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HomeMy WebLinkAboutR-2021-023 Deferred Compensation Amended and Restated Plan DocumentRESOLUTION NO.2021-023 A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF DANIA BEACH, FLORIDA, REGARDING DEFERRED COMPENSATION PLAN BENEFITS; ADOPTING PLAN DOCUMENTS AND APPROVING PLAN ADMINISTRATOR; PROVIDING FOR AUTHORITY; PROVIDING FOR CONFLICTS; FURTHER PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, the City of Dania Beach adopted the City of Dania Beach Section 457(b) Deferred Compensation Plan (the "Plan") for eligible employees of the City; and WHEREAS, the City maintains the Plan in accordance with the requirements of Section 457(b) of the Internal Revenue Code of 1986 (the "Code"), as amended, for the benefit of eligible employees; and WHEREAS, since 1988, the City has maintained a Plan Provider Contract with Voya Retirement Insurance and Annuity Company ("Voya"), pursuant to which Voya has provided a written Plan that meets the Internal Revenue Code requirements under Section 457(b); and WHEREAS, due to substantive legislative action over the years, changes to the Internal Revenue Code and federal regulations, as well the City's desire to provide employees different options under the Plan, the existing Plan requires amendment to ensure compliance with federal law and to ensure all the City's options are adopted; and WHEREAS, the City seeks to amend and restate the terms of Plan by establishing the amended plan documents to be effective February 23, 2021, which include the amended and restated 457(b) Plan Document and the 457(b) Adoption Agreement, attached as Exhibits A and B to this Resolution, respectively; and WHEREAS, the City Commission desires to retain the services of TSA Consulting Group, Inc. ("TSACG") to serve as the administration services provider for the Plan, which administrative services will be at no cost to the City; and WHEREAS, the City Commission authorizes the City Manager to enter into an Administrative Services Agreement and associated documents with TSACG consistent with the staff memorandum accompanying this Resolution and in substantially the form attached to this Resolution as Exhibits C through F; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF DANIA BEACH, FLORIDA: Section 1. That the foregoing "Whereas" clauses are ratified and confirmed as being true and correct, and they are made a specific part of and incorporated into this Resolution by this reference. Section 2. That the City adopts its amended and restated Plan by executing a "457 Plan Document" (attached as Exhibit A) and an "Adoption Agreement" (attached as Exhibit B) (collectively, the "Plan Documents"), which substitute the deferred compensation plan under 5.01 of the Plan Provider Contract with Voya. Section 3. That the City approves the Retirement Plan Compliance and Administration Services Agreement (attached as Exhibit C), the Investment Provider Service Agreement (attached as Exhibit D), the Simplified Information Sharing Agreement (attached as Exhibit E) and the Designation Letter Template (attached as Exhibit F) Section 4. That the City Manager is authorized and directed to execute and deliver the Plan Documents, and to accept the Plan Documents and recommendations contained in the City Manager's memorandum, substantially in the forms attached to this Resolution, as well as to prospectively approve changes to comply with applicable law and effectuate the provision of the various Plan benefits/options approved the City Commission, the execution or acceptance thereof being conclusive evidence of such approval. Section 5. That all Resolutions or parts of Resolutions in conflict with this Resolution are repealed to the extent of such conflict. Section 6. That this Resolution shall be in force and take effect immediately upon its passage and adoption. PASSED AND ADOPTED on February 23, 2021. ATTEST: THOMAS SCHN DER, CMC CITY CLERK` �t/SH��1� APPROVED AS O AND CO S THOMAS J. ANSBRO CITY ATTOIN Y TAMARA JAMES MAYOR f 2 RESOLUTION #2021-023 457(b) Plan Document City of Dania Beach, FL Oc 2021 TSA Consulting Group, Inc All Rights Reserved 457(b) DEFERRED COMPENSATION PLAN FOR GOVERNMENTAL EMPLOYERS The Employer whose name and signature appear on the Adoption Agreement for the 457(b) Deferred Compensation Plan for Governmental Employers (the "Adoption Agreement") hereby establishes a deferred compensation plan (the "Plan") which is established pursuant to applicable state law and is intended to comply with Section 457(b) of the Internal Revenue Code of 1986, as amended, and any regulations issued thereunder. The Plan shall include the provisions set forth in this Plan document, the Adoption Agreement and any contracts, custodial agreements, and trusts as may be established or maintained by a provider of Investment Products available hereunder. ARTICLE I. DEFINITIONS As used in this Plan, the specific words and phrases shall have the following meanings, unless a different meaning is plainly required by the context and the following rules of interpretation shall apply in reading this instrument. The masculine pronoun shall include the feminine and the singular shall include the plural. All references herein to specific Sections shall mean Sections of this document unless otherwise qualified. 1.1 Account means the separate account or accounts established and maintained by the Trustee for each Participant under the terms of the Plan. 457 Rollover Account means that portion of a Participant's Account attributable to Rollover Contributions received from another eligible retirement plan. 1.2 Administrator means Employer or the alternate Administrator appointed under Section 6.2 of the Plan to act as such under this Plan. 1.3 Adoption Agreement means the separate agreement as executed by Employer and which sets forth the elective provisions of the Plan. The Adoption Agreement shall be included as part of the Plan. 1.4 Beneficiary means the person(s), trust(s), or other entities designated by the Participant to receive the balance of the Participant's Accounts, if any, upon the Participant's death. Elections made by a Participant hereunder shall be binding on any such Beneficiary(s). 1.5 Code means the Internal Revenue Code of 1986, as amended and any regulations issued thereunder. 1.6 Contribution means all contributions made hereunder by or for the benefit of each Participant and deposited into each Participant's Account. A Rollover Contribution means a contribution of an eligible rollover distribution made by a Participant from another eligible retirement plan. 1.7 Eligible Individual means any individual who qualifies for eligibility in accordance with the applicable provisions of the Adoption Agreement and under Section 2.1 of the Plan. Individuals who do not perform services for Employer may not defer compensation under the Plan. 1.8 Employee means any individual in the employ of the Employer who is designated on the payroll records of the Employer as a common law employee. Even if a subsequent determination by a court of competent jurisdiction or governmental agency reclassifies any individual as a common law employee, such individual shall be excluded from "Employee" status hereunder. "Leased employees" described in Code Section 414(n) of the Code shall not be included as Employees hereunder. 1.9 Employer means the governmental organization identified as Employer in the Adoption Agreement, any successor thereto that elects to maintain this Plan, and any predecessor which has maintained this Plan. 1.10 Governmental Employer means any entity described in Section 457(e) (1) (A) of the Code. 1.11 Includible Compensation means the remuneration paid by Employer to an Eligible Individual that qualifies as "includible compensation" under Section 457(e) (5) of the Code. Beginning in 2009 and thereafter, such term also includes any "differential pay" that may be received from the Employer while performing qualified military service under Code Section 414(u). Copyright 0 2021 TSA Consultmg Group, Inc/TSACG 1.12 Independent Contractor means any person receiving cash remuneration from the Employer for services rendered to Employer pursuant to one or more contracts, if such person is not an Employee. 1.13 Investment Product means any investment product specifically approved and authorized by Employer to be offered to Participants under the Plan, provided that such products are held in an annuity contract, custodial account or trust that qualifies as a trust to hold 457(b) plan assets under Section 401(f) of the Code. 1.14 Participant means any Eligible Individual who has executed a Participation Agreement and has not become ineligible to participate in the Plan and any Employee for whom the Employer has made a direct contribution to the Plan. An "Active Participant" is any Participant who is currently deferring compensation under a Participation Agreement or who is receiving direct Employer contributions to his Account. An "Inactive Participant" is any former Participant who is not currently deferring compensation hereunder or who is not receiving direct Employer contributions to his Account. 1.15 Participation Agreement means an agreement by which an Eligible Individual agrees to defer current remuneration otherwise payable from the Employer into the Plan and the Employer agrees to deposit such deferred amount into the Plan in accordance with the terms of the agreement. 1.16 Plan means this 457(b) Deferred Compensation Plan for Govermnental Employers and the related Adoption Agreement as executed by the Employer, along with any custodial account, Trust or annuity contract as may be established or maintained by a provider of Investment Products available hereunder. 1.17 Trust means any trust established under applicable state law by the Employer to hold Participant Accounts hereunder as provided in Article IV, and any other account, contract or instrument that qualifies as a trust under the terms of Section 401(f) of the Code. 1.18 Trustee means the person, entity or organization, if any, designated to act as Trustee of the Plan in the Adoption Agreement. If the assets of the Plan are held in annuity contracts and custodial accounts, then the issuer of such annuity contracts and custodial accounts must qualify under Sections 457(g) and 401(f) of the Code. The term "Trustee" shall include an insurer issuing such annuity contracts and the issuer of such custodial accounts. ARTICLE II. ELIGIBLE INDIVIDUALS 2.1 ELIGIBILITY. The Administrator shall determine the eligibility of each Eligible Individual based upon the eligibility requirements selected in the Adoption Agreement. Such determination shall be conclusive and binding upon all persons. 2.2 PARTICIPATION. An Eligible Individual may participate and become an Active Participant by executing a valid Participation Agreement and delivering such agreement to Employer. The Participation Agreement shall specify: (a) the amount of the Active Participant's Includible Compensation which the Employer and the Active Participant agree to defer, and (b) the date as of which reduction and deferral of compensation pursuant to the Participation Agreement shall begin, which date shall be as early as administratively practicable but not earlier than the first day of the first calendar month following the execution of the Participation Agreement. If, in the Adoption Agreement, Employer has elected to make an Employer contribution to the Plan, any individual who is eligible to receive the contribution shall be deemed to be an Active Participant for all purposes of the Plan as of the first day of the first calendar month following satisfaction of the eligibility requirements for receiving the Employer contribution, provided that all required administrative forms necessary to open an Account and have such amounts contributed into an Investment Product have been executed by such date. The participation date shall default to the first Copyright 0 2021 TSA Consulting Group, hic/TSACG day of each succeeding calendar month until all required forms are received by Employer or designated Administrator. 