute tax,
legal, or investment advice.
10.2 Hartford Life shall assist Jn the completion of enrollment
forms for eligible employees who elect to participate in the Plan.
Hartford Life shall provide informational and promotional material
regarding the Plan for disthbution to employees. The Plan
Sponsor agrees to allow and facilitate the periodic distribution of
such material to employees.
t0.3 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
qualified personnel shall be made available to discuss the Plan
with individual Participants.
10.4 Hartford Life representatives shall provide, in a manner
consistent with insurance and securities law, information to help
each employee understand the various Investment Options
approved by the Plan Sponsor.
10.5 Forms and materials required to maintain Participant and
Plan level records for the Plan shall be provided at no additional
cost to the Plan Sponsor,
10.6 All persons and companies authorized to offer investments
under the Plan must be duly licensed by the applicable state and
federal regulatory agencies. All Hartford Life personnel that have
contact with employees, other than of a routine administrative
nature, will have any necessary state insurance licenses and will
be registered with the NASD, to the extent required by law, and
will be trained, licensed, and supervised with respect to the
conducting of their business activities hereunder.
10.7 Hartford Life shall assist each Participant in calculating his or
her deferral limitation under applicable law, help to reconcire any
account discrepancies, and provide information to explain the
procedures of the Plan.
10.8 Upon request by any Participant in the Plan, a representative
shall provide information about the various 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 order to receive
payment.
10.9 Unless the Plan Sponsor elects otherwise below or until
notified in writing by the Plan Sponsor otherwise, Hartford Life will
Page 4 of 8
arrange to make available the services identified below. Hartford
Life has made arrangements for Momingstar Associates, LLC to
provide Momingsta~ Guidance OnlinesM online investment
guidance, research and educational services to Plan Participants.
The Morningsta~ Guidance OnlinesM service is accessed
through a secure link on the HarffordOnline group retirement plan
website. This online service provides the Plan and its
Participants with access to reseamh, 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 partic~ant usage
statistics through the Morningsta~ Guidance OnlinesM Sponsor
Measurement Module. Morningstar Associates LLC is not
affiliated with Hartford Life. To make this service available,
Hartford Life will share with Morningstar Associates, LLC all
necessary Plan and Plan Participant information on record at
Hartford Life. If you do not want us to share information with
Uorningstar, you must elect below not to have the Morningsta~
Guidance OnlinesM 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 Uorningstar~D Guidance OnlinesM 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.
[] Do not make the Morningsta~D Guidance OnlinesM services
available to the Plan and its Participants.
11.1 Except as otherwise provided herein, Hartford Life shall
retain all financial records and supporting documents,
correspondence and other written materials pertaining to the
Investment Options, the Plan and all federal and 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 the law applies.
Hartford Life may retain such records and documents on
microfilm, microfiche, optical storage, or any other process that
accurately reproduces or forms a curable medium for reproducing
the original. The Plan Sponsor has the right to make duplicate
copies at Plan Sponsor's expense.
11.2 If an audit of the Plan has begun, but has not been
completed at the end of the three-year period, or if audit findings
have not been resolved at the end of the three-year period,
Hartford Life shall retain the records described in Section 10.1
until the audit findings are resolved.
11,3 If, fer any reason, Hartford Life ceases operations prior to
the expiration of the records retention period required by this
457 ASA NY RENEWAL 04-08
section, all records described in Section 10.1 shall, upon request
of the Plan Sponsor, be made available to the Plan Sponsor.
11.4 Upon reasonable written request and during normal
business hours, Hartford Life shall allow the Plan Sponsor full and
complete access to all records required to be retained by Hartford
Life.
11,5 The Plan Sponsor shall have the right upon reasonable
written notice, exercised directly or through ils independent
auditors, to examine and audit Hartford Life's records to
determine Hartford Life's compliance with the terms and
conditions herein.
11.6 The Plan Sponsor acknowledges that Hartford Life is not
responsible for auditing Plan Sponsor records or data for the
Plan.
12.1 The Agreement may be amended by Hartford Life by
providing 60 days wdtten notice of the amendment to the Plan
Sponsor. If the Plan Sponsor does not terminate this Agreement
in the manner set forth in Section 13.0, the amendment shall be
deemed accepted by the Plan Sponsor upon expiration of said
notice.
13.1 This Agreement may be terminated without any further
liability of either party for any obligation maturing subsequent to
the date of such termination, upon 60 days written notice to the
other party.
13.2 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.
13.3 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
obligation 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.
14.1 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 responsibilities upon Hartford Life except for those
Page 5 of 8
expressly provided for in this Agreement. The Plan Sponsor
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.
14.2 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 Life in writing.
14.3 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 the information submitted
as to accuracy and completeness and assume no obligation or
duty to vedfy such information. The Plan Sponsor understands
that all services performed and reports prepared pursuant to this
Agreement witi 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, sthkes, acts of God,
restrictions imposed by government, or delays beyond the control
of the delayed party.
14.4 Plan Sponsor hereby agrees that Hartford Life, 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
authorizes Hartford Life to disclose Plan and Participant
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 parties pumuant to a
written 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 adse in
connection with this Agreement, the Investment Arrangement
funding the Plan, or the Plan.
14.5 Where information needed to perform services under this
Agreement is not received in good order, the Plan Sponsor
457 ASA NY RENEWAL 04-08
authorizes Hartford Life to contact any employee at his or her
home or business address to obtain additional information.
14.6 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.
14.7 Unless otherwise agreed to in writing 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 Hartford Life
from solicitations undertaken in the ordinary course of Hartford
Life's business using lists obtained from soumes other than the
Plan Sponsor.
14.8 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 Life thereafter to enforce each and every prevision
thereof.
14.9 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.
14.10 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 1583
Hartford, CT 06104-1583
14,tl Indemnification by the Plan Sponsor - The Plan Sponsor
agrees to indemnify, defend and hold harmless Hartford Life, its
subsidiaries, affiliates, officers, directors, employees and agents
from and against any and all loss, damage or liability assessed
against Hartford Life or incurred by Hartford Life arising 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-
Page 6 of 8
performance) of its services, duties and obligations under this
Agreement and/or the Plan; provided that (i) Hartford Life has
notified the Plan Sponsor promptly and in writing of the claim,
action or suit; (ii) the Plan Sponsor has the right to assume the
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
officers, directors, 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 in the performance (or non-performance) of its
services, duties and obligations under this Agreement; provided
that (i) the Plan Sponsor has notified Hartford Life promptly and in
writing of the claim, action or suit; (ii) Hartford Life has the right to
assume the defense of such claim, action or suit with counsel
selected by Hartford Life 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.
14.12 Notwithstanding anything to the contrary contained herein,
neither party nor their affiliates shall be liable for indirect, special
or consequential damages.
14.t3 The laws of State of New York shall govern the rights and
obligations of the parties under this Agreement.
14.14 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 jurisdiction shall not invalidate nor
render unenforceable such provision in any other jurisdiction.
14.15 Both the Plan Sponsor and Hartford Life agree to comply in
all material respects with all applicable federal, state, and local
laws and regulations as it affects the Plan and its operation.
Nothing contained herein shall 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.
14.18 Two or more duplicate originals of this Agreement may be
signed by the parties, each of which shall be an odginal but all of
which together shall constitute one and the same instrument.
14,17 This Agreement and any written appendices, amendments
and addenda hereto embody the entire Agreement of the parties.
There are no promises, terms, conditions or obligations other than
those contained herein and this Agreement shall supersede all
previous communications, representations or agreements, either
oral or written, between the parties hereto with respect to this
Agreement.
14.18 This Agreement shall be effective immediately upon
execution by both parties and shall remain in force until
terminated by either party as provided herein.
15,1 In addition to the services rendered by Hartford Life pursuant
to this Agreement, Hartford Life agrees to perform the following
service for the Plan Sponsor (designation to be indicated by an
"X" placed by the service):
Electronic Enrollment - The Plan Sponsor hereby elects to
utilize the internet enrollment service ("e-enroll") with the following
level of access (select one):
[] 1. Only Eligible Employees - Plan Sponsor will provide
Hartford Life with a data file listing only employees eligible to
participate.
[] 2. All Employees - Plan Sponsor will provide Hartford Life
with a data file on all employees.
[] 3. Any Individual - Plan Sponsor will not provide Hartford
Life with employee information.
The Plan Sponsor understands that e-enroll is subject further to
the provisions of Section 3.3. The Plan Sponsor further
understands that a personal identification number is not required
and that access to e-enroll is available to any individual who
enters the Group Number assigned to its plan by Hartford Life
and, where the Plan Sponsor elects 1 or 2 above, who enters a
valid Social Security Number on file with Hartford Life. Since
there is no unique personal identification number, the Plan
Sponsor understands that it is possible that enrollment requests
could be made by individuals other than the employees on the
data file. The Plan Sponsor acknowledges and agrees that
Hartford Life is not responsible for and does not make
determinations as to whether an employee is eligible to
participate in the Plan, nor when contributions are to begin under
the Plan.
457 ASA NY RENEWAL 04-08
Page 7 of 8
Plan Sponsor acknowledges the following: The underlying funds,
available as Investment Options under the Plan, are not intended
as vehicles for shod-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 by found in the underlying fund
prospectuses.
Notwithstanding anything in the Agreement to the contrary, to the
extent permitted by the Plan, Plan Participants may transfer
amounts in their Participant Accounts between or among the
investment options available in your Plan, subject to our policies
and procedures, and the policies and procedures of the
underlying funds.
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be signed,
Forthe Plan ~
Sponsor
By:
By:F°r Hartford Life~ C;p, any~
S~san M. Hess --
Name:
Date:~~
Title:
September2, 2008
Date:
Vice President
Title:
457 ASA NY RENEWAL 04-08
Page 8 of 8
TRUST AGREEMENT
This Trust Agreement is made and entered into as of the /:~ day
of ,.q,(/~3*~, 2008, by and among the Town of Southold, (hereinafter referred to as the
"Employer") and State Street Bank and Trust Company ("State Street") (hereinafter referred to as
the "Trustee").
WITNESSETH:
The Employer established the Town of Southold Deferred Compensation Plan (the
"Plan"), a plan under Section 457 of the Internal Revenue Code. Pursuant to Section 1448 of the
Small Business Job Protection Act of 1996 (the "Act") Section 457 plans are required to establish a
trust to hold the assets of such plans for the exclusive benefit of participants and their beneficiaries.
Accordingly, this Trust is hereby established as of $,v:P2-g..~ra~a.t / , ~,c~ for the exclusive
benefit of Plan Participants and their Beneficiaries.