2.3 TERMINATION OF ELIGIBILITY. In the event a Participant ceases to be an Eligible Individual, the Participant shall become an Inactive Participant and all Contributions shall immediately cease. 2.4 AMENDMENTS OF PARTICIPATION AGREEMENTS. Participation Agreements are irrevocable as to all amounts previously deferred under the Participation Agreement. A Participant may modify a Participation Agreement, on forms approved by the Administrator, to do any of the following: (a) change the investment of any Contributions to the Account; (b) terminate the election to be an Active Participant; and (c) change prospectively the amount of compensation to be deferred. An amendment or termination shall be effective as soon as administratively practicable, but not earlier than the first day of the following calendar month. ARTICLE III. CONTRIBUTIONS AND ALLOCATIONS 3.1 CONTRIBUTIONS. Except as provided in Sections 3.2 and 3.3, the maximum amount that may be contributed into the Plan by or on behalf of a Participant during any taxable year shall not exceed the limits of Section 457(b)(2) of the Code. Subject to such limitation, nothing herein shall prohibit an Employer from making Contributions into the Plan for a Participant in accordance with the terms of the Adoption Agreement. If, in any taxable year, the total amount contributed by or on behalf of a Participant exceeds the limits of Section 457(b)(2) of the Code, (as modified by Section 3.2 and 3.3 of the Plan) then any such excess, plus earnings thereon, shall be distributed from the applicable Investment Products as soon as practicable upon discovery of the excess contribution. 3.2 FINAL THREE (3) YEARS OF SERVICE CATCH-UP DEFERRAL LIMIT. If elected by the Employer in the Adoption Agreement, an Active Participant may in any of his final three (3) years of employment, ending before the year in which the Participant attains Normal Retirement Age as defined in the Adoption Agreement, elect to defer from compensation an amount not exceeding the limits of Section 457(b)(3) of the Code, and applicable regulations issued thereunder. For purposes of this Section 3.2, a prior year shall be taken into account only if such year began after December 31, 1978, and the Participant was eligible to participate in the Plan during all or a portion of the prior year. 3.3 OLDER WORKER CATCH-UP CONTRIBUTION LIMIT. A Participant who has attained age 50 on or before the last day of the calendar year may elect to increase his deferrals in accordance with the limits of Section 414(v) of the Code. Such contributions are in addition to the limitations of Section 457(b)(2) of the Code, but may not be used in any taxable year in which the special limits described in Section 3.2 of the Plan provide for a larger contribution limit. 3.4 TRANSFERS FROM OTHER 457 PLANS. This Plan shall accept transfers from Participant accounts held in a previous Governmental Employer's eligible 457(b) deferred compensation plan. 3.5 ROLLOVERS INTO THE PLAN. To the extent provided in the Individual Agreements, any Employee or Participant who is entitled to receive an eligible rollover distribution from another eligible retirement plan may request to have all or a portion of the eligible rollover distribution paid to the Plan. 4 Copyright 0 2021 TSA Consulting Group, lnc[rSACG ARTICLE IV. INVESTMENTS 4.1 PARTICIPANT DIRECTION. Participants shall provide investment instructions, on such forms as may be required by the Administrator, for Contributions to be deposited into Investment Products as directed by each Participant. If a Participant fails to instruct the Administrator where to invest Contributions made to his Account, or if instructions are not clear, complete or understandable, as determined solely by the Administrator, then any Contributions shall follow the default provisions as selected by the Employer in the Adoption Agreement. 4.2 AUTHORIZED INVESTMENT PRODUCTS. Employer shall authorize Investment Products in which Participants may invest their Accounts, provided that any authorized Investment Product must be held for the exclusive benefit of Participants and their Beneficiaries in a Trust or alternate funding vehicle that qualifies as a Trust pursuant to Section 1.17 of the Plan. Accounts may only be invested in Investment Products approved and authorized by the Employer. 4.3 ESTABLISHMENT OF ACCOUNTS. Appropriate Accounts shall be established for each Participant. These Accounts shall reflect the Contributions, if any, made for each Participant, and investment earnings or losses of the Investment Products utilized by the Participant to reflect any appreciation or depreciation in the fair market value of the Participants' Accounts. The fair market value of each Participant's Account shall represent the fair market value of all assets held, plus deposits and accrued earnings, less accrued expenses and proper charges against each Participant's Account as of each valuation. Each Account shall be valued at least once per calendar year. 4.4 TRUST REQUIREMENT. Accounts shall be held in trust for the exclusive benefit of Participants in a Trust or alternative instrument that qualifies as a trust under Section 401(f) of the Code. Any investment made hereunder shall be subject to the terms and conditions of the Trust to the extent such terms are not inconsistent with the terms of the Plan or applicable law (including regulations and other guidance provided thereunder). In such instance, the terms of the Plan shall control. 4.5 ADMINISTRATION OF INVESTMENTS. Contributions made by or on behalf of Participants (including Inactive Participants) shall continue to be invested in the manner selected by the Participant until the Administrator has received new investment instructions. Unless otherwise restricted by the Trust or alternate instrument, a designation filed by a Participant changing his investment option may apply to investment of future Contributions or to amounts already accumulated in his Account as the Participant elects. A Participant may change his investment options only as permitted under the terms of the applicable Trust or alternate instrument. 4.6 CONDITIONS OF INVESTMENTS. Amounts allocated to each Participant's Account shall be invested in the Investment Product selected by the Participant, or, if selected by Employer in the Adoption Agreement, in accordance with the default investment(s) so indicated. Participants invest their Accounts subject to the terms and conditions of any agreements governing the Investment Product in which their Accounts are invested. The terms and conditions of such Investment Products are considered part of, and shall be construed as having been incorporated into this Plan except to the extent any provision of an Investment Product agreement is inconsistent with the terms of the Plan or applicable law (including regulations and other guidance provided thereunder). In such instance, the terms of the Plan shall control. ARTICLE V. DISTRIBUTIONS AND TRANSFERS OF BENEFITS 5.1 DISTRIBUTIONS UNDER THE PLAN. Except as provided in Section 5.2, a Participant's Account may not be distributed to a Participant (or, if applicable, the Beneficiary) until one of the following events has occurred: Copyright © 2021 TSA Consulting Group, Inc/TSACG (a) the Participant has severed employment with the Employer, (b) the Participant has attained age, select by Employer in Adoption Agreement, (c) the Participant has died, or (d) the Plan has been terminated by Employer. Notwithstanding the above, a Participant who is on active duty for a period of at least 30 days while performing qualified military service and who is receiving differential pay from the Employer while on active duty may elect to receive a distribution of the Participant's deferrals into the Plan as permitted under Code Section 414(u). If a distribution of the Participant's deferrals is taken, then no deferrals into the Plan may be made by the Participant for a period of at least six (6) months from the date of the distribution. 5.2 UNFORESEEABLE EMERGENCY WITHDRAWALS. This Section shall apply only if selected by the Employer in the Adoption Agreement and if permitted by the Investment Products in which a Participant's Account is invested. Notwithstanding Section 5.1, a Participant may request an Unforeseeable Emergency withdrawal by submitting that request, in writing on the Plan's approved form, to the Administrator. After considering all information provided by the Participant, the Administrator shall approve or deny the request. If a request for an Unforeseeable Emergency withdrawal is approved, the Administrator shall direct the provider of the applicable Investment Products to distribute the approved amount from the Participant's Account. For purposes of this Section, "Unforeseeable Emergency" is defined in Section 457(d) (1) (A) (iii) and the regulations issued thereunder. 5.3 TIMING OF DISTRIBUTIONS. Upon the occurrence of an event described in Section 5.1, but no later than the mandatory distribution date determined under Section 5.4, a Participant may elect any benefit distribution option as permitted by the Investment Products in which the Participant's Account is invested. Such an election will be effective only if made on forms provided by the Administrator and received in the office of the Administrator in accordance with such procedures as the Administrator may establish. If a Participant fails to make an election as to the form or timing of his distribution, the Participant's benefit will be paid in installments calculated by the providers of the Investment Products to satisfy the requirements of Section 5.4. 5.4 MANDATORY DISTRIBUTION. Notwithstanding any other provision of this Plan, a Participant's Account shall begin distribution by April 1 of the calendar year following the calendar year in which occurs the later of the Participant's attainment of age 72 or severance from employment, unless a later date is authorized under the Code or applicable regulations. The Participant's Account shall then be distributed (both in determining the timing of subsequent distributions and the amount of all required distributions) in a manner consistent with Sections 457(d) and 401(a) (9) of -the Code and in conformity with the requirements of Treas. Regs. 1.401(a) (9)-1 through 1.401(a) (9)-9. For the calendar year 2009 only, a Participant who would have been required to receive a distribution under this Section 5.4 but for the enactment of WRERA ("2009" mandatory distribution"), and who would have satisfied that requirement by receiving a distribution from the Plan will not receive a 2009 mandatory distribution. However, the Participant may affirmatively elect to receive such amount in 2009 which shall not be a mandatory distribution under this Section of the Plan. 5.5 DEATH DISTRIBUTIONS. A Participant's Beneficiary shall be entitled to receive the Participant's Account balance in the event of the Participant's death. A Beneficiary entitled to payment hereunder may elect in what form distributions shall be made, provided that any such distribution form is offered at that time and satisfies the requirements of Sections 457(d) and 401(a)(9) of the Code and regulations applicable thereunder. If a Participant fails to validly designate a Beneficiary prior to his Copyright © 2021 TSA Consulting Group, Inc/TSACG death, or the Beneficiary is not alive at the time of the Participant's death, the provisions of Section 5.14 shall determine who the Participant's Beneficiary shall be for purposes of this Section 5.5. Distributions due to death are payable when the Administrator has received satisfactory proof of the Participant's death, all required tax information and any other required forms. 5.6 DEATH BEFORE DISTRIBUTIONS HAVE BEGUN. If the Participant dies before Mandatory Distributions (under Section 5.4) have begun, the Participant's Account shall either be totally distributed no later than the fifth year following the year of the Participant's death, or over a period not exceeding the joint and last survivor life expectancies of the Participant and Designated Beneficiary, provided that the distributions begin no later than the last day of the calendar year following the year in which the Participant died. If the sole Designated Beneficiary is the Participant's surviving Spouse, then lifetime distributions must begin by the later of the last day of the calendar year following the year in which the Participant died, or the last day of the calendar year in which the Participant would have attained age 72. If there is no Designated Beneficiary named by September 30 of the calendar year following the year in which the Participant died, the Participant's entire Account shall be distributed no later than the fifth year following the year of the Participant's death. 5.7 DEATH FOLLOWING THE COMMENCEMENT OF BENEFITS. If the Participant dies on or after Mandatory Distributions (under Section 5.4) must have begun, the remaining Account balance must be distributed at least as rapidly as was payable under the Mandatory Distributions requirements. 5.8 DISTRIBUTION FOR MINOR BENEFICIARY. If a distribution is payable to a legal minor, the Administrator may direct that such distribution be paid to the legal guardian, or if none has been duly appointed, then to any of the following: (a) any parent of the minor Beneficiary, or (b) the custodian for the minor Beneficiary under a Uniform Gift/Transfer to Minors Act, if such is permitted by the laws of the state in which Beneficiary resides. Such a payment to the legal guardian, custodian or parent of a minor Beneficiary shall fully discharge the provider of the Investment Products, the Administrator, Employer, and Plan from further liability on account thereof. 5.9 LOCATION OF PARTICIPANT OR BENEFICIARY UNKNOWN. If all, or any portion, of the distribution payable to a Participant or his Beneficiary from the Plan remains unpaid solely by reason of the inability of the Administrator to locate such Participant or his Beneficiary, the amount so distributable shall be treated as a forfeiture pursuant to the Plan and maintained in a forfeiture account under the Plan. In the event a Participant or Beneficiary is located subsequent to his benefit being held in such account, such benefit shall be restored, including any applicable interest, and paid, to the Participant or Beneficiary, in accordance with the terms of the Plan. 5.10 ROLLOVERS FROM THE PLAN. Notwithstanding any provision of the Plan to the contrary that would otherwise limit a Distributee's election under this Section 5.10, a Distributee may elect to have any portion of an Eligible Rollover Distribution paid directly to an Eligible Retirement Plan specified by the Distributee as a Direct Rollover. The Distributee shall, in the time and manner prescribed by the Administrator, specify the amount to be rolled over and the Eligible Retirement Plan to receive the rollover. Any portion of a distribution that is not rolled over shall be distributed to the Participant. For purposes of this Section 5.10, the following terms have the following meanings: (a) "Direct Rollover" means a payment by the Plan to the Eligible Retirement Plan specified by the Distributee. Copyright © 2021 TSA Consulting Group, Inc/TSACG (b) "Distributee" means an Employee or former Employee entitled to receive a distribution hereunder. In addition, an Employee's surviving spousal Beneficiary and an Employee's spouse or former spouse who is the alternate payee under a qualified domestic relations order, as defined in Section 414(p) of the Code, are Distributees with regard to the interest of the spouse or former spouse. (c) "Eligible Retirement Plan" means an eligible retirement plan described in Section 402(c) (8) (B) of the Code. (d) "Eligible Rollover Distribution" means any distribution to a Distributee that qualifies as such under Section 402(c) (4) of the Code. Amounts required to be distributed under Section 401(a) (9) of the Code are not Eligible Rollover Distributions and amounts paid under Section 5.4 of this Plan are not Eligible Rollover Distributions hereunder. 5.11 PURCHASING SERVICE CREDITS UNDER A STATE OR LOCAL RETIREMENT SYSTEM. If permitted under the Investment Products in which a Participant's Account is invested, a Participant may direct the Administrator to transfer amounts in his Account in accordance with Section 457(e) (17) of the Code to a state or local retirement system for the purpose of purchasing past years of service credits under the system or to repay amounts previously cashed out under the system. 5.12 TRANSFERS TO OTHER 457 PLANS. Prior to a Participant's severance from service, transfers may be made from the Plan to another 457(b) plan sponsored by a Governmental Employer only if all of the assets of the Plan are being transferred to another 457(b) plan sponsored by the Employer, or if the Plan's assets are being transferred to another governmental plan within the same state. On or after a severance from service, a Participant may transfer his Account to the 457(b) plan of another Governmental Employer for whom the individual is currently performing services. Notwithstanding the preceding, transfers may only occur to the extent permitted by the Investment Products in which a Participant's Accounts are invested and subject to any terms thereof and provided such other plan provides or is able to provide for the acceptance of such transferred amounts. The Participant's election to transfer must be made prior to the date benefits would otherwise become payable pursuant to the terms of this Plan. 5.13 DISTRIBUTION TO ALTERNATE PAYEE. Notwithstanding any other provision herein, the Administrator may, with the Participant's consent, authorize an immediate distribution to any alternate payee named under a domestic relations order which has been issued by a court of competent jurisdiction and determined by the Administrator to be a qualified domestic relations order under Section 414(p) of the Code. 5.14 NO NAMED BENEFICIARY. If no valid Beneficiary designation is on file on the date of the Participant's death, or if such designation is not valid or effective for any reason, then a deceased Participant shall be deemed to have designated his legal spouse. If the Participant has no spouse, then his Beneficiary shall first be deemed to be the Participant's children who survive the Participant, in equal shares, then if the Participant has no surviving children, the Participant's estate. 5.15 NONSPOUSAL BENEFICIARY. Effective July 1, 2007, a nonspouse beneficiary receiving a distribution from the Plan which would be an Eligible Rollover Distribution (as defined in Section 5.10) if the recipient were a Distributee, may rollover an Eligible Rollover Distribution to an individual retirement account, provided such account is treated as an inherited IRA with respect to such nonspouse beneficiary. 5.16 BENEFICIARY WRERA RIGHTS. For the calendar year 2009 only, a Beneficiary who would have been required to receive a mandatory distribution under section 401(a)(9) of the Code but for the enactment of WRERA will not receive a 2009 mandatory distribution unless the Beneficiary elects to receive such amount. Copyright 0 2021 TSA Consulting Group, InefrSACG ARTICLE VI. ADMINISTRATION 6.1 AUTHORITY OF EMPLOYER. Employer has full authority to interpret and construe the Plan in a manner consistent with its terms and with Section 457 of the Code and to establish practices and procedures conforming to those provisions. In all such cases, the Employer's determination shall be final and conclusive upon all persons. It is recognized that unusual circumstances may occur and questions may arise that are not specifically covered by any provision of the Plan, and Employer shall have the right to resolve all such questions. 6.2 APPOINTMENT OF ADMINISTRATOR. Employer shall act as Administrator of the Plan, however, Employer is authorized to appoint an alternate Administrator and to change an alternate Administrator as he deems necessary for the proper administration of the Plan and to assure that the Plan is being operated for the exclusive benefit of the Participants and their Beneficiaries in accordance with the terms of the Plan and the Code. Employer may appoint a committee ("Committee") of one or more Employees or local public officials to serve as the Administrator and to discharge the Administrator's responsibilities under the Plan. The Employer may remove a Committee member for any reason by giving such member ten (10) days written notice and may thereafter fill any vacancy thus created. 6.3 DELEGATION OF RESPONSIBILITIES. The Administrator may delegate responsibilities to other qualified parties, provided that the Administrator shall remain responsible for the quality of the performance of each such delegated duty. 6.4 ADVISORS. The Administrator may appoint and employ such agents, attorneys, actuaries, accountants, auditors, investment counsel, and clerical assistants, and other persons as the Administrator deems necessary or desirable in connection with the administration of this Plan. 6.5 POWERS AND DUTIES OF ADMINISTRATOR. The primary responsibility of the Administrator is to administer the Plan for the benefit of the Participants and their Beneficiaries, in accordance with applicable laws and subject to the specific terms of the Plan. The Administrator shall have the power and absolute discretion to construe the terms of the Plan and determine all questions arising in connection with the administration, interpretation, and application of the Plan. Any such determination by the Administrator shall be conclusive and binding upon all persons. The Administrator may establish procedures, correct any defect, supply any information, or reconcile any inconsistency in such manner and to such extent as shall be deemed necessary or advisable to carry out the purpose of the Plan; provided, however, that any procedure, discretionary act, interpretation or construction shall be done in a nondiscriminatory manner based upon uniform principles consistently applied and shall be consistent with the intent that the Plan shall continue to be deemed a qualified plan under the terms of Section 457(b) of the Code. The Administrator shall have all powers necessary or appropriate to accomplish his duties under this Plan. The Administrator shall be charged with the duties of the general administration of the Plan, including, but not limited to, the following: (a) the discretion to determine all questions relating to the eligibility of Employees and Independent Contractors to participate or remain a Participant hereunder and to receive benefits under the Plan; (b) to determine the amounts to be contributed to each Participant's Account; (c) to authorize and direct the providers of Investment Products with respect to all disbursements to which a Participant is entitled under the Plan; (d) to maintain all necessary records for the administration of the Plan; (e) to maintain practices and procedures necessary to administer the Plan as are consistent with the terms hereof; and Copyright 0 2021 TSA Consulting Group, hic/TSACG (f) to assist any Participant regarding his rights, benefits, or elections available under the Plan. 6.6 INFORMATION FROM EMPLOYER. To enable the Administrator to perform his functions, Employer shall supply the necessary information to the Administrator on a timely basis regarding the Participants in the Plan, including but not limited to compensation, date of hire, date of death, or termination of employment, and such other pertinent facts as the Administrator may require. The Administrator may rely upon such information as is supplied by Employer and shall have no duty or responsibility to verify such information. 