ARTICLE I
NAME OF TRUST
1.1 This Trust shall be known as the
Compensation Plan Trust Agreement."
of Southold Deferred
ARTICLE II
DEFINITIONS
2.1 Any term used in this Trust Agreement which is not otherwise defined
herein shall have the meaning set forth in the Plan.
2.2 "Investment Manager" shall have the meaning given such term under
Section 3(38) of the Employee Retirement Income Security Act of 1974, as amended ("ERISA").
ARTICLE llI
GENERAL DUTIES
3.1 It shall be the duty of the Trustee to hold title to assets held in respect of the
Plan in the Tmstee's name as directed by the Employer and/or its designees in writing. The Trustee
shall not receive custody or possession of any such assets. The Trustee shall not be under any duty
to compute the amount of contributions to be paid by the Employer or to take any steps to collect
such amounts as may be due to be held in trust under the Plan. The Trustee shall not be responsible
for the custody, investment, safekeeping or disposition of any assets comprising the Trust, such
functions to be performed by the Employer and/or the Employer's designees, who shall be the
agents of the Employer. In accordance with the Rules and Regulation of the New York State
Deferred Compensation Board (the "Rules"), Trustee acknowledges that it is a fiduciary with
respect to all administrative or investment matters for wh/ch it has assumed responsibility with
respect to the Plan. This Trust Agreement is subject to the Plan and the Rules, and the Plan and the
Rules are incorporated by reference herein and made a part hereof.
3.2 It shall be the duty of the Employer, subject to the provisions of the Plan, to
pay over to the administrator or other person designated hereunder from time to time the
Employer's contributions under the Plan and to inform the Trustee in writing as to the identity and
value of the assets titled in the Tmstee's name hereunder and to keep accurate books and records
with respect to the Participants of the Plan and their compensation. No deferral may be accepted
under the Plan until all acknowledgements required under the Rules have been delivered.
ARTICLE IV
INVESTMENTS
4. l The Trustee shall perform its functions as a nondiscretiona_ry, noncustodial
Trustee, and the Trustee shall not have any discretion or authority with regard to the investment of
the Trust and shall act solely as a directed Trustee of the assets of which it holds title. The Trustee,
as a nondiscretionary Trustee, as may be directed by the Employer (or the Participants to the extent
provided herein) is authorized and empowered, (subject, however, to the provisions of Section 4.2
-2-
below) by way of limitation, with the following powers, rights and duties, each of which the
Trustee shall exercise in a nondiscretionary manner as directed in accordance with the direction of
the Employer (or the Participants) (except to the extent that Plan assets are subject to the control
and management of a properly appointed Investment Manager):
(a) To arbitrate, compromise, and adjust claims in favor of or against the
Trust upon such terms and conditions as it deems advisable.
(b) To execute such instmments, deeds, leases, mortgages, contracts,
agreements, assignments, transfers, bills of sale, and other documents of any kind as it is directed to
do by the Employer and that the Trustee deems advisable or acceptable to execute in its discretion.
(c) To cause stocks, bonds, securities, or other investments to be
registered in its name as Trustee or in the name of a nominee, or to take and keep the same
unregistered.
(d) To employ such agents and counsel as it deems advisable or proper in
connection with its duties and to pay such agents and counsel a reasonable fee. No agent or counsel
so employed shall be disqualified by reason of any interest in the Trust or in any corporation whose
securities comprise a part of the same. The Trustee shall not be liable for the acts of such agents and
counsel or for acts done in good faith and in reliance upon the advice of such agents and counsel,
provided it has used reasonable care in selecting such agents and counsel.
(e) To exercise all fights of ownership in any contracts of insurance in
which any part of the Trust may be invested and to pay the premiums thereon.
(0 At the direction of the Employer (or the Participants or Investment
Manager, as the case may be) to sell, write options on, convey or transfer, invest and reinvest any
part thereof in each and every kind of property, whether real, personal or mixed, tangible or
-3-
intangible, whether income or non-income producing and wherever situated, including but not
limited to, time deposits (including time deposits in the Trustee or its affiliates, or any successor
thereto, if the deposits bear a reasonable rate of interest), fee simple, leasehold or lesser estates in
real estate, shares of common and preferred stock, mortgage, bonds, leases, notes, debentures,
equipment or collateral trust certificates, rights, warrants, convertible or exchangeable securities,
and/or other corporate, individual or government securities or obligations, annuity, retirement or
other insurance contracts, mutual funds (including funds for which the Trustee or its affiliates serve
as investment advisor, custodian or in a similar or related capacity), or in units of any other
common, collective or commingled trust fund heretofore or hereafter established and maintained by
the Trustee or its affiliates; as long as the Trustee holds title to any units hereunder, the instrument
establishing such common trust fund (including all amendments thereto) shall be deemed to have
been adopted and made a part of this Trust.
4.2 Notwithstanding anything to the contrary in this Article 1V or any other
section of this Trust Agreement, the Trustee shall have no power:
(a) To divert any part of the Trust to any purpose other than the exclusive
benefit of Participants and their Beneficiaries; under the Plan; provided, however, that if the Plan
and this Trust which is a part thereof is required to be filed with the Internal Revenue Service for a
determination of its qualification and said plan is not approved by the Internal Revenue Service
retroactive to its inception, the Trustee shall transfer title to Trust assets to the Employer.
(b) To lend any part of the Trust without adequate security and a
reasonable rate of interest; to pay any compensation in excess of a reasonable allowance for
services or other property for less than fair market value; to make any part of the Tmst available on
a preferential basis; or to engage in any other transaction which results in a substantial diversion of
any part of the Trust, to the Employer, or to any person or entity with whom or which such a
transaction is prohibited by the Internal Revenue Code of 1986, as amended (the 'Code") or
ERISA.
-4-
4.3 Notwithstanding anything to the contrary in this Trust Agreement, the assets
of the Plan shall be held by the Trustee as title holder only. Persons holding custody or possession
of assets titled to the Trust shall include the Employer and any agents and subagents or other
persons designated by the Employer, but not the Trustee. The Trustee shall not be responsible or
liable for any loss or expense which may arise from or result from compliance with any direction
from the Employer or such agents or other persons, to take title to any assets nor shall the Trustee
be responsible or liable for any loss or expense which may result fi'om the Trustee's refusal or
failure to comply with any direction to hold title, except if the same shall involve or result from the
Trustee's gross negligence or intentional misconduct. The Trustee may refuse to comply with any
direction from the Employer or such agents or other persons, in the event the Trustee, in its sole and
absolute discretion, deems such direction improper by virtue of applicable law.
4.4 The Employer acknowledges that it has the sole responsibility for
qualification of the Plan under Section 457 of the Code, and for selection of the investment funds
offered under the Plan and the custody and possession of Trust assets.
4.5 The Employer hereby indemnifies and holds the Trustee and its affiliates and
nominees harmless from any and all actions, claims, demands, liabilities, losses, damages or
reasonable expenses of whatsoever kind and nature in connection with or arising out of (i) any
action taken or omitted in good faith by the Trustee in accordance with the directions of the
Employer, or its agents and subagents or other persons designated by Employer hereunder, or (ii)
any disbursements of any part of the Trust made by the Trustee in accordance with the directions of
the Employer, or (iii) any action taken by or omitted in good faith by the Trustee with respect to an
investment managed by an Investment Manager in accordance with any direction of the Investment
Manager or any inaction with respect to any such investment in the absence of directions from the
Investment Manager.
Anything hereinabove to the contrary notwithstanding, the Employer shall have no
responsibility to the Trustee under the foregoing indemnification if the Trustee fails intentionally or
recklessly to perform any of the duties undertaken by it under the provisions of this Trust. In
addition, the Trustee will indemnify the Plan as a result of any cause of action brought against the
Plan as a result of negligent acts or omissions of the Trustee, together with the reasonable costs of
litigation arising therefrom.
4.6 Notwithstanding anything herein to the contrary, the Employer or, if so
designated by the Employer, the Investment Manager or another agent of the Employer, will be
responsible for valuing all other assets so acquired for all purposes of the Trust and of holding,
investing, trading and disposing of the same. The Employer will indemnify and hold the Trustee
harmless against any and all claims, actions, demands, liabilities, losses, damages, or expenses of
whatsoever kind and nature, which arise fi.om or are related to any use of such value by the Trustee
or holding, trading or disposition of such assets.
ARTICLE V
DISBURSEMENTS
5.1 The Employer or its designee shall make such payments fi'om the Trust at
such time to such persons and in such amounts as shall be authorized by the provisions of the Plan;
provided, however, that the assets of the Plan (i) are held in trust for the exclusive benefit of the
Participants and their Beneficiaries, and no payment shall be made, either during the existence of or
upon the discontinuance of the Plan, which would cause any part of the Trust to be used for or
diverted to purposes other than the exclusive benefit of the Participants and their Beneficiaries
pursuant to the provisions of the Plan; (ii) may be used only to pay Plan benefits and defray
reasonable expenses of administering the Plan; and (iii) cannot revert to the Employer until all Plan
benefits have been paid to Participants and Beneficiaries in accordance with the terms of the Plan.
5.2 All payments of benefits under the Plan shall be made exclusively fi.om the
assets of the Plan accounts of the Participant to whom or to whose Beneficiary such payments are to
be made, and no person shall be entitled to look to any other source for such payments.
ARTICLE VI
ACCOUNTING BY TRUSTEE
6.1 The Trustee shall not be required to keep accounts of the investments,
receipts, disbursements, and other transactions of the Trust, except as necessary to perform its
title-holding function hereunder. All accounts, books, and records relating thereto shall be
maintained by the Employer or its designee.
6.2 As promptly as possible following the close of each year, the Trustee shall
file with the Employer a written account setting forth assets titled to the Trust as reported to the
Trustee by the Employer or its designee.
ARTICLE VI/
MISCELLANEOUS ADMINISTRATIVE PROVISIONS
7.1 Except as required under the Rules, neither the Trustee nor any affiliate
thereof shall be required to give any bond or to qualify before, be appointed by, or account to any
court of law in the exercise of its powers hereunder.
7.2 No person transferring title or receiving a transfer of title f~om the Trustee
shall be obligated to look to the propriety of the acts of the Trustee in connection therewith.
7.3 The Employer shall indemnify the Trustee (and any delegate of the Trustee)
against any liability to any Participant or Beneficiary under the Plan for any action taken by the
Trustee that is in accordance with the direction of the Employer. Furthermore, the Employer agrees
to indemnify and hold harmless the Trustee (and any delegate) for any losses, costs, damages, or
expenses, including reasonable attomeys' fees and expenses, which the Indemnitees may incur or
pay out by reason of any (alleged or actual) action or inaction on the part of any predecessor or
successor trustee o f the Trust.
7.4 The Trustee shall use ordinary care and reasonable diligence in the exercise
of its powers and the performance of its duties as Trustee hereunder. Except as provided in Section
4.5 hereof, the Trustee shall not be liable for any mistake of judgment or other action taken in good
faith, or for any loss, unless resulting from its own gross negligence or intentional misconduct.
7.5 The Employer may engage the Trustee as its agent in the performance of any
duties required of the Employer under the Plan, but such agency employment shall not be deemed
to increase the responsibility or liability of the Trustee under this Trust Agreement.
7.6 In the management of the Trust Fund, the Trustee may employ agents and
delegate to them such ministerial and administrative duties as the Trustee shall see fit. As of the
effective date of the Trust Agreement, the Trustee has appointed Hartford Life Insurance
Company ("The Hartford") as the agent to which it has delegated certain nondiscretionary
administrative and ministerial duties. The Trustee and the Employer understand and agree that
nothing in this Agreement, including the delegation of such nondiscretionary duties to The
Hartford, shall cause The Hartford to be a fiduciary to the Plan. Also, as of the effective date of
the Trust Agreement, the Trustee appoints the Employer as its authorized representative to which
it has delegated the authority to sign on the Trustee's behalf all documents relating to the
investment of Plan assets in any vehicle sponsored by or made available through The Hartford
and its affiliates.
ARTICLE vm
AMENDMENT AND TERMINATION
8.1 The Employer reserves the right to alter, amend, or terminate this Trust
Agreement at any time for any reason without the consent of the Trustee, or any other person,
provided that such amendment or termination shall not reduce or eliminate any protected benefit
and provided that no amendment affecting the rights, duties, or responsibilities of the Trustee shall
be adopted without the written consent of the Trustee. Any such amendment shall become effective
-8-
as of the date provided in the amendment upon delivery of the written instrument of amendment, as
adopted by the Employer, to the Tmstee and the endorsement of the Trustee of its agreement
thereto.
ARTICLE IX
SUCCESSOR TRUSTEES
9.1 The Employer reserves the fight to discharge the Trustee at any time by
giving sixty (60) days' written notice.
9.2 The Trustee reserves the right to resign at any time by giving sixty (60) days'
written notice to the Employer.
9.3 In the event of discharge or resignation of the Trustee, the Employer may
appoint a successor Trustee who shall succeed to all the rights, duties, and responsibilities of the
former Trustee under this Trust Agreement, and the terminated Trustee shall be deemed discharged
of all duties under this Trust Agreement and responsibilities for the Trust.
ARTICLE X
APPLICABLE LAW
10.1 This Trust and its validity, construction and effect shall be govemed by the
laws of the jurisdiction in which the headquarters of the Tmstee is located.
ARTICLE XI
RULES, CONSTRUCTION, AND INTERPRETATION
11.1 The Trustee shall have the sole discretionary authority to construe and
interpret the Trust and to determine all questions arising in the administration, interpretation, and
application of the Trust. All such determinations by the Trustee shall be conclusive and binding on
all persons.
-9-
11.2 Notwithstanding anything in this Agreement to the contrary, the Trustee
(including any delegate of the Trustee) shall not be responsible or liable for its failure to perform
under this Agreement or for any losses to the Trust Fund resulting from any event beyond the
reasonable control of the Trustee, its delegates, agents or subcustodians, including but not limited to
nationalization, strikes, expropriation, devaluation, seizure, or similar action by any govemmental
authority, de facto or de jure; or enactment, promulgation, imposition or enforcement by any such
governmental authority of currency restrictions, exchange controls, levies or other charges affecting
the Trust Fund's property; or the breakdown, failure or malfunction of any utilities or
telecolmnunications systems; or any order or regulation of any banking or securities industry
including changes in market rules and market conditions affecting the execution or settlement of
transactions; or acts of war, terrorism, insurrection or revolution; or acts of God; or any other
similar or third-party event. This Section shall survive the termination of this Agreement.
ARTICLE XII
VALIDITY
12.1 The Trustee shall select any officers deemed necessary, and adopt rules
governing its procedures not inconsistent herewith. The Trustee shall keep a record of its meetings
and actions. The Trustee shall not be liable, jointly or severally, to any person for any actions or
omissions in connection with its duties as Trustee unless resulting from its own gross negligence or
willful misconduct. The Trustee shall not be responsible for the validity of the Plan and this Trust
Agreement.
ARTICLE XIII
CONSTRUCTION
13.1 Pronouns and other similar words uses herein in the masculine gender shall
be read as the feminine gender where appropriate, and the singular form of words shall be read as
the plural where appropriate.
-10-
IN WITNESS WHEREOF, the Employer and the Trustee have executed this Trust Agreement as of
the date and year first set forth above.
EMPLOYER: TRUSTEE:
STATE STREET BANK AND TRUST COMPANY
~11-
Master Application for Group
Variable Annuity Contract
Hartford Life
Hartford Life Insurance Company
Hartford Plaza
Hartford, Connecticut 06115
Application is hereby made for a Group Variable Annuity Contract
1. Application-Contract Owner:
State Street Bank and Trust Company FBO the Town of Southold DCP
54375 Main Road
Street or P.O. Box
Southold NY 11971
City State Zip Code
Nature of Applicant's Business: Municipal Government
Requested Effective Date of Master Contract: August 12, 2008
Special Requests:
It is understood that all payments and values provided by the Contract are the exclusive property of
the Applicant-Contract Owner and when based on the investment experience of a Separate Account,
are variable and not guaranteed as to fixed dollar amount.
Dated at this ~day of
For:
(Title)
Form HVL-10001-0 98 Printed in U.S.A.
ACKNOWLEDGMENT OF SEC REQUIRED REPRESENTATIONS
RE:
Town of Southold
Deferred Compensation Plan
Group Annuity Contract - Separate Accounts DC-III, DC-IV, DC-V, DC-VI, UFC and 457
The above-referenced Group Variable Annuity Contract is issued by Hartford Life Insurance
Company ("Hartford Life") includes investment options held in Separate Account(s) which
constitute a non-registered security under an exemption granted to Hartford Life by the United
States Securities and Exchange Commission ("SEC"). In granting that exemption, the SEC
requires that we receive the following representations from you in writing:
No plan assets represent monies contributed under an a~uruity contract established under
Section 403(b) of the Internal Revenue Code.
2. The plan is for the exclusive benefit of employees or their beneficiaries.
The purpose of the plan is to distribute all assets accumulated under the plan to your
employees or their beneficiaries.
No plan assets shall be used other than for the exclusive benefit of your employees or
their beneficiaries prior to the satisfaction of all plan liabilities to the employees and their
beneficiaries.
No employee contributions to the plan will be invested in securities of the employer or its
controlled or commonly controlled entities.
ACKNOWLEDGMENT
I have read and agree with the representations shown above.
On behalf of:
Town of Sou~old
Name of Employer/Con~ac~older
54375Main Road
Address
Southold NY 11971
City State Zip Code
HARTFORD LIFE INSURANCE COMPANY
(a stock insurance company, herein called the Company)
200 Hopmeadow Street, Simsbury, Connecticut 06089
GR 0 UP ANNUITY CONTRA CT
INDIVID UALL Y ALLOCA TED
CONTRACT OWNER
CONTRACT EFFECTIVE DATE
PLACE OF DELIVERY
CONTRACT NUMBER
State Street Bank and Trust Company as Trustee for the Town of
Southold Deferred Compensation Plan
August 12, 2008
New York
GC-30013
This Contract is issued in consideration of the application of the Contract Owner, a copy of which is attached to
and made a part of this Contract and the payment of contributions in accordance with the terms and conditions
of this Contract.
This Contract is subject to the laws of the jurisdiction where it is delivered.
The conditions and provisions of this and the following pages are part of the Contract.
This Contract makes provision for the accumulation of Contract values in the General Account of the Company
to provide fixed annuity accumulations and benefits. Actual annuity payout commencing on the Annuity
Commencement Date will be on a fixed basis (General AccounO as determined by the Contract Owner.
Individual Allocations - Nonparticipating
Signed forHartford Life Insurance Company
John C. Walters, President
Donald C. Hunt, Secretary
Hartford Life
HL-16925
TABLE OF CONTENTS
Definition of Certain Terms
General Account Fund
Withdrawals From General Account Fund
Settlement Provisions
General Provisions
Discontinuance Provisions
Annuity Table
Page
3
4
5
6
7
10
10
HL-17392(NY)
ENDORSEMENTS
HL-16925 Page 2
DEFINITION OF Annual Policy Fee - The amount set forth on Page 6, if any, which is
CERTAIN TERMS deducted from the value of a Participant's Individual Account.
Annuitant - The Participant on whose behalf Annuity payments are to be made
under this Contract.
Annuity - A series of income payments that may be provided under this
Contract. Such payments shall be made over a period of at least 36 calendar
months but not over a period exceeding 60 calendar months.
Annuity Commencement Date - The date on which Annuity payments are to
begin as described under Settlement Provisions in this Contract.
Beneficiary - The Contract Owner, or person(s) designated by the Contract
Owner, to whom any death benefit from a Participant's Individual Account will
be payable.
Benefit - Any payment to which a Participant or Beneficiary becomes entitled
under the terms of the Plan which is attributable to his purchase of an Annuity,
retirement, separation from service, death, or his qualification for a distribution
resulting from an unforeseeable emergency.
Companion Variable Annuity Contract - The individually allocated group
annuity contract issued by the Company to provide various non-fixed interest
investment options for Participants.
Contract Owner - The term Contract Owner shall refer to State Street Bank
and Trust Company as Trustee for the Town of Southold Deferred
Compensation Plan.
Contract Year - A period of twelve (12) months commencing with the
Effective Date of this Contract or with any Contract anniversary.
Contribution - The term Contribution means the amount of the payments due
the Company from the Contract Owner.
Date of Coverage - The date on which the application is made on behalf of a
Participant and is received by the Company.
Due Proof of Death - A certified copy of the death certificate, an order of a
court of competent jurisdiction, a statement from a physician who attended the
deceased or any other proof acceptable to the Company.
Employer - The term Employer shall refer to the Town of Southold.
Expiration Date - The term Expiration Date shall refer to August 11, 2013.
Subject to agreement between the Contract Owner and the Company, this
Contract may be renewed for an additional term that will commence on the
Expiration Date stated above and end on August 10, 2015.
Minimum Death Benefit - The minimum amount payable upon the death of a
Participant prior to age 65 and before Annuity payments have commenced.
HL-16925 Page 3
DEFINITION OF
CERTAIN TERMS
(continued)
Participant - A term to define, for recordkeeping purposes only, any
employee electing to participate in the Plan of the Employer/Contract
Owner and who has a Participant Individual Account maintained under this
Contract.