6.7 PAYMENT OF EXPENSES. Expenses of the Plan may be paid by Employer, Participants, or providers of Investment Products, as determined from time to time by Employer. Such expenses shall include any expenses incident to the functioning of the Administrator, including, but not limited to, fees of accountants, counsel, and other specialists and their agents, and other costs of administering the Plan. Notwithstanding the preceding, any expenses or fees related to and charged under Investment Products shall be paid by each Participant in accordance with the terms of the Investment Products in which each Participant's Account is invested. ARTICLE VII. MISCELLANEOUS 7.1 EXCLUSIVE BENEFIT RULE. All amounts held under the Plan, all property and rights which may be purchased with such amounts and all income attributable to such amounts, property or rights shall be held in trust (or custodial account or annuity contract described in Section 401(f) of the Code) for the exclusive benefit of Participants and their Beneficiaries. All such amounts shall not be subject to the claims of the Employer's creditors. 7.2 PARTICIPANT RIGHTS. This Plan shall not be deemed to constitute a contract between the Employer and any Participant or to be a consideration or an inducement for the employment of any Participant, Employee, or Independent Contractor. Nothing contained in this Plan shall be deemed to give any Participant, Employee, or Independent Contractor the right to be retained in the service of the Employer or to interfere with the right of the Employer to discharge any Participant, Employee or Independent Contractor at any time regardless of the effect which such discharge shall have upon him as a Participant of this Plan. 7.3 ALIENATION. Subject to applicable state law and Section 401(g) of the Code, no benefit which shall be payable to any Participant or Beneficiary shall be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, or charge, and any attempt to anticipate, alienate, sell, transfer, assign, pledge, encumber, or charge the same shall be void; and no such benefit shall in any manner be liable for, or subject to, the debts, contracts, liabilities, engagements, or torts of any such person, nor shall be subject to attachment or legal process for or against such person, and the same shall not be recognized except to such extent as may be required by law. 7.4 STATE LAW. This Plan shall be construed and enforced according to the state and local laws of the state in which the Employer's principal office is located. 7.5 RECEIPT AND RELEASE FOR PAYMENTS. Any payment to any Participant, his legal representative, Beneficiary, or to any guardian or committee appointed for such Participant or Beneficiary in accordance with the provisions of this Plan, shall, to the extent thereof, be in full satisfaction of all claims hereunder against the provider of an Investment Product, Administrator and Employer. 7.6 QUALIFIED MILITARY SERVICE BENEFITTS. Notwithstanding any provision of the Plan, any Participant whose employment is interrupted by qualified uniformed service in the US military under 10 Copyright © 2021 TSA Consulting Group, Inc/TSACG section 414(u) of the Code shall be entitled to all rights, benefits and protections afforded to such individuals thereunder, and such provisions are incorporated into this Plan. Uniformed services by any individual shall be determined as described as described in section 3401(h)(2)(A) of the Code. 7.7 PRE-1979 ACCOUNTS. Any amounts held by the Employer that can be identified as resulting from deferrals made by a Participant before January 1, 1979 shall be held under this Plan until the latest of (a) the Effective Date; (b) the date on which the Participant elects to have this Plan apply to such amount; or (c) the date on which such Participant exercises any right or power available under this Plan but not under the Plan agreement pursuant to which such deferral was made. All such persons who were Participants in any prior plan, who exercise any such right or privilege and who have not yet received a distribution of the amounts to which they are entitled under such prior plan shall be deemed to be Participants under this Plan for all purposes. 7.8 LOANS. If authorized in the Adoption Agreement, loans shall be permitted under the Plan to the extent permitted by and in accordance with the Investment Product agreements controlling the Account assets from which the loan is made and by which the loan will be secured. An Employee who has previously defaulted on a loan from any retirement plan or deferred compensation arrangement sponsored by the Employer and who has not repaid the loan, in full, shall not be permitted to take a loan from his Account under the Plan. The following limit shall apply to any loan made under the Plan unless the terms of the applicable Investment Product(s) are more restrictive: (a) Maximum loan amount. No loan to a Participant under the Plan may exceed the lesser of (1) or (2) below: (1) $50,000, reduced by the greater of: (A) the outstanding balance on any loan from the Plan to the Participant on the date the loan is made or (B) the highest outstanding balance on loans from the Plan to the Participant during the one-year period ending on the day before the date the loan is approved by the Administrator (not taking into account any payments made during such one-year period). (2) the greater of one half of the value of the Participant's vested Account (as of the date immediately preceding the date on which such loan is approved by the Administrator) or $10,000. For purposes of this Section 7.8, any loan from any other plan maintained by the Employer and any related organization shall be treated as if it were a loan made from the Plan, and the Participant's vested interest under any such other plan shall be considered a vested interest under this Plan; provided, however, that the provisions of this Section shall not be applied so as to allow the amount of a loan to exceed the amount that would otherwise be permitted in the absence of this section. (b) Loan Repayments for Employees in Military Service. Notwithstanding any other provision of the Plan or any Investment Product agreement, loan repayments by eligible uniformed services personnel may be suspended as permitted under section 404(u)(4) of the Code and the terms of any loan shall be modified to conform to the requirements of the Uniformed Services Employment and Reemployment Rights Act. 7.9 INCORPORATION OF INVESTMENT PRODUCT AGREEMENTS. The Plan, together with the Adoption Agreement and any Investment Product agreements governing Participant Accounts, are intended to satisfy the requirements of section 457(b) of the Code and the Income Tax Regulations thereunder. Terms and conditions of the Adoption Agreement and applicable agreements are hereby 11 Copyright 0 2021 TSA Consulting Group, Inc/TSACG incorporated by reference into the Plan, excluding those terms that are inconsistent with the Plan or section 457(b) of the Code. In such event, the agreements shall be interpreted, to the extent possible, in a manner to conform to the Plan and applicable requirements. 7.10 CONSTRUCTION. It is intended that this Plan qualify under section 457(b) of the Code. In accordance with such intent, this Plan shall be construed and administered in a manner consistent with the purpose and all applicable laws and regulations. 7.11 STATE LAW. The Plan shall be construed, administered and governed in all respects in accordance with the laws of the State of the Employer's principal address as indicated on the Adoption Agreement to the extent such laws are not superseded by federal law. If any provision herein is held by a court of competent jurisdiction to be invalid or unenforceable, the remaining provision hereof shall continue to be fully effective. ARTICLE VIII. AMENDMENT AND TERMINATION 8.1 AMENDMENT. The Employer has the right at any time to amend this Plan, provided that no amendment to the Plan shall be effective if it authorizes or permits any part of the Investment Product (other than such part as is required to pay taxes, investment charges and administration expenses) to be used for or diverted to any purpose other than for the exclusive benefit of the Participants or their Beneficiaries or estates; or causes any reduction in the amount credited to the account of any Participant; or causes or permits any portion of the Investment Product to revert to or become property of the Employer. Any such amendment shall become effective as provided therein upon its execution, except that any amendment which conforms the Plan to the requirements of any applicable law or regulation shall be effective as of the date required for continued qualification under Section 457(b) of the Code. 8.2 TERMINATION. The Employer has the right at any time to terminate the Plan by notifying all Active Participants and providers of Investment Products hereunder with written notice of such termination. Upon the complete and total termination of the Plan, the Employer shall direct the distribution of the assets to Participants in a manner which is consistent with and satisfies the provisions of Article V. ARTICLE IX. ROTH CONTRIBUTIONS 9.1 GENERAL APPLICATION. This Article IX shall apply only if Employer has elected to permit Roth 457(b) Contributions under the Plan as indicated on the Adoption Agreement. 9.2 ROTH 457(b) CONTRIBUTIONS. Participants may make Roth 457(b) Contributions to their Accounts under the Plan if authorized by the Employer on the Adoption Agreement. Unless otherwise provided, such contributions shall be treated as deferrals of Includible Compensation and are therefore subject to the requirements and limitations imposed by Section 457(b)(2) of the Code. A Participant's Roth 457(b) Contributions shall be allocated to a separate account maintained for such deferrals as described in Section 9.3. 9.3 SEPARATE ACCOUNTING REQUIREMENTS. Contributions and withdrawals of Roth 457(b) Contributions, and earnings or losses thereon, shall be credited and debited to each Participant's Account and shall be separately accounted for under each Employee's Account. Gains, losses, and other credits or charges shall be separately allocated on a reasonable and consistent basis for each Participant's Roth 457(b) Contributions. Except as provided in Section 9.6, no contributions other 12 Copyright 0 2021 TSA Consulting Group, Inc/TSACG than Roth 457(b) Contributions and properly attributable earnings may be credited to each Participant's Roth subaccount. 9.4 DEPOSIT REQUIREMENTS. Roth 457(b) Contributions shall be deposited with the Investment Products selected by Participant as soon as practicable in accordance with Article IV of the Plan, unless an earlier date is required under state law. 9.5 DIRECT ROTH ROLLOVERS FROM THE PLAN. Notwithstanding Section 5.10 of the Plan, Participants may only make a direct rollover of a distribution of Roth 457(b) Contributions (and earnings thereon) to another governmental 457(b) plan with Roth 457(b) Contribution features, to a Roth 401(k) plan with Roth contribution features, to a Roth 403(b) plan with Roth contribution features or to a Roth IRA described in Section 408A of the Code, and only to the extent the Rollover is permitted under the rules of section 402(c) of the Code. 9.6 ROTH ROLLOVERS INTO THE PLAN. In conformity with Section 3.5 of the Plan, and unless otherwise indicated on the Adoption Agreement, the Plan shall only accept direct rollovers of Roth 457(b) Contributions from another governmental 457(b) plan with Roth contribution features, provided that the Investment Products utilized by the Participant will accept Roth 457(b) rollovers. Direct rollovers shall only be permitted if the transmitting plan satisfies the conditions set forth in Section 402A(e)(1) of the Code and only to the extent the rollover is permitted under the rules of Section 402(c) of the Code. 9.7 CORRECTION OF EXCESS CONTRIBUTIONS. Contributions made in excess of the applicable annual limitations shall be corrected by first distributing the amount of Roth 457(b) contributions (plus earnings thereon) made during the Plan Year needed to correct the excess and then by distributing a Participant's pre-tax contributions (plus earnings thereon). However, if a highly compensated employee (as defined in Section 414(q) of the Code) experiences an Excess Deferral in any Plan Year, he may designate the extent to which the excess amount is composed of pre-tax contributions and excess Roth 457(b) Contributions, provided that both types of contributions were made by the Employee during the applicable Plan Year. If the highly compensated employee does not designate which type of contributions are to be distributed, then excess pre-tax contributions shall be distributed first, followed by excess Roth 457(b) Contributions. 9.8 DEFINITION OF ROTH 457(b) CONTRIBUTIONS. A Roth 457(b) Contribution is an Employee contribution that is designated irrevocably by the Employee on his enrollment form to be a Roth 457(b) Contribution and is treated by the Employer as includible in the Employee's income. 9.9 ROTH CAVEAT. Employer, Administrator and providers of Annuity Contracts and Custodial Accounts shall utilize good faith compliance efforts to conform to the requirements applicable to Roth 457(b) Contributions based on applicable IRS guidance related to Roth 457(b) Contributions. The Plan shall be administered and interpreted in the manner necessary to ensure compliance with such guidance. 13 Copyright 0 2021 TSA Consulting Group, Inc/TSACG 457(b) Adoption Agreement City of Dania Beach, FL © 2021 TSA Consulting Group, Inc All Rights Reserved. Adoption Agreement For City of Dania Beach 457(b) Deferred Compensation Plan For Governmental Employers The undersigned Employer hereby establishes this 457(b) Deferred Compensation Plan for Governmental Employers, as modified by this Adoption Agreement and agrees that the following provisions shall be included as part of the Plan document. PLAN IDENTIFICATION: Name of Plan: The City of Dania Beach 457(b) Deferred Compensation Plan Effective Date: This Adoption Agreement of the 457(b) Deferred Compensation Plan for Governmental Employers: ❑ Establishes a new Plan effective as of (the "Effective Date"). ® Constitutes an amendment and restatement in its entirety of a previously established 457(b) Plan of the Employer. Unless otherwise specified in the Plan, the effective date of this amended and restated Plan is March 1, 2021 (hereinafter called the "Effective Date") Administrator: The Employer shall be the Administrator of the Plan unless another party is named below: Alternate Administrator: TSA Consulting Group, Inc. Applicable Law: This Plan shall be interpreted under the laws of the state in which Employer's principal office is located unless another state is designated: State of Applicable Law: Florida EMPLOYER INFORMATION IMPORTANT NOTE: If Employer is NOT a governmental organization, this Adoption Agreement may not be used Name of Employer: City of Dania Beach Address of Employer's Principal Office: 100 W Dania Beach Blvd. Dania Beach, FL 33004 Telephone Number: Name of Contact Person: Linda Gonzalez Contact Person's Telephone Number/Extension: 954-924-6819 Email for Contact Person: leonzalez(@,daniabeachfl.eov PLAN INFORMATION Eligibility Eligible Individuals for Purposes of Participant Deferral Contributions: ❑ All Employees ® All Employees other than the following group or groups of Employees elected below: ❑ Nonresident aliens with no U.S. source of income, ❑ Employees who normally work less than 20 hours per week, City of Dania Beach, FL V.01 2021 ® Students performing services for the Employer whose Compensation is not subject to wages under the Federal Insurance Contributions Act ("FICA"), ❑ Collectively bargained employees ❑ Only the following Employees (by Classification or Title): 2. For purposes of eligibility to participate in the Plan, Independent Contractors: ® Are NOT eligible to participate in the Plan ❑ Are eligible to participate in the Plan CONTRIBUTIONS AND ALLOCATIONS Employee Contributions Roth Contributions Choose one option below: ® Roth 457(b) contributions to the Plan are permitted on or after a specific date determined solely by the Plan Sponsor and upon written communication to the plan administrator and each provider of Roth investment products. ❑ Roth Contributions are NOT permitted under the Plan. The Final Three Year Catch Up limit ® will ❑ will not be available to Participants under the Plan. If this option is selected, then the Normal Retirement Age for purposes of the catch up will be: ❑ Any age specified by the participant in the participation agreement provided such declared age is not before the earliest date at which a participant is entitled to an unreduced normal retirement benefit under the Employer's defined benefit pension nor later than age 70 1/2. ❑ Age 65 ❑ Age 70 1/2 ❑ Other: NOTE: Age specified for this option may not be less than age 65 or more than age 70 '/2. Employer Contributions (check box 5 or 6) 5. ❑ Employer Contributions will NOT be made to the Plan, or 6. ® Employer contributions, as indicated below are permitted under the Plan, provided that the sum of Employer and Participant Contributions shall not exceed the limits of Section 457(b)(2) of the Code. ❑ Matching Contributions equal to % of each Active Participant's deferral subject to a maximum of $ or %. ® Matching Contributions as described hereafter: up to 1.8% of each participant's salary reduction contributions. ® Discretionary Contributions if authorized and determined solely by the Employer. ® Contributions as required by separate contract or collective bargaining agreement. ❑ Other: (please describe) IMPORTANT NOTE: ALL contributions to the Plan are always 100% vested to avoid problems with applicable annual contribution limits. Investments ® Employer hereby authorizes investment of Plan Accounts in annuity contracts and custodial accounts offered by the organizations listed on Appendix 1. City of Dania Beach, FL V 012021 In Service Distribution 8. In -Service Distribution Age: ® 59 '/2 or older ❑ 70 '/2 or older 9. An authorized adoption or birth ® may ❑ may not be permitted under the Plan. Defaults 10. If a Participant fails to select an authorized Investment Product under Section 4.1 of the Plan: Default Option:❑ Employer shall deposit contributions made on his behalf into the following Investment Product: No Default ® the Participation Agreement shall be deemed to be incomplete and shall be considered null and void. Beneficiary Rights 11. A beneficiary of a deceased Participant's account ® may ❑ may not designate his own beneficiary. Unforeseeable Emereencv Withdrawals 12. Unforeseeable Emergency Withdrawals ® will ❑ will not be permitted under the Plan. Loans 13. Loans ® are permitted from the Plan, or ❑ are NOT permitted under the Plan. CERTIFICATION AND SIGNATURE Employer represents and warrants that it is a unit of a State or local government or an agency or instrumentality of one or more units of a State or local government as described in Section 457(e)(1)(A) of the Code. Employer further acknowledges receipt of a copy of the 457(b) Plan for Governmental Employers Plan document, and by affixing its signature hereto, adopts that Plan of which this Adoption Agreement is a part thereof. EMPLOYER: City of Dania Beach Authorized Representative: City of Dania Beach, FL V 012021 APPENDIX Authorized Vendors under the Plan Are: VOYA Financial Important Note: As provided under the Plan, any authorized Vendor named above agrees to share information necessary for compliance purposes with Employer, an Administrator and with any other 457(b) provider as may be required or desirable to facilitate compliance with the Plan and all applicable laws and regulations. This Appendix is dated: March 1, 2021 City of Dania Beach, FL V 012021 Retirement Plan Compliance and Administration Services Agreement The following constitutes a binding "Agreement," effective as of March 1, 2021 between TSA Consulting Group, Inc., ("TSACG") a Florida Corporation, (hereinafter referred to as "Administrator") whose principal place of business is 28 Ferry Road S.E., Ft. Walton Beach, Florida 32548 and the City of Dania Beach, 100 W Dania Beach Boulevard, Dania Beach, FL 33004, hereinafter referred to as "Employer." RECITALS: WHEREAS, the Employer is either a public educational institution or an organization exempted from federal taxation under Section 501(c) (3) of the Internal Revenue Code (the "IRC"); WHEREAS, the Employer wishes to retain the services of Administrator to provide retirement plan consulting, compliance and administration services to the Employer for the Employer's voluntary retirement programs under Sections 457(b) of the Internal Revenue Code ("403(b)/457(b)") and Administrator is willing to provide such services. WHEREAS, the Administrator agrees that, commencing with the effective date of this Agreement, it will provide the Services as further described in this Agreement SECTION 1. APPOINTMENT OF ADMINISTRATOR AND RESPONSIBILITES OF THE EMPLOYER 1.01 Appointment: As of the Effective Date of the Agreement, Employer hereby appoints TSACG as its Administrator for the Employer's voluntary retirement program(s) under Section 457(b) of the IRC. 1.02 Acknowled e� ments: Employer acknowledges that TSACG has not been delegated and does not possess any discretionary authority or discretionary control with respect to the Plan or the Services provided under this Agreement that would cause TSACG to be considered a fiduciary of the Plan(s). 1.03 Necessary Information: Employer agrees that it will render to Administrator all reasonable assistance and information necessary to accomplish services set forth in the Agreements. The Employer shall provide all information including, yet not limited to, items set forth in this Agreement. Transmission of all information from the Employer to Administrator shall be performed on a timely basis relative to services provided and service dates set forth in this Agreement. 1.04 Data: Employer agrees to provide all available data necessary to complete the services provided by Administrator as outlined in the Agreements. Such data shall include, yet not be limited to, existing Plan Documents, Employer policies and procedures regarding all qualified plans offered by the Employer, participating vendor information, employee data pertinent to Maximum Allowable Contribution (MAC) calculations to the extent possible for current and prior years' service, and all additional information deemed necessary to complete the scope of work as defined by the Agreement. Data required shall be supplied electronically by the Employer in a format mutually agreed upon by both parties to the Agreement. 