Participant Contract Year - The term Participant Contract Year means a
period of twelve months commencing with the Date of Coverage under this
Contract and each successive twelve-(12) month period thereafter.
Participant Directed Transfer - A written notice, signed by a Participant,
requesting the withdrawal of assets from a Participant's Individual Account
under this Contract and the payment of such assets to the Companion Variable
Annuity Contract.
Participant's Individual Account - An account to which the Contributions
held by the Contract Owner on behalf of a Participant are allocated prior to his
Annuity Commencement Date.
Plan - The term Plan shall refer to the Town of Southold Deferred
Compensation Plan.
Premium Tax - The tax or amount of tax, if any, charged by a State or
municipality on premiums, purchase payments or Contract value.
Whenever in this Contract a personal pronoun in the masculine gender appears,
it shall be taken to include the feminine also, unless the context clearly
indicates the contrary.
GENERAL
ACCOUNT FUND
Establishment of Fund
There will be established under this Contract a General Account Fund (herein
referred to as the Fund) which will hold the assets deposited during the
Contract Year. Contributions made by the Contract Owner and accepted by the
Company will be credited to a Participant's Individual Account maintained
within the Fund as of the date of receipt by the Company. All Withdrawals
will be charged against a Participant's Individual Account maintained within
the Fund subject to the further terms of this Contract.
As of each day during the month the Company will adjust a Participant's
Individual Account to reflect the interest credit applicable to the assets held
under the Fund. The Company guarantees that such adjustment will not result
in a net annual effective interest rate on the minimum daily balance in the Fund
that will be less than the following:
Rate
4.00%
Period
August 12, 2008 through August 11, 2013 and
any additional term that is mutually agreed
upon by the Contract Owner and the Company in
accordance with the terms of the Contract.
HL-16925 Page 4
GENERAL
ACCOUNT FUND
(continued)
If the Company determines that the net rate of interest including any capital
gains or losses applicable to this Contract, exceeds the rate indicated above, the
Company may from time to time adjust a Participant's Individual Account
maintained within the Fund to reflect such excess rate.
WITHDRAWALS
FROM GENERAL
ACCOUNT FUND
Benefit Payments
On the withdrawal date on which a Benefit payment is to be made under this
Contract the Company will withdraw the amount of such payment from the
Participant's Individual Account maintained within the Fund. The Contract
Owner shall provide information as may be reasonably required for the
Company to process or verify such payment.
Any Benefit payments to be withdrawn from the Participant's Individual
Account maintained within the Fund will be for payment according to the
provisions of this section of the Contract entitled, Withdrawals From General
Account Fund. Such Benefit payments will be made at book value and will not
be subject to withdrawal charges, market value adjustments, or penalties.
The amount of any Benefit payment issued by the Company from this Contract
shall not exceed an amount equal to the Participant's total Benefit derived from
fixed interest investments multiplied by the ratio of assets held under this
Contract over total Plan assets invested in fixed interest investment accounts.
Participant Directed Transfers
On the withdrawal date on which a Participant Directed Transfer (Transfer) is
to be made under this Contract the Company will withdraw the amount of such
payment from the Participant's Individual Account. Upon such withdrawal the
Transfer payment will become payable. The Contract Owner shall notify the
Company of the exact amount or percentage of such Participant Directed
Transfer and shall provide such other information as may be reasonably
required for the Company to process or verify such payment. All Transfer
payments issued hereunder must be made for deposit under the Companion
Variable Annuity Contract.
Any Transfer payments will be withdrawn from the Participant's Individual
Account for payment according to the provisions of this Section. Such
Transfer payments will be made at book value and will not be subject to a
withdrawal charge.
The Company reserves the right to limit Transfer payments from a Participant's
Individual Account if the amount of any Transfer, when added to the
cumulative Transfers during the Contract Year would exceed one-sixth (1/6) of
the value of a Participant's Individual Account derived from all group annuity
contracts issued to the Contract Owner by the Company for fixed interest
investments.
HL-16925 Page 5
WITHDRAWALS
FROM GENERAL
ACCOUNT FUND
(continued)
SETTLEMENT
PROVISIONS
Allocation of Annuity
The Contract Owner shall specify the Annuity Commencement Date and such
other information as may be required by the Company for every Annuity
elected to be paid under this Contract. On such date the Company will
commence the Annuity payment to or on behalf of the designated Participant.
The Annuity will be payable in a form described herein or in any other form
offered by the Company at the time of such determination and subject to any
applicable requirements of the Internal Revenue Code or the State of
jurisdiction.
As of the Annuity Commencement Date for a Participant, the Company will
withdraw the Participant's Individual Account maintained within the Fund to
purchase such Annnity as determined in the applicable Annuity Table. Such
Annuity withdrawals will be made at book value and will not be subject to
withdrawal charges, market value adjustments, or penalties.
Annual Policy Fee
During each year that this Contract is in force prior to the Annuity
Commencement Date, an Am~ual Policy Fee will be deducted from each
Participant's Individual Account on the earlier of last day of the Participant's
Contract Year, on the date of surrender of a Participant's Individual Account
under this Contract or on the Expiration Date. The Annual Policy Fee will not
exceed $0 for ali Contracts issued by the Company to the Contract Owner.
Notification
The Contract Owner shall notify the Company whenever a Participant is to
begin receiving a distribution of his Participant's Individual Account under this
Contract and shall provide all the necessary information the Company shall
require to make the distribution.
Annuity Option
The Contract Owner may elect to have the value of a Participant's Individual
Account applied on the Annuity Commencement Date in the Annuity option
described below:
Period Certain Installment Payment; this form provides a fixed number of
monthly payments to the Participant during his expected lifetime. Any
payments due after the Participant's death are continued to his Beneficiary.
The fixed payment period may be from 36 to 60 months.
tf a request described above, is received by the Company and if the amount is
sufficient to purchase at least $20 of monthly Annuity in accordance with the
rates then applicable, the Company shall deduct the amount, if any, which it
determines will be payable by it for premium taxes and shall apply the
remainder as the premium to purchase an Annuity as of the date of the
withdrawal. The monthly amount of Annuity will be provided by the rates then
in effect for all Contracts in this class of business. Such rates shall not result in
benefit amounts less than those stated in the applicable Annuity Table.
HL-16925 Page 6
SETTLEMENT
PROVISIONS
(continued)
GENERAL
PROVISIONS
An Annuity provided under this Contract ~nay not be surrendered for its
tem~ination value or transferred to another contract issued by the Company
after the commencement of Armuity payments.
Death of Participant or Beneficiary
In the event a Participant dies before his Annuity Commencement Date, the
Contract Owner will receive the value of the Participant's Individual Account
on the date of receipt of due proof of death at the office of the Company in
Simsbury, Connecticut. The death benefit may be taken in one sum or under
any of the settlement options available under this Contract and will be paid to
the Contract Owner or a Beneficiary designated by the Contract Owner.
In the event of the death of a Participant while receiving annuity payments, the
present values at the current dollar amount on the date of death of any
remaining guaranteed number of payments will be paid in one sum to the
Beneficiary designated by the Contract Owner unless other provisions shall
have been made and approved by the Company. The Annuity value on the date
of receipt of due proof of death shall be used for the purpose of determining
such present value.
Compliance with Federal or State Law
All withdrawals, distributions and Annuity payments made to a Participant or
Beneficiary shall be made in a method and manner that conforms to the
requirements of the Internal Revenue Code and any applicable state law.
Deferral of Payments
The Company reserves the right to defer the payment of a surrender value for a
period not to exceed six months from the date that a request for such surrender
is received by the Company. A deferral may only be made to the extent
permitted under the Federal Investment Company Act of 1940, as amended and
any other Federal or State law. If the Company defers a payment of surrender
values, as specified above, the deferred amount will be credited with interest at
a rate described in the GENERAL ACCOUNT FUND Section of Contract
Form HL-16925 from the date such request is deferred, to the date the
requested amount of the surrender is paid.
Contract
This Contract and the application for the Contract, which is attached, when
issued to the Contract Owner, constitute the entire Contract. All statements in
the application shall be deemed representations and not warranties. No
statement shall void this Contract or be used in defense of a claim under it
unless contained in the written application for this Contract.
Contract Years, months and anniversaries shall be computed from the Effective
Date of this Contract.
HL-16925 Page 7
GENERAL
PROVISIONS
(continued)
Modification of the Contract
This Contract may be modified at any time by written agreement between the
Contract Owner and the Company, provided the Employer receives 31 days
prior written notice of such modification. No modification may operate in a
manner inconsistent with the Owner Provisions of this Contract. No
modification will effect the amount or term of any annuities begun prior to the
Effective Date of the modification, unless it is required to conform this
Contract to, or give the Contract Owner the benefit of, any federal or state
statutes or any role or regulation of the United States Treasury Department.
No modification of this Contract shall be made except over the signature of the
President, Executive Vice President, Senior Vice President, Vice President, an
Assistant Vice President, or a Secretary.
Non-Participating
This Contract does not share in the surplus earnings of the Company.
Misstatements
If the date of birth, amount of premium or any other fact pertaining to the
purchase of a Annuity for a Participant hereunder has been misstated, the
annuity will be adjusted to that provided by the correct premium paid on the
basis of the correct facts. Overpayments by the Company will be charged
against, and underpayment will be added to, any further payments with respect
to the Participant's or Beneficiary's Annuity.
Reports to the Contract Owner
The Company will at the end of each calendar year, transmit to the Contract
Owner a written statement of account showing the total value of each
Participant's Individual Account under this Contract.
Assignment
Amounts held in a Participant's Individual Account are nontransferable and
carmot be sold, assigned, or pledged as security, for a loan or for any other
purpose to any person other than the Company, except as otherwise permitted
under the Internal Revenue code, including any rulings or regulations
thereunder, and the terms of this Contract.
The Contract Owner's interest in this Contract may be assigned only if agreed
to by the Company. The Contract Owner must provide the Company with a
copy of any proposed notice of assignment at the offices of the Company in
Simsbury, Connecticut. The Company assumes no responsibility for the
validity of any assignment.
Proof of Survival
The payment of any Annuity benefit will be subject to evidence that the
Annuitant is alive on the date such payment is otherwise due.
HL-16925 Page 8
GENERAL
PROVISIONS
(continued)
Information from the Contract Owner
The Contract Owner will furnish any information, which the Company may
reasonably require in order to administer this Contract. If the Contract Owner
cannot furnish any required item of information, the Company may request the
person concerned to furnish the information. The Company will not be liable
for the fulfillment of any obligations dependent upon that information until it
receives such information.
Individual Certificates
The Company will issue to the Contract Owner for each Participant an
individual certificate, which evidences that conthbutions are to be made on
behalf of that Participant under this Contract.