1.05 Notice Distribution: Employer agrees to distribute all Administrator provided employee materials, whether electronic or printed, on a timely basis using their preferred or most appropriate distribution method for all employees. 1.06 Remittance: Remittance Services will be made available to the Employer free of charge via Administrator's proprietary remitting system. The Administrator is not responsible for monitoring contribution limits with respect to individuals who participate in both the Employer Plan(s) and another 403(b) plan sponsored by an Page 1 of 8 unrelated employer during the same calendar year. Additionally, any other retirement plans that are required to be aggregated for contribution limit monitoring for which TSACG is not the Administrator will not be taken into account. 1.07 Employer Authorization to Administrator to Access Plan Information from Investment Provider: The Employer shall require all providers of investment products and services to the retirement plans to cooperate with Administrator by providing any information needed to complete the terms of this Agreement. 1.08 Cooperation: The Employer shall instruct staff to cooperate fully with Administrator regarding the compliance review and in obtaining all necessary information for Administrator to complete the duties described in this Agreement. The Employer realizes that any delay in providing data and information to Administrator may impede completion of services as described in this Agreement. 1.09 Other Efforts: Employer agrees to make all other appropriate, commonly accepted efforts necessary to develop and maintain compliance with existing or amended Internal Revenue Codes regarding the retirement plans offered by the Employer and administered by the Administrator. SECTION 2. ADMINISTRATOR RESPONSIBILITES Standard services offered by the Administrator in accordance with the Agreement, known collectively as The Compliance Edge® Services, include the following: 2.01 Plan Documents: Administrator will provide appropriate Plan Documents to the Employer for review and approval. These documents shall govern the Plan(s). 2.02 Meaningful Notice: Administrator will assist the Employer in developing employee communications material including specific information on eligibility and enrollment procedures. These communications shall be developed and should be distributed by the Employer to all employees at least once each calendar year. 2.03 Forms and Procedures: Administrator will develop standardized administrative forms for use by the Employer and participants for the purposes of enrollment and asset transactions under the Plan(s). 2.04 Participant Records: Administrator will establish and maintain a record for each participant reflecting the date, amount, and type of each transaction in the participant's account based on information provided to Administrator from the Employer, employees, and product providers. Records maintained by Administrator shall include all information necessary to comply with applicable regulations, rulings and procedures established by the Internal Revenue Service for the plan types indicated herein. The Employer will determine eligibility requirements for employees and Administrator shall be entitled to rely on the Employer's eligibility determinations. 2.05 Participant Inquiries: Administrator will provide adequate access to participants regarding their records and transactions recorded by Administrator. Access shall include, at a minimum, customer service representatives during normal business hours to assist participants with information and transactions under the Plan(s). 2.06 Aaareaation of Data: Administrator will assist the Employer with the development and execution of agreements between the Employer and each investment product provider under the Plan(s) regarding the sharing and aggregation of participant data necessary to facilitate recordkeeping and administration duties for the Plan(s). Administrator will exercise its best efforts to cooperate with each provider that maintains participant accounts under the Plan(s) that are subject to the recordkeeping requirements of applicable Internal Revenue Service regulations, rulings, and procedures. Page 2 of 8 2.07 Employer Reports: Administrator shall provide an annual review and audit of the previous year's contributions for all employees. Administrator shall notify the Employer of all non -compliant contributions and provide the necessary data to facilitate notification to employees affected and completion of correction procedures as required by current Revenue Procedures. Administrator will prepare other Plan reports as necessary. 2.08 Maximum Allowable Contribution (MAC) calculations will be maintained for all employees eligible to participate in the Employer's authorized 457(b) plan. These calculations shall include limits applicable to 457(b) plans under applicable Sections of the Internal Revenue Code. Such calculations shall be performed in accordance with accepted standards and subject to the prevailing Internal Revenue Codes and Regulations at that time. MAC's will be based on information obtained from the Employer or the employee and any statement or guarantee of accuracy by Administrator will be contingent on the data and accuracy of the information delivered by the Employer or the employee. 2.09 Transaction Processing: Administrator will administer the Plan with respect to processing participant requests for loans, distributions, transfers, qualified domestic relations orders, and rollovers, including interactions with other investment providers necessary to administer the Plan subject to the terms and conditions included in the Plan Administration Agreement. 2.10 Remittance Services: Electronic remittance services will be available to the Employer via the Administrator's proprietary remittance system. 2.11 Web Pages: Administrator will prepare and maintain web pages specific to the Employer's retirement Plans. 2.12 Administrative Support: Administrator shall provide ongoing administrative support to the Employer, including, but not limited to, the development of appropriate policies and procedures regarding all employee retirement programs. Such administrative support includes research and development of any new programs that may be beneficial to the Employer and its employees. 2.13 IRS Audit Assistance: Administrator expressly agrees to cooperate with and offer assistance to the Employer in the event of any audit of the 457(b) plan by the IRS. SECTION 3: IRS Compliance Guarantee TSACG (Administrator) guarantees retirement plan compliance with regulations and guidelines issued by the Internal Revenue Service (IRS) for all clients that are subject to IRS audit for a calendar year in which the client has a Retirement Plan Compliance and Administrative Services Agreement continually in effect with Administrator from January 1 through December 31 of the year/years under audit. In the event that the IRS determines, on audit, that there is a compliance failure with respect to the client's Plan, and the client incurs financial loss due to that determination, Administrator will reimburse the client for the tax penalty and interest assessed by the IRS in connection with that compliance failure, or will refund the client 100% of the administrative fees collected by Administrator for that calendar year, whichever is less. This guarantee is contingent on the following items being true: 1. Administrator is appointed to represent the client (at no additional charge) during the audit. (IRS Form 2848 — Power of Attorney and Declaration of Representative) 2. The compliance failure is not related to inaccurate communications or data provided to Administrator for which the client was/is responsible. 3. The client has continually acted in cooperation with the operational directives offered by Administrator relative to the Plan audited. 4. This IRS Compliance Guarantee is effective for contracts dated on or after October 1, 2019. Page 3 of 8 SECTION 4: FEES 4.01 Remuneration: Employer agrees that Administrator shall be remunerated for such consulting, compliance and administration services also known as The Compliance Edge®, by the authorized Investment Providers participating in the Plan(s), at the stated rate and methods shown in the "Plan Administration Agreement and Fee Schedule " attached and herein incorporated by reference. SECTION 5: GENERAL PROVISIONS 5.01 Term, Amendment and Other Matters: This Agreement shall remain in effect until otherwise terminated by either party as described in this Section 5.01. Either party may terminate this Agreement by giving 60 calendar days written notice to the other in accordance with the agreement. Notwithstanding the foregoing, this Agreement shall be terminated immediately upon the occurrence of any of the following events: (i) a material breach by either party not cured within 30 calendar days after notice to the other; (ii) termination of the Administrator by the Employer. Upon receipt of notice of termination by the Employer pursuant to this Agreement, the Administrator shall make all reasonable efforts to transfer Plan information to the Employer or such third party as the Employer may designate as of the effective date of the termination. Upon transfer, the Administrator shall cease to be responsible for any Services under the Agreement. An extension of time for providing Services beyond the 60 calendar days written notice period described above shall be permitted only by the mutual written agreement of the Administrator and the Employer and the Administrator reserves the right to charge the Employer a reasonable fee for such extended period of Services. This Agreement may be amended by mutual agreement of the parties. From time to time the Administrator may propose amendments to the Employer in writings sent in the manner described in this Agreement. Any proposed amendment will be accompanied by an explanation of the proposed change, the effective date of the proposed change, and the Employer's right to reject the proposed change. The Employer shall be provided a minimum of 90 calendar days advance notice of the proposed amendment. At the expiration of the notice period, if the Employer has not objected in writing, the Employer shall be deemed to have agreed to the amendment. 5.02 Notices: Notices or other communications given pursuant to this agreement shall be hand delivered, mailed by first class mail service, addressed as follows, or as changed by notice: a) To Administrator: TSA Consulting Group, Inc. Attn: Contracts 28 Ferry Road SE Fort Walton Beach, FL 32548 b) To Employer: City of Dania Beach 100 W Dania Beach Boulevard Dania Beach, FL 33004 5.03 Entire Agreement: Supplements and Amendments. This agreement generally constitutes the entire agreement between the parties, merging all prior presentations, discussions and negotiations. It may be modified by additional letter or other written agreements executed by each party contemporaneously with this agreement, which may modify its provisions or meanings. It may be further supplemented, but not modified, by Administrator from time to time with written procedures that provide a description of the ordinary processes for the parties to fulfill their obligations hereunder, which shall not exclude extraordinary processing in appropriate situations that produces comparable results. Finally, this agreement may be amended at any time, but only by written agreement signed by all parties hereto. Page 4 of 8 5.04 Assi nment: Some or all of the rights and duties of Administrator hereunder may be assigned to an affiliate, or to any successor through merger, reorganization, or sale of assets. Some duties of Administrator may be performed by others under subcontract, without the release of Administrator for responsibility for such services. Otherwise, no party may assign this agreement nor any rights or duties hereunder without the prior written consent of the other party. 