Experience Rating
The Company may apply a credit under this Contract at the end of any Contract
Year by a reduction in the Annual Policy Fee.
Owner
The Contract Owner has the sole and exclusive power to exercise all the rights,
options and privileges granted by this Contract or permitted by the Company
and to agree with the Company to any change in or amendment to the Contract.
Such power shall be exercised in a manner consistent with the written plan
adopted by the Contract Owner for the exclusive benefit of Participants and
their beneficiaries. The assets and income of this Contract may not be used for
or diverted to purposes other than the exclusive benefit of Participants and their
beneficiaries, except as otherwise permitted under the Internal Revenue Code
and any rulings or regulations thereunder. The preceding sentence does not
limit the Company's exemise of the rights granted it by this Contract, including
the right to deduct and retain amounts specified in the Contract.
This annuity Contract shall be treated by all parties hereto, and for all
applicable purposes and provisions of (a) Internal Revenue Code Sections 401,
457(g) and 401(f) and (b) Part 9000, Subtitle II, of Title 9 NYCRR
as a valid trust pursuant to and in compliance with all applicable requirements
of the above-referenced Code sections and New York State's Finance Law.
Beneficiary
The Beneficiary is the person to whom any death benefit from the Contract on
behalf of a Participant is payable in the event of the Participant's death. The
Beneficiary is designated by (and may be changed by) the Participant, subject
to any roles established by the Contract Owner for the Company. If no
designated Beneficiary remains living at a Participant's death, the Participant's
estate is the Beneficiary.
HL-16925 Page 9
DISCONTINUANCE
PROVISIONS
ANNUITY TABLE
Discontinuance of the Contract
This Contract will discontinue on the Expiration Date. On and after the
Expiration Date no further Contributions will be accepted under this Contract
and no further withdrawals will be made except as otherwise stated below. On
the Expiration Date the Company will determine the total value of Participants'
Individual Accounts held in this Contract.
As soon as administratively practicable after the Expiration Date, the
Company will transfer the Withdrawal Amount at Discontinuance to a
successor funding agency (or to the Contract Owner) unless, prior to the
Expiration Date and in accordance with the procedures stated in the regulations
of the New York State Deferred Compensation Board, the Contract Owner
provides written notification to the Company to renew the Contract for a term
not to exceed five (5) years, or to transfer the Withdrawal Amount at
Discontinuance to a new contract issued by the Company. The transfer will be
made in a single sum and will not be subject to any withdrawal charges, market
value adjustments or penalties.
Discontinuance of this Contract will not affect payments to be made by the
Company under an Annuity, which commenced prior to the Expiration Date.
The following Table shows the dollar amount of monthly payments for each
$1,000 applied under the Period Certain Installment Payment option. The
Table is based on a net investment rate of 3% per annum.
PAYMENTS FOR A DESIGNATED PERIOD
Number
Of
Years
Amount
Of
Monthly
3
4 22.06
5 17.91
Payments
$28.99
HL-16925 Page 10
HARTFORD LIFE INSURANCE COMPANY
(a stock insurance company, herein called the Company)
200 Hopmeadow Street, Simsbury, Connecticut 06089
GR 0 UP ANNUITY CONTRA CT
INDIVID UALL Y ALLOCA TED
CONTRACT OWNER
CONTRACT EFFECTIVE DATE
PLACE OF DEL1VERY
CONTRACT NUMBER
State Street Bank and Trust Company as Trustee for the Town of
Southold Deferred Compensation Plan
August 12, 2008
New York
GC-30013
This Contract is issued in consideration of the application of the Contract Owner, a copy of which is attached to
and made a part of this Contract and the payment of contributions in accordance with the terms and conditions
of this Contract.
This Contract is subject to the laws of the jurisdiction where it is delivered.
The conditions and provisions of this and the following pages are part of the Contract
This Contract makes provision for the accumulation of Contract values in the Separate Account(s) of the
Company to provide variable annuity accumulations. Actual annuity payout commencing on the Annuity
Commencement Date will be on a J~ced basis as determined by the Contract Owner.
Individual Allocations - Nonparticipating
ALL ACCUMULATION VALUES PROVIDED BY THE CONTRACT ARE VARIABLE AND ARE NOT
GUARANTEED AS TO FIXED DOLLAR AMOUNT. DETAILS OF THE VARIABLE PROVISIONS ARE
DESCRIBED UNDER VALUATION PROVISIONS.
Signed for Hartford Life Insurance Company
Donald C. Hunt, Secretary
John C. Walters, President
Hartford Life
HL-16926
GROUP ANNUITY CONTRACT - INDIVIDUALLY ALLOCATED
CONTRACT SPECIFICATIONS
Separate Account(s)
The Separate Account(s) of the Company supporting the Contract are entitled Separate Account 457.
The various Separate Account 457 Sub-Accounts under this Contract and the corresponding investment
Funds for each Sub-Account are set forth in the most recent Administrative Notice which is attached to
and made part of this Contract.
The Company reserves the right, subject to compliance with applicable law, to substitute the shares of any
other registered investment company for the shares of any Fund held by a Separate Account included in
this Contract. Substitution may occur if shares of any Fund(s) become unavailable, or due to changes in
the applicable law or interpretations of law, or as the Company otherwise deems appropriate.
The Company also reserves the right, in its sole discretion and subject to compliance with applicable law,
to add, replace, or delete Separate Accounts and/or Funds (with or without differing investment
objectives) to or from this Contract, and to terminate ongoing contributions to Separate Accounts and/or
Funds under this Contract, provided the Company gives the Contract Owner thirty-one (31 ) days advance
written notice of its intent to do so, and further provided that the Company takes the same action(s) with
respect to all Contracts of the same class and risk characteristics. If the Company adds additional
Separate Accounts and/or Funds to this Contract, the Separate Accounts and/or Funds so added will be
subject to the charges, fees, and transfer restrictions, if any, then in effect for such Separate Accounts
and/or Funds at the time they are added to this Contract.
A list of the investment options selected by the Contract Owner and available under this Contract will be
provided to the Contract Owner from time to time in an Administrative Notice. The various Investment
Options/Sub-Accounts available under this Contract, unless otherwise elected by the Contract Owner, are
set forth in accordance with the most recent Administrative Notice issued by the Company. An
Administrative Notice may be furnished when Investment Options/Sub-Accounts have been added,
frozen, eliminated or replaced under the Contract. Such Notice may also reflect information relative to
such Investment Options, including, but not limited to, the applicable deduction for mortality, expense
risk and administrative undertakings, its classification as a competing fund (if applicable), and any
applicable transfer restrictions.
Annual Policy Fee
An Annual Policy Fee deduction shall be made against the value of a Participant's Individual Account
under this Contract on the last day ora Participant's Contract Year or during such year if the account is
surrendered before the end of such year.
The Annual Policy Fee has been set at $0 per year and will not exceed such amount for all Contracts
issued by the Company to the Contract Owner.
HL-16926 Page 2
Deduction for Mortality, Expense and Administrative Undertakings
For assuming the mortality, expense risk and administrative undertakings under this Contract the
Company makes a deduction from the average daily net assets of the Separate Account as follows:
During the Accumulation Period, the aunualized rate of the deduction for such risks and undertakings has
initially been set at 0.65 % of the average daily net assets of the Group A Investment Options; 0.65% of
the average daily net assets of the Group B Investment Options and 0.65% of the average daily net assets
of the Group C Investment Options. These deductions may be decreased by the Company, in its sole
discretion and may be increased by the Company upon 90 days advance written notice to the Contract
Owner, and subject to a maximum deduction of 2.00% per year from the average daily net assets of each
Investment Option under Separate Account 457 included in this Contract. Deductions applicable to each
Investment Option under Separate Account 457 included in this Contract may increase or decrease based
on the amount of assets held under this Contract. The Company reserves the right to renegotiate the
annualized rates of deduction for mortality, expense risk and administrative undertakings in the event that
the Contract Owner adds an additional provider to the Plan.
Expiration Date
The term Expiration Date shall refer to: August 11, 2013. Subject to agreement between the Contract
Owner and the Company, this Contract may be renewed for an additional term that will commence on the
Expiration Date stated above and end on August 10, 2015.
Plan
The term Plan shall refer to: the Town of Southold Deferred Compensation Plan.
Transfer Charge
A Transfer Charge will be withdrawn from a Participant's Individual Account in an amount equal to zero
percent (0 %) of the amount transferred from this Contract to an alternate investment vehicle other than
the Companion General (Fixed Interest) Account Contract prior to the Expiration Date.
HL-16926 Page 3
TABLE OF CONTENTS
Contract Specifications
Table of Contents
Definition of Certain Terms
Contribution Provisions
Contract Control Provisions
General Provisions
Valuation Provisions
Termination Provisions
Settlement Provisions
Discontinuance Provisions
Annuity Tables
Endorsements
Administrative Notice
Page
2
4
5
6
7
8
10
11
12
15
15
HL-16926 Page 4
DEFINITION OF
CERTAIN TERMS
Accumulation Period - The period under this Contract prior to the earlier of
the Expiration Date or the Annuity Commencement Date.
Accumulation Unit - An accounting unit of measure used to calculate the
Separate Account values of a Participants' Individual Account during the
Accumulation Period.
Active Life Fund - A term used to describe the sum of the value of all
Participants' Individual Accounts under this Contract during the Accumulation
Period.
Annual Policy Fee - 2"ne amount set forth on Page 2, if any, which is deducted
from the value of a Participant's Individual Account.
Annuitant - The Participant on whose behalf Annuity payments are to be made
under this Contract.
Annuity - A series of income payments that may be provided under this
Contract. Such payments shall be made over a period of at least 36 calendar
months but not over a period exceeding 60 calendar months.
Annuity Commencement Date - The date on which Annuity payments are to
begin as described under Settlement Provisions in this Contract.
Annuity Period - The period in the Contract, following the Accumulation
Period, during which actual Annuity payments are made.
Beneficiary - The Contract Owner, or person(s) designated by the Contract
Owner, to whom any death benefit from a Participant's Individual Account will
be payable.
Companion General (Fixed Interest) Account Contract(s) - The Group
Annuity Contract(s) issued by the Company to provide fixed interest
investment options for Participants covered under this Contract.
Contract Owner-The term Contract Owner shall refer to the State Street Bank
and Trust Company as Trustee for the Town of Southold Deferred
Compensation Plan.
Contract Year - A period of twelve (12) months commencing with the
Effective Date of this Contract or with any Contract anniversary.
Contribution-The term Contribution means the amount of the payments due
the Company from the Contract Owner.
Date of Coverage - The date on which the application is made on behalf of a
Participant and is received by the Company.
Due Proof of Death - A certified copy of the death certificate, an order of a
court of competent jurisdiction, a statement from a physician who attended the
deceased or any other proof acceptable to the Company.
Employer-The term Employer shall refer to the Town of Southold.
HL-16926 Page 5
DEFINITION OF
CERTAIN TERMS
(continued)
Expiration Date - The date on which this Contract will terminate as set forth
on Page 3.
Fund - The underlying investment(s) to which Contributions may be allocated
under a Separate Account.
Minimum Death Benefit-The minimum amount payable upon death of a
Participant prior to age 65 and before Annuity payments have commenced.
Participant - A term used to define, for recordkeeping purposes only, any
employee electing to participate in the Plan of the Employer/Contract Owner
and who has a Participant Individual Account maintained under this Contract.
Participant's Contract Year - The term Participant's Contract Year means a
period of twelve months commencing with the Date of Coverage under this
Contract and each successive twelve (12) month period thereafter.
Participant's Individual Account - An account to which the Separate
Account Accumulation Units held by the Contract Owner on behalf of a
Participant are allocated.
Premium Tax - The tax or amount of tax, if any, charged by a state or
municipality on premiums, purchase payments or Contract values.
Separate Account - The Separate Accounts of the Company, identified in the
Administrative Notice under which income, gains and losses, whether or not
realized, from assets allocated to such account are, in accordance with the
Contracts issued with respect thereto, credited to or charged against such
Separate Account without regard to the other income, gains, or losses of the
Company.
Underlying Security - The Funds designated in the Administrative Notice.
Whenever in this Contract a personal pronoun in the masculine gender appears,
it shall be taken to include the feminine also, unless the context clearly
indicates the contrary.
CONTRIBUTION
PROVISIONS
Contributions
During each Contract Year, the Contract Owner will remit to the Company all
contributions to be made on behalf of the Participants. Such contributions will
be applied by the Company to the Separate Account for Accumulation Units in
the Separate Account on behalf of a Participant in accordance with the
Valuation Provisions and the instructions of the Contract Owner. The
minimum contribution which may be made at any time on behalf of any
Participant may not be less than $10.00. The Company may lower this
minimum from time to time.
HL-16926 Page 6
CONTRIBUTION
PROVISIONS
(continued)
CONTRACT
CONTROL
PROVISIONS
Allocation of Contributions During the Accumulation Period
The Contract Owner must specify that portion of a contribution on behalf of a
Participant to be allocated to each account of the Separate Account from 0% to
100% in multiples of at least 1%, provided the minimum amount allocated to
any account must be at least $10.00. The Company may lower the minimum
multiple or dollar amount from time to time.
Such allocation may be changed by written notice submitted to the Company.
With respect to a Participant's Individual Account, the Contract Owner
may, subject to contractual provisions, transfer monies between accounts
during the Accumulation Period.
Owner
The Contract Owner has the sole and exclusive power to exercise all the rights,
options and privileges granted by this Contract or permitted by the Company
and to agree with the Company to any change in or amendment to the Contract.
Such power shall be exercised in a manner consistent with the written plan
adopted by the Contract Owner for the exclusive benefit of Participants and
their beneficiaries. The assets and income of this Contract may not be used for
or diverted to purposes other than the exclusive benefit of Participants and their
beneficiaries, except as otherwise permitted under the Internal Revenue Code
and any rulings or regulations thereunder. The preceding sentence does not
limit the Company's exercise of the rights granted it by this Contract, including
the right to deduct and retain amounts specified in the Contract.
This annuity Contract shall be treated by all parties hereto, and for all
applicable purposes and provisions of (a) Internal Revenue Code Sections 401,
457(g) and 401(0 and (b) Part 9000, Subtitle II, of Title 9 NYCRR
as a valid trust pursuant to and in compliance with all applicable requirements
of the above-referenced Code sections and New York State's Finance Law.
Beneficiary
The Beneficiary is the person to whom any death benefit from the Contract on
behalf ora Participant is payable in the event of the Participant's death. The
Beneficiary is designated by (and may be changed by) the Participant, subject
to any roles established by the Contract Owner for the Company. If no
designated Beneficiary remains living at a Participant's death, the Participant's
estate is the Beneficiary.
Assignment
Amounts held in a Participant's Individual Account are nontransferable and
cannot be sold, assigned, or pledged as security, for a loan or for any other
purpose to any person other than the Company, except as otherwise permitted
under the Internal Revenue code, including any mlings or regulations
thereunder, and the terms of this Contract.
The Contract Owner's interest in this Contract may be assigned only if agreed
to by the Company. The Contract Owner must provide the Company with a
HL-16926 Page 7
GENERAL
PROVISIONS
copy of any proposed notice of assigument at the offices of the Company in
Simsbury, Connecticut. The Company assumes no responsibility for the
validity of any assignment.
Contract
This Contract and the application for the Contract, which is attached, when
issued to the Contract Owner, constitute the entire Contract. Ail statements in
the application shall be deemed representations and not warranties. No
statement shall void this Contract or be used in defense ora claim under it
unless contained in the written application for this Contract.
Contract Years, months and anniversaries shall be computed from the effective
date of this Contract.
Modification of the Contract
This Contract may be modified at any time by written agreement between the
Contract Owner and the Company, provided the Employer receives prior
written notice of such modification. No modification may operate in a manner
inconsistent with the Owner Provisions of this Contract. No modification will
effect the amount or term of any annuities begun prior to the Effective Date of
the modification, unless it is required to conform this Contract to, or give the
Contract Owner the benefit of, any federal or state statutes or any role or
regulation of the United States Treasury Department.
No modification of this Contract shall be made except over the signature of the
President, Executive Vice President, Senior Vice President, Vice President, an
Assistant Vice President or a Secretary.
Non-Participating
This Contract does not share in the surplus earnings of the Company.
Misstatements
If the date of birth, amount of premium or any other fact pertaining to the
purchase of a annuity for a Participant hereunder has been misstated, the
Annuity will be adjusted to that provided by the correct premium paid on the
basis of the correct facts. Overpayments by the Company will be charged
against, and underpayment will be added to, any further payments with respect
to the Participant's or Beneficiary's Annuity.
Reports to the Contract Owner
The Company will at the end of each calendar year, transmit to the Contract
Owner a written statement of account showing the total value of Separate
Account interests held in each Participant's Individual Accounts under this
Contract.
HL-16926 Page 8
GENERAL
PROVISIONS
(continued)
Voting Rights
The Company shall cause the Contract Owner to be advised of any Fund
shareholders' meetings of any Fund the shares of which may be held under this
Contract at which the shares held for the Contract Owner may be voted and
shall also, at any Contract Owner's request, cause proxy materials and a form of
instruction by means of which the Contract Owner can instruct the Company's
with respect to the voting of the Fund shares held for the Contract Owner's
Account to be sent to the Contract Owner. In connect/on with the voting of
Fund shares held by it, the Company shall arrange for the handling and tallying
of proxies received from the Contract Owner. The Company, as such, shall
have no right, except as herein provided, to vote any Fund shares held by it
hereunder which may be registered in its name or the names of its nominees.
The Company will, however, vote the Fund shares held by it in accordance
with the instructions received from the Contract Owner. If the Contract Owner
desires to attend any meeting at which the Fund shares held for the Contract
Owner's benefit may be voted, the Contract Owner may request that the
Company furnish a proxy or otherwise arrange for the exercise of voting fights
with respect to the Fund shares held for such Contract Owner's account. In the
event that the Contract Owner gives no instructions or leaves the manner of
voting discretionary, the Company will vote such shares of each Fund in the
same proportion as shares of that Fund for which instructions have been
received.
Proof of Survival
The payment of any Annuity benefit will be subject to evidence that the
Annuitant is alive on the date such payment is otherwise due.
Information from the Contract Owner
The Contract Owner will furnish any information, which the Company may
reasonably require in order to administer this Contract. If the Contract Owner
cannot furnish any required item of information, the Company may request the
person concerned to furnish the information. The Company will not be liable
for the fulfillment of any obligations dependent upon that information until it
receives such information.
Individual Certificates
The Company will issue to the Contract Owner for each Participant an
individual certificate, which evidences that contributions are to be made on
behalf of that Participant under this Contract.
Experience Rating
The Company may apply an experience credit, under this Contract at the end of
any Contract Year by:
(a) a reduction in the amount of any Transfer Charge; or
(b) reduction in amount of the Annual Policy Fee; or
(c) or Deduction for Mortality, Expense and Administrative
Undertakings.
HL-16926 Page 9
Deferral of Payments
The Company reserves the right to defer the payment of a surrender value for a
period not to exceed six months from the date that a request is received by the
Company. A deferral may be made to the extent permitted under the Federal
Investment Company Act of 1940, as amended and any other applicable
Federal or State law. If the Company defers a payment of surrender values, as
specified above, the deferred amount will be credited with interest at a rate
described in the GENERAL ACCOUNT FUND Section of Contract Form HL-
16925 from the date such request is deferred, to the date the requested amount
of the surrender is paid.
VALUATION
PROVISIONS
Net Contributions
The net contribution to a Participant's Individual Account is equal to the total
contributions made on behalf of that Participant less any applicable premium
taxes.
The net contribution for the Separate Account (determined in accordance with
the account allocation percentages elected) is applied to provide Separate
Account Accumulation Units. The number of Accumulatiun Units credited to
each variable account is determined by dividing the net contribution for that
account by the dollar value of one Accumulation Unit next computed after the
receipt of the contribution by the Company.
Distributed earnings with respect to the underlying securities will be credited to
Contract Owner's by increasing the value of units of interest held under this
Contract.
The number of Accumulation Units so determined will not be affected by any
subsequent change in the value of Accumulation Units. The Accumulation
Unit value in the Separate Account may decrease or increase from day to day
as specified below.
Net Investment Rate and Net Investment Factor
The net investment rate for the Separate Account for any day is equal to the
gross investment rate for each Account in the Separate Account expressed in
decimal form to six places, less applicable deductions by the Company each
year for the expense, mortality and administrative undertakings as set forth on
Page 3. The gross investment rate for an account is (a) its investment income
for the day plus its capital gains and minus its capital losses, whether realized
or unrealized, and less a deduction for any applicable taxes arising from the
income and the realized and unrealized capital gains attributable to that
account, divided by (b) the value of that account on the previous day.
The net investment factor for each account is the sum of 1.000000 plus the net
investment rate for that account.
HL-16926 Page 10
VALUATION
PROVISIONS
(continued)
TERMINATION
PROVISIONS
Segregation of Separate Account Assets
That portion of the assets of the Separate Account equal to the reserves and
other control liabilities of the Separate Account shall not be chargeable with
liabilities arising out of any other business the Company may conduct.