5.05 Governing Law: Except to the extent governed by federal law, this agreement shall be governed by and constructed according to the laws of the state where Employer's principal office resides. 5.06 Confidential Information: The Administrator agrees to hold as secret and confidential all information provided to it by, or through its relationship with the Employer, including data, reports, plans, participant lists, documents, writings, business operations and business systems, and other proprietary material ("Confidential Information"). Non-public information that is personally identifiable to a consumer (referenced in the Gramm - Leach -Bliley Act of 1999 as "Non-public Personal Information" or "NPI"), shall be treated by the Administrator as Confidential Information whether it is received directly from the Employer, its assignee or an Investment Provider. Confidential Information from Investment Providers will be treated by the Administrator as perishable. The Administrator will only retain current date information for each Investment Provider. Confidential Information shall remain the property of the party from or through which it was provided. The Administrator shall use Confidential Information for the limited purposes necessary to execute its obligations under this Agreement. The Administrator shall use the same degree of care to protect the Confidential Information as it uses to safeguard its own confidential information and shall implement and maintain procedural, physical and electronic safeguards to prevent the compromise or unauthorized disclosure of Confidential Information. The Administrator shall not make or allow to be made copies of or otherwise reproduce the Confidential Information provided to it or any part thereof, except as reasonably required in connection with the fulfillment of its obligations under this Agreement absent specific prior written consent of the Employer. Confidential Information shall not include information that becomes available to the public through no wrongful action of the Administrator, is already in the possession of the Administrator and not subject to an existing agreement of confidentiality between the parties, is received from a third party without restriction and without breach of this Agreement, is independently developed by the Administrator, or is disclosed pursuant to a requirement or request from a government agency. This Agreement shall in no way be construed to grant any right, license, or authorization to any party to use Confidential Information except as permitted in this Agreement. The Administrator shall restrict access to Confidential Information to those employees and persons in the Administrator's organization with a need to know such Confidential Information in order to perform its obligations under this Agreement. Such employees and persons shall be under the same obligations to hold secret and confidential such Confidential Information. The Employer acknowledges and agrees that individuals authorized by the Administrator to provide customer support as described in this Agreement shall have access to participant and Investment Provider information and shall be deemed, for purposes of this paragraph, to have a need to know such Confidential Information. To the extent the Administrator retains a third party or affiliate to assist it in performing its duties as otherwise permitted under this Agreement, it shall similarly protect and restrict the use of Confidential Information by such third party or affiliate. Upon the termination of this Agreement, Administrator shall return to the Employer or its designee all of the Confidential Information as of a current date, received in the course of the Administrator performing the Services, in such form as is reasonably requested by the Employer. The obligations of the Administrator hereunder shall survive the termination of this Agreement. In the event that the Administrator or its representatives is required by legal process, law or regulation to disclose any portion of the Confidential Information provided to it, the Administrator shall provide the Employer with prompt written notice of such requirement as far in advance of the proposed disclosure as possible so that the Employer (at its own expense) may either seek a protective order or other appropriate Page 5 of 8 remedy which is necessary to protect its interests or waive compliance with the non -disclosure provisions of this Agreement to the extent necessary (provided that one or the other be done). The Administrator and its representatives shall cooperate in all reasonable respects with the Employer in seeking to prevent or limit disclosure and, in the event a protective order or other remedy is not obtained, the Administrator will limit the disclosure to the information actually required to be disclosed, provided, that the Administrator shall not be required to incur any out-of-pocket costs in complying with this paragraph. The Employer acknowledges that the Administrator may, from time to time, disclose Confidential Information to the Employer, the Employer's representatives, the Employer's assignee(s), and the Investment Providers for the purpose of meeting its obligations under this Agreement and such disclosure shall not be considered a breach of this provision or the Agreement. All data is, will be, and will remain the property of the Employer and will be deemed Confidential Information of the Employer. 5.07 Circumstances Excusing Performance: Neither the Employer nor the Administrator shall be liable to the other for any delays or damages or any failure to act due to, occasioned, or caused by reason of restrictions imposed by any government or government agency, acts of God, strikes, labor disputes, action of the elements, or causes beyond the control of the parties affected thereby. In addition, the Administrator shall not be liable to the Employer for any delays or damages or any failure to act due to, occasioned, or caused by the failure of any Investment Provider to cooperate with the Administrator in the providing of Services under the Agreement. 5.08 Use of Plan Information: The Employer expressly authorizes the Administrator to use Plan information provided by the Employer, its assignees, the Investment Providers, and any employee or agents of any of the foregoing as required to meet its obligations under this Agreement. Any other use is expressly prohibited absent advanced written consent from the Employer. Without limiting the representations provided above, the Administrator will not allow the use, dissemination, transmission, access, manipulation, duplication or disclosure of the Plan information by the Administrator, subsidiaries or parent company for any purpose other than to provide the Services hereunder. 5.09 Independent Consultant: Administrator shall act as an independent consultant and administrator and not as an agent or employee of the Employer and Administrator shall make no representation as an agent or employee of the Employer. Administrator shall furnish evidence of business liability and errors and omissions insurance in such limits of liability and written by an insurance company licensed in the state of Florida and acceptable to the Employer. Administrator shall be responsible for all taxes as an independent consultant and administrator. Administrator shall have no authority to bind the Employer or incur other obligations on behalf of the Employer. 5.10 Conflicts: Administrator warrants that it is under no obligation to any other entity that in any way conflicts with this Agreement and that it is free to enter into this Agreement. 5.11 Dispute Resolution: The following provisions apply to disputes, claims or lawsuits which may arise under this Agreement. a. Attempt to Resolve. Before a party initiates a lawsuit to address a dispute between the parties, they shall first engage in an attempt to resolve the dispute. The parties must engage in the process set forth in this paragraph as a condition precedent to filing a legal action. Upon the written notice pursuant by a party to the other party or parties of a dispute, each party shall appoint a designated representative, whose task will be to meet and attempt to resolve the dispute. The parties agree to enter into good faith negotiations including a meaningful exchange of information and documentation and to engage in settlement discussions in an attempt to resolve the dispute without the necessity of litigation. They shall do so for a period not less than 60 calendar days. b. Venue: If a dispute cannot be resolved under the provisions of Section 5.11(a), the parties agree that any lawsuit arising out of or in connection with this Agreement shall be brought in the United States District Court for the District in which the Employer maintains its principal place of business. In the event the United States District Court fails, declines or lacks jurisdiction to hear the case, the lawsuit shall be filed in the highest trial court of general jurisdiction in the county where the Employer maintains its principal offices or its place of business. Page 6 of 8 c. Continuity of Services: In the event of a dispute between the Employer and the Administrator, the Administrator will continue to perform its obligations under this Agreement in good faith during the resolution of such dispute unless and until this Agreement is terminated in accordance with the provisions of this Agreement or as otherwise provided herein. 5.12Indemnification and Hold Harmless: Administrator agrees that it will indemnify and hold harmless the Employer, individual members of the Employer, its representatives and employees, from any claim, demand or suit which may arise from, be connected with, or be made due to the negligence or failure to satisfy the requirements of this Agreement. This indemnification shall include all related costs, including but not limited to, attorneys' fees, consultant fees, fees for other professional service providers, as well as court costs, fines, penalties or other similar charges against the Employer, provided that the Employer notifies Administrator, in writing, no later than 30 calendar days after receipt of such claim or demand. Notwithstanding the preceding, this indemnification shall not cover any claim or demand based on erroneous information provided by the Employer, its employees or other representatives. 5.13 Modifications: This Agreement may be modified, amended or terminated by either party upon 60 days written notice to the other party, provided that no such modification, amendment or termination shall affect the liability of either party incurred prior to such event. 5.14 Execution: This Agreement may be executed in any number of counterparts, each of which, including any reliable copies or facsimiles thereof, will be deemed to be an original and all of which together shall be deemed to be one and the same instrument. 