Accumulation Unit Value
The value of an Accumulation Unit of the Separate Account was set at an
initial fixed value on the date the Account was initially established. The value
of the respective Accumulation Units for any subsequent day is determined by
multiplying the Accumulation Unit value for the preceding day by the net
investment factor for that Account for the current day.
Annuity Unit Values During the Annuity Period
The value of an Annuity Unit for each Account in the Separate Account was
set at an initial fixed value on the date the Account was initially established and
for any day thereafter is determined by multiplying the value of the Annuity
Unit for that Account on the preceding day by the product of (a) 0.999892 and
(b) the net investment factor for that Account of the Separate Account for the
day for which the annuity value is being calculated.
Annual Policy Fee
During each year that this Contract is in force prior to the Annuity
Commencement Date, an Annual Policy Fee will be deducted from each
Participant's Individual Account on the earlier of the last day of the
Participant's Contract Year, on the date of surrender of a Participant's
Individual Account under this Contract or on the Expiration Date in the method
specified in Page 2.
Termination of a Participant's Individual Account
On termination of a Participant prior to the specified Annuity Commencement
Date, the Contract Owner will notify the Company as to the manner in which
the then value of the Participant's Individual Account is to be disbursed or
applied in accordance with the terms of this Contract.
The termination value of a Participant's Individual Account for any day prior to
the Annuity Commencement Date is equal to the value of the Participant's
Individual Account on that day, less:
(a) any applicable premium taxes not previously deducted, and
(b) the Annual Policy Fee as described on Page 2, and
(c)the Transfer Charge as described on Page 3, if applicable.
The termination value of the portion of the Participant's Individual Account in
the Separate Account may decrease or increase from day to day.
HL-16926 Page 11
TERMINATION
PROVISIONS
(continued)
Transfer or Re-Allocation of Contract Values Within the Contract(s)
Variable Contract values may be re-allocated between accounts within the
Separate Account or transferred to the Companion General (Fixed Interest)
Account Contract at any time.
Transfer of Contract Values Outside the Contracts
Variable Contract values may be transferred from the Separate Account to an
alternative investment at any time prior to the Expiration Date. If applicable, a
Transfer Charge as described on Page 3 will be charged against a transfer made
in accordance with the preceding sentence if such transfer is made to an
investment other than the Companion General (Fixed Interest) Account
Contract.
Termination After the Annuity Commencement Date
An Annuity effected under this Contract may not be surrendered for its
termination value after the commencement of Annuity payments.
Payment of Termination Value
When all or any part of the Separate Account termination value of a
Participant's Individual Account is taken by the Contract Owner in the form of
a cash settlement, payment will be made within seven (7) days following the
day the request is received, except as the Company may be permitted to defer
payment under the Investment Company Act of 1940.
Withdrawals at Termination of Employment
Neither a lump sum withdrawal of assets from a Participant's Individual
Account maintained under the Contract that is made in accordance with the
provisions of the Plan and as a result of a bona fide termination of
employment, nor the assets remaining in the Fund following such distribution,
shall be adjusted in any manner to reflect changes in interest rates or asset
values since the receipt of such assets under the Contract.
Active Life Fund
An Active Life Fund will be maintained by the Company with respect to this
Contract. At all times it will consist of the sum of the values of all Participants'
Individual Accounts.
SETTLEMENT
PROVISIONS
Additional Contributions To Annuitant's Accounts
Prior to the Expiration Date the Contract Owner may make additional
Contributions at the beginning of the Annuity Period for the purpose of
effecting increased Annuity payments. All such additional contributions may
be subject to any applicable premium taxes.
HL-I6926 Page 12
SETTLEMENT
PROVISIONS
(continued)
Annuity Rights
"Annuity Rights" shall be provided under the Contract entitling the Contract
Owner to have Annuity payments made at the rates set forth in this ContracL
Such rotes will be made applicable to all amounts held in a Participant's
Individual Account during the Accumulation Period, including any repayments
of partial withdrawals which do not exceed five times the gross contributions
made during the Accumulation Period with respect to such Participant's
Individual Account. To the extent that the value of a Participant's Individual
Account at the end of the Accumulation Period is insufficient to fund the
Annuity Rights provided, the Contract Owner shall have the right to apply any
additional contributions, as described above, to the values held in a
Participant's Individual Account in order to exercise all of the Annuity Rights
provided herein. Any amounts in excess thereof may be applied at Annuity
rates then being offered by the Company.
Election of Annuity Option
The Annuity Commencement Date may be the first day of any month but in no
event will the Annuity Commencement Date be later than the time prescribed
by the Internal Revenue Code.
Fixed Dollar Annuity Payments
~he Contract Owner may elect to have the value of a Participant's Individual
Account applied on the Annuity Commencement Date under the annuity option
described below. The Separate Account value of the Participant's Individual
Account is determined on the basis of the Accumulation Unit value on the fifth
business day preceding the date annuity payments commence.
Election of this option, including any optional Annuity Commencement Date,
must be made by notice in writing to the Office of the Company in Simsbury,
Connecticut at least 31 days prior to the date such election is to become
effective.
Date of Payment - The first payment shall be made immediately upon
approval of claim for settlement or on any other specified date, and subsequent
payments shall be made periodically in accordance with the manner of payment
elected on the first business day of the month in which a payment is due.
The Contract Owner, after the death of a Participant, may elect in lieu of
payment in one sum, that any amount or part thereof due by the Company
under this Contract to the Contract Owner be applied under the option
described below. Such election must be made within one year after the death
of the Participant by written notice to the Office of the Company in Simsbury,
Connecticut.
Allocation of Annuity
At the time election of the Annuity option is made, the value of the
Participant's Individual Account shall be applied to provide a fixed dollar
annuity.
HL- 16926 Page 13
SETTLEMENT
PROVISIONS
(continued)
Fixed Dollar Annuity - A fixed dollar am~uity is an Armuity with payments
which remain fixed as to a dollar amount throughout the payment period.
Although fixed dollar annuity payments may never be less than the first
monthly payment, each payment after the first may be increased as a result of
excess interest credits declared by the Directors of the Company.
Death of Participant or Beneficiary
In the event a Participant dies before his Annuity Commencement Date, the
Contract Owner will receive the value of the Participant's Individual Account
on the date of receipt of due proof of death at the office of the Company in
Simsbu~y, Connecticut. If upon death prior to the Annuity Commencement
Date the Participant had not attained his 65th birthday, and the total value of
the Participant's Individual Accounts maintained under all contracts issued by
the Company to the Contract Owner is less than the total contributions made
on behalf of such Participant, then the total death benefit payable under all such
contracts will equal 100% of all contributions made to such contracts on behalf
of the Participant reduced by the dollar amount of any prior withdrawals. The
death benefit may be taken in one sum or under the settlement options available
under this Contract and will be paid to the Contract Owner or a Beneficiary
designated by the Contract Owner.
When payment is taken in one sum, a payment derived from amounts held
under the various Investment Option/Sub-Accounts under this Contract will be
made within 7 days after the date due proof of death is received, except as the
Company may be permitted to defer such payment under the Investment
Company Act of 1940.
In the event of the death of the Annuitant while receiving annuity payments,
the present values at the current dollar amount on the date of death of any
remaining guaranteed number of payments, will be paid in one sum to the
Beneficiary designated by the Contract Owner unless other provisions shall
have been made and approved by the Company.
In the case of the Separate Account, calculations for such present value of the
guaranteed number of payments remaining will be based on assumed net
investment rate of 3% per annum. The Annuity Unit value on the date of
receipt of due proof of death shall be used for the purpose of determining such
present value.
Annuity Option
Period Certain Installment Payment; this form provides a fixed number of
monthly payments to the Participant during his expected lifetime. Any
payments due after the Participant's death are continued to his Beneficiary.
The fixed payment period may be from 36 to 60 months.
HL-16926 Page 14
DISCONTINUANCE
PROVISIONS
Discontinuance of the Contract
This Contract will discontinue on the Expiration Date or the end of the renewal
period set forth in the definition of Expiration Date. On and after the
Expiration Date no further Contributions will be accepted under this Contract
and no further withdrawals will be made except as otherwise stated below. On
the Expiration Date the Company will determine the total value of Participants'
Individual Accounts in accordance with the Valuation Provisions contained in
this Contract and such value shall be referred to as the Withdrawal Amount at
Discontinuance.
As soon as administratively practicable after the Expiration Date, the Company
will transfer the Withdrawal Amount at Discontinuance to a successor funding
agency (or to the Contract Owner) unless, prior to the Expiration Date and in
accordance with the procedures stated in the regulations of the New York State
Deferred Compensation Board, the Contract Owner provides written
notification to the Company to renew the Contract for a term not to exceed five
(5) years, or to transfer the Withdrawal Amount at Discontinuance to a new
contract issued by the Company. The transfer will be made in a single sum and
will not be subject to any withdrawal charges or penalties.
ANNUITY TABLE
Discontinuance of this Contract will not affect payments to be made by the
Company under an annuity, which commenced prior to the Expiration Date.
The following Table shows the dollar amount of monthly payments for each
$1,000 applied under the Period Certain Installment Payment option. The
Table is based on a net investment rate of 3% per annum.
PAYMENTS FOR A DESIGNATED PERIOD
Number Amount
Of Of
Years
Monthly
Payments
$28.99
4 22.06
5 17.91
HL-16926 Page 15
This page is intentionally left blank.
Group Variable Annuity Endorsement
This Endorsement shall be issued as a part of the Group Annuity Contract (the "Contract") issued
in conjunction with a Plan that satisfies the provisions of Section 457 of the Internal Revenue
Code. The term Group Annuity Contract and/or Contract as used herein, refer to a contract or
certificate, whichever is applicable.
The following provisions may replace or be added to the existing provisions of the Contract, as
appropriate and such new provisions shall supersede and control any conflicting language in the
Contract. The conditions and provisions of the Contract continue to apply except as amended
herein.
If applicable, the term, "separation from service" as it appears throughout the Contract is
hereby replaced by the term, "severance from employment".
II.
If applicable, the CONTRIBUTION PROVISIONS section of the Contract or the Contract
section entitled Your Individual Account, is hereby amended by the addition of the
following paragraph:
"The term Contribution shall include a plan to plan transfer (as described under Section
457(e)(10)of the Code) of a Participant's benefit under another plan to this Plan that satisfies
the provisions of Section 457(b) of the Code and the regulations promulgated thereunder.
Where the Employer is an employer as described in Section 457(e)( 1 )(A) of the Code, the
term Contribution shall include a trustee-to-trustee transfer or the payment by a Participant
to the Plan, if the Plan permits, of an eligible rollover distribution from an eligible retirement
plan as such terms are defined under Section 402(c) of the Code."
III. This Endorsement shall be effective on August 12, 2008.
Signed for the Hartford Life Insurance Company by:
Donald C. Hunt, Secretary
John C, Walters, President
HL-17392 (NY) I
Hartford Life
ADMINISTRATIVE NOTICE
FOR
GROUP ANNUITY CONTRACT
(To be included as an attachment to your Group Annuity Contract effective August 12, 2008)
Re: Investment Options Available to
Group Annuity Contract GC-30013
I. The following Investment Options are available under the aforementioned Group Annuity Contract:
Separate Account(s)
The Separate Account(s) of the Company supporting the Contract are entitled Separate Account
457.
The various Separate Account 457 Sub-Accounts under this Contract and the corresponding
investment Funds for each Sub-Account are as follows:
Investment Option Sub-Accounts
In Group "A":
Based on:
Hartford Total Retum Bond HLS
Hartford Stock HLS
Hartford Money Market HLS
Hartford Advisers HLS
Hartford U.S. Government Securities HLS
Hartford Index HLS
Calvert Social Invested Balanced Account
Hartford International Opportunities HLS
Hartford Dividend & Growth HLS
Hartford Small Company HLS
Hartford Global Health HLS
Hartford Global Equity HLS
Hartford Midcap HLS
Hartford Capital Appreciation HLS
Hartford Total Return Bond HLS Fund, Inc.
Hartford Stock HLS Fund, Inc.
Hartford Money Market HLS Fund, Inc.
Hartford Advisers HLS Fund, Inc.
Hartford U.S. Government Securities HLS Fund,
Inc.
Hartford Index HLS Fund, Inc.
Calvert Social Invested Balanced Portfolio
Hartford International Opportunities HLS Inc.
Hartford Dividend & Growth HLS Fund, Inc.
Hartford Small Company HLS Fund, Inc.
Hartford Global Health HLS Fund, Inc.
Hartford Global Equity HLS Fund, Inc.
Hartford Midcap HLS Fund, Inc.
Hartford Capital Appreciation HLS Fund, Inc.
HL-16943
Investment Option Sub-Accounts
In Group "B":
Fidelity Advisor Balanced
Fidelity Advisor Growth Opportunities
Fidelity Advisor Growth & Income
Fidelity Advisor Value Strategies***
Fidelity Advisor Overseas***
Fidelity Advisor Balanced Fund
Fidelity Advisor Growth Opportunities Fund
Fidelity Advisor Growth & Income Fund
Fidelity Advisor Value Strategies Fund***
Fidelity Advisor Overseas Fund***
Investment Option Sub Accounts
In Group "C":
Putnam Global Equity
American Centmy Equity Income
American Century International Growth
Janus Balanced
Janus Enterprise
AIM Financial Services
AIM Leisure
AIM Technology
MFS Utilities
American Century Ultra
American Century Balanced Account***
American Century Select***
Skyline Special Equities Portfolio
Putnam High Yield Advantage
Putnam International New Opportunities**
Putnam Vista
American Century Value
American Century Income & Growth
Janus Twenty
Janus Worldwide
DWS Growth & Income
Janus Adviser International Growth
AIM Small Cap Growth
MFS Massachusetts Investors Growth Stock
Dreyfus Premier Third Century
MFS Core Equity
MFS High Income
Dreyfus Premier Intermediate Term Income
Dreyfus Life Time Growth
Dreyfus Life Time Growth & Income
Dreyfus Life Time Income
Franklin Small-Mid Cap Growth
Putnam Global Equity Fund
American Century Equity Income Fund
American Century International Growth Fund
Janus Balanced Fund
Janus Enterprise Fund
AIM Financial Services Fund
AIM Leisure Fund
AIM Technology Fund
MFS Utilities Fund
American Century Ultra Investors Fund
American Century Balanced Investors Fund***
American Century Select Investors Fund***
Skyline Special Equities Portfolio Fund
Putnam High Yield Advantage Fund
Putnam Intemational New Opportunities Fund**
Putnam Vista Fund
American Century Value Fund
American Century Income & Growth Fund
Janus Twenty Fund
Janus Worldwide Fund
DWS Growth & Income Fund
Janus Adviser International Growth Fund
AIM Small Cap Growth Fund
MFS Massachusetts Investors Growth Stock Fund
Dreyfus Premier Third Century Fund
MFS Core Equity Fund
MFS High Income Fund
Dreyfus Premier Intermediate Term Income Fund
Dreyfus Life Time Growth Fund
Dreyfus Life Time Growth & Income Fund
Dreyfus Life Time Income Fund
Franklin Small-Mid Cap Growth Fund
*~While contributions may be directed to this investment option, no transfers are permitted
into this investment option.
HL-16943
***No contributions or transfers are permitted into this investment option.
II. This Administrative Notice forn~s a part of, and should be kept with your Group Annuity Contract.
III. The Effective Date of this Administrative Notice is August 12, 2008.
Signed for Hartford Life Insurance Company by:
Donald C. Hunt, Secretary
John C. Walters, President
HLq6943
Southold Town Board - Letter Board Meeting of August 12, 2008
RESOLUTION 2008-758
ADOPTED
Item #
DOC ID: 4117
THIS IS TO CERTIFY THAT THE FOLLOWING RESOLUTION NO. 2008-758 WAS
ADOPTED AT THE REGULAR MEETING OF THE SOUTHOLD TOWN BOARD ON
AUGUST 12, 2008:
WHEREAS, the Town of Southold did establish a Deferred Compensation Plan for employees,
and
WHEREAS, the Deferred Compensation Committee did accept and review proposals for the
administration of the Deferred Compensation Plan for a five-year contract period as stipulated in
Section 9003 of Subtitle II, Title 9 NYCRR, and
WHEREAS, the Deferred Compensation Committee does recommend the award of such
contract to The Hartford as Administrative Services Agency and Financial Organization pursuant
to section 9003 of Subtitle II, Title 9 NYCRR, and
WHEREAS, the Deferred Compensation Committee does recommend that State Street Bank
and Trust Company act as trustee,
NOW, THEREFORE, BE IT
RESOLVED that the Town Board of the Town of Southold hereby adopts the "Model Plan"
with an effective date of January 1~ 2002 including amendments through December 7~ 2007~
and be it further
RESOLVED that the Supervisor Scott Russell, Chairman of the Town of Southold Deferred
Compensation Plan, is hereby authorized and directed to execute all necessary documents to
contract with The Hartford and State Street Bank & Trust Company for administrative~
Generated August 20, 2008 Page 14
Southold Town Board - Letter Board Meeting of August 12, 2008
financial, and trustee services for the Town of Southold Deferred Compensation Plan for
the period September 1~ 2008 or as soon thereafter as possible through August 31, 2013.
Elizabeth A. Neville
Southold Town Clerk
RESULT: ADOPTED [UNANIMOUS]
MOVER: Vincent Orlando, Councilman
SECONDER: William Ruland, Councilman
AYES: Ruland, Orlando, Krupski Jr., Evans, Russell
ABSENT: Thomas H. Wickham
Generated August 20, 2008 Page 15
October 21, 2008
Mr. John Cushman
Town of Southold
54375 Main Road
Southold, NY 11971
RE: 457 Plan Contract Renewal
Dear John:
/uny Humphrey
Regional Manager
On behalf of The Hartford I would like to thank you and The Deferred Compensation
Plan Committee for renewing our contract for another five year period. Enclosed please
find a set of completed contract documents, as per your request. These documents should
be retained for your records.
Additionally, a copy of the filing package to the State Department of Civil Service is
forthcoming.
John, thank you again for the opportunity to service your employees 457 deferred
compensation program. Should you have any questions regarding the enclosed materials,
or any other aspect of the program, please do not hesitate to contact me. I may be reached
at 866-827-3666.
Regards,
~e~nlor ~eH~i~r
Retirement Plans Group
Securities Offered Through Hartford Equity Sales Company, Inc.
200 Hopmeadow Street, Simsbury, CT 06089 1-800-528~9009
Hartford Life Insurance Companies
Retirmnent Plans Group
55 Farmington Avenue, Suite 601
Hartford, CT 06105
Mailing Address: P.O. Box 2908
Hartford, CT 06104
Telephone 860 520 2933
Toll Free 800 243 6185 Ext. 2933
Facsimile 860 520 2603
Cellular 860 748 8998
amy.hmnphrey @hart fordlife.cora
retire.hart fordlife.com
TRUSTEO
June 9, 2010
YEARS
THE HARTFORD
John Cushman
Town Of Southold
Po Box 1179 53095 Main Road
Southold, NY 11971
RE:
Plan Number 30013, Town Of Southold Deferred Compensation Plan
New York Supplement to Circular No. 27 (2009) ("Circular Letter"); Defense of
Marriage Act
Dear Contract Holder:
You are receiving this letter because you are a New York annuity contract holder of record with
Hartford Life Insurance Company. Based on the recent New York Insurance Department
Circular Letter, insurers are required to provide you with the following disclosure regarding your
annuity contract:
Pursuant to Section 3 of the federal Defense of Marriage Act ("DOMA"), same-sex
marriages currently are not recognized for purposes of federal law. Therefore, the
favorable income-deferral options afforded by federal tax law to an opposite-sex
spouse under Internal Revenue Code sections 72(s) and 401 (a)(9) are currently NOT
available to a same-sex spouse. Same-sex spouses who own or are considering the
purchase of annuity products that provide benefits based upon status as a spouse
should consult a tax advisor. To the extent that an annuity contract or certificate
accords to spouses other rights or benefits that are not affected by DOMA, same-sex
spouses remain entitled to such rights or benefits to the same extent as any annuity
holder's spouse.
Please keep this notice with your insurance contract. Additionally, as a retirement plan sponsor,
you may wish to share this information with your plan participants.
Sincerely,
The Hartford
"The I Iartfi)rd" is Thc I lartfl~rd Financial Sctwiccs Group, Inc. and its subsidiaries, including issuing company } lartford l,ife
Insurance Company and [ Iartford Securities Distribution Company, Inc. ("[ lSD"). I ISD (member FINR\ and SIPC), a regfistcrcd
broker/dealer affiliate of Thc I Iartford, has established certain service programs fi)r retirement plans, including defined contributkm
retirement plans, through which a plan or plan participant may invest in mutual funds. Thc I larfford's 401 (k) rctkcmcnt programs arc
funded cithcr by a group variable anmfity contract (CounttTwide: 1 IL-14991; NY & lq,: I II,-14973) or by a group variable funding
agreement (I IL 16553 and 1 I1, 16553 (Iq'x)) issued by I lartford l,ife Insurance Company, Simsbury, (2'1'. Retirement programs can
also invest in mutual funds through custodial accounts.