5.15 Survival: If any provision of this agreement shall be held or declared to be illegal, invalid or unenforceable, such illegal, invalid or unenforceable provisions shall not affect any other provision of this Agreement, and the remainder of this Agreement shall continue in full force and effect as though such provisions had not been contained in this Agreement. If the scope of any provision in this agreement is found to be too broad to permit enforcement of such provision to its fullest extent, the parties consent to judicial modification of such provision and enforcement to the maximum extent permitted by law. We, the undersigned as duly authorized representatives, agree to all the terms and conditions stated above, and by our signatures, place this Agreement into full force and effect as of the date first above -written. CITY OF DANIA BEACH TSA CONSULTING GROUP, INC. By: By: Name: Title Name: Janet Williamson Title: Senior VP, Chief Financial Officer Federal Tax Identification Number: Federal Tax Identification Number: 59-3451677 Page 7 of 8 PLAN ADMINISTRATION AGREEMENT and FEE SCHEDULE This Administrative Agreement (hereinafter "Agreement") is executed this 1st day of March 2021 by TSA Consulting Group, Inc. ("Administrator") and City of Dania Beach (Employer"). WHEREAS, Employer has established a ❑ Sec. 403(b) Plan or a® Sec. 457(b) Plan and is authorized to appoint service providers; and WHEREAS, Employer desires to appoint Administrator as the administrator of the Plan(s) established and indicated herein; and WHEREAS, Administrator is authorized to accept the appointment as Administrator and desires to provide such services subject to the terms and conditions set forth herein; Employer hereby agrees that Administrator, in remuneration for administrative and recordkeeping services for the Plan(s) shall be entitled to collect the following fees from each authorized investment product provider under the plan: INVESTMENT PRODUCT PROVIDER FEES: Recordkeeping — (Per Participant Account) $24.00 per year billed monthly The "Billing Effective Date" will be the billing cycle that is at least 30 days following the execution date of the Plan Administration Fee Schedule. Required Provider Fees: Employer further agrees and stipulates that each authorized investment product provider is required to pay the fees described herein directly to Administrator unless otherwise modified by the Employer upon notice to the investment product provider. Each authorized provider must agree to the fee schedule set forth herein as a condition of participation under the Plan(s). Method of Payment: Investment Product Providers shall remit the fees described herein in a timely manner and according to a reasonable method of remittance as determined by Administrator. Basis for Invoicing — Provider Fees: Administrator shall bill each Investment Product Provider monthly according to the number of participants that maintain one or more accounts under the Plan. The actual number of participant accounts will be determined according to the participant data files generated by the Provider as required under the Investment Provider Service Agreement between the Employer and the Provider. Provider Discretion — Investment Product Pricing: The Employer intends to maintain a high quality array of investment products and providers under the Plan for the benefit of participants. Employer recognizes and, agrees that Providers have sole discretion regarding the pricing of their investment products and the generation of revenue models sufficient to offset expenses related to participation in the Employer Plan. Employer Reports: Administrator shall be responsible for submitting reports to the Employer regarding fees assessed to and collected from Investment Product Providers. Administrator shall not attempt to collect any fees from Investment Product Providers other than those expressed in this fee schedule. IN WITNESS WHEREOF, the parties have caused this agreement to be executed by their authorized representatives. PLAN SPONSOR: ADMINISTRATOR: CITY OF DANIA BEACH TSA CONSULTING GROUP, INC. By: Name: Title: Execution Date: 0 Name: Janet Williamson Title: Senior VP, Chief Financial Officer Page 8 of 8 403(b)/457(b) Investment Provider Service Agreement WHEREAS the City of Dania Beach the "Plan Sponsor") maintains the following retirement plan(s) ❑ 403(b) ® 457(b) (the "Plan") and wishes to offer multiple investment products and services to participants in the Plan and, WHEREAS the insurance company, mutual fund provider or the mutual fund provider's custodian or agent (together with its affiliates, the "Provider") designated on the signature page of this Agreement ("Agreement") has offered to provide annuities and custodial accounts ("Accounts") that qualify under IRC Sections 403(b) or 457(b) to participants under the Plan; and WHEREAS the Plan Sponsor has named or will name the Provider as an authorized product provider under the Plan's document. The parties agree to the following: PROVIDER DUTIES AND RESPONSIBILITIES. The Provider shall: 1. Accounts: Be responsible, with respect to Provider Accounts, for: a. Conforming to the terms of the Plan to the extent the Plan does not enlarge the Provider's obligations under its contracts (provided, however, that the Provider shall only be responsible for conforming to such terms as have been provided in writing, either by provision of a copy of the most recent Plan Document, or by provision of written explanation or interpretation of Plan terms by an authorized Plan representative), and executing all transactions related to Plan Accounts under applicable regulations established by the Internal Revenue Service (IRS) including, but not limited to, all contributions, distributions, transfers, QDROs, exchanges and rollovers allowable under the Plan and subject to the prior approval of the Plan Sponsor or TSA Consulting Group, Inc., the designated plan administrative service provider ("Administrator"). b. Reporting applicable state and federal income tax for all distributions from Plan Accounts; c. Notifying all participants of required minimum distributions under IRS regulations; d. Providing required notices of rollover options to Participants upon a request for an eligible rollover distribution. e. Processing corrective distributions of excess deferral contributions and properly track, report and distribute excess 415(c) contributions in accordance with applicable IRS regulations where such excess distributions have been identified by the Plan Sponsor or the Administrator; f. Providing all participant account information relevant to the Plan to the Plan Sponsor or the Administrator electronically every 30 days, or at a frequency agreed to by both parties, and in the event of a federal or state income tax audit. 2. Forms: Utilize the standardized Salary Reduction Agreement (SRA) and any other supporting enrollment documents provided by the Plan Sponsor. 3. Investment Products: Market only the specific investment product(s) and services authorized by the Plan Sponsor. Any modifications to authorized investment products must be presented to and approved by the Plan Sponsor prior to any offering under the Plan. 4. Solicitation: Comply with all written directives regarding the solicitation of employees of the Plan Sponsor. a. Appropriate State and /or Federal licensure for insurance or securities products, b. State permits or registration as required for visitation at public school locations, c. Business Errors and Omissions coverage of $1,000,000 minimum. V4B-2014 5. Plan Administration Fees: Remit Plan Provider fees, if any, set forth on the Plan Administration Fee Schedule that forms a part of the Plan Administration Agreement between Plan Sponsor and Administrator, annexed to this Agreement, on a timely basis as assessed by the Plan Sponsor or Administrator. For purposes of clarification, fees payable by Provider pursuant to the Plan Administration Fee Schedule shall be assessed solely with respect to participants who have accounts with Provider. Changes to such fees shall not be binding on Provider without Provider's advance written consent in the form of a written amendment to this Agreement. Plan Sponsor acknowledges that the sole purpose of annexing its Plan Administration Agreement with Administrator hereto is to recite fees, if any, that Provider hereby agrees to pay and that Provider shall not in any way be responsible for the content of that agreement, become a party to such agreement, or owe any additional responsibility or otherwise be liable to Plan Sponsor or Administrator as a result of that agreement being annexed hereto. 6. Indemnification: Indemnify and hold harmless the Plan Sponsor, including any individual member of the governing board, and Employees acting in their official capacity from every claim, demand or suit which may arise out of, or be made by reason of the failure of the Provider to meet the requirements of this Agreement only to the extent such losses are the result of the Provider's intentional wrong doing or its negligent actions or omissions. Notwithstanding the preceding sentence, this indemnification shall not cover any claim, demand or suit based on erroneous information provided by the Plan Sponsor, its affiliates or designated representatives or Employees or their willful misconduct or negligence. Provider, at its own expense and risk, and at its option, may assume the defense of or settle any court proceeding that may be brought against the Plan Sponsor, including members of the governing board, and Employees acting in their official capacity, on any claim, demand or suits covered by this indemnification, and shall satisfy any judgment that may be rendered against any of them with respect to any such claim or demand, provided that Plan Sponsor notifies Provider, in writing, within twenty (20) business days of receipt of such claim or demand. Provider's liability hereunder shall be limited to actual damages and reasonable out-of-pocket legal fees and expenses only. 7. Privacy. Provide to the Plan Sponsor participants documentation of Provider's privacy policies, as required by and in accordance with applicable law, and otherwise upon request. PLAN SPONSOR DUTIES AND RESPONSIBILITIES. The Plan Sponsor shall: 1. Plan Document: Certify that it is eligible to offer programs under IRC Section 403(b) or 457(b) and maintain a written plan in accordance with applicable Internal Revenue Service (IRS) regulations and that among other provisions will name the Provider as an authorized vendor of products for participants, subject to Provider's execution of and compliance with this Agreement. 2. Investment Providers: Identify and make available to all employees and providers a current list of authorized vendors of product available under the Plan. 3. Contributions: Transmit all contributions to Provider in a manner designed to ensure accurate crediting to participant Accounts on a timely basis and consistent with applicable IRS regulations; 4. Plan Sponsor Contributions: Transmit and provide a listing of any participants for which the Plan Sponsor makes non -elective employer contributions and the amounts allocated to each participant with each remittance. 5. Administrator: Agree to notify the Provider of any specific administrative responsibilities that are allocated to Administrator and, by so notifying Provider, authorize the Provider to share necessary plan information with Administrator in a manner consistent with applicable IRS regulations and requirements under this Agreement and to follow instructions provided to Provider by Administrator as a representative of the Plan Sponsor. M-2014 BOTH PARTIES AGREE that the following terms and conditions are included as part of this Agreement: 1. Information Sharing: That each party, or their authorized representatives, shall exchange information necessary for compliance with the requirements of IRC Section 403(b) or 457(b) and any other applicable laws and regulations. Information includes, but is not limited to information on employment status, contributions and transactions made to or from other contracts/accounts under the Plan, information on other exchanges, loans and hardship withdrawals (as permitted under the 403(b) Plan) or unforeseen financial emergency withdrawals (as permitted under the 457(b) Plan), qualified domestic relations orders, transfers and any other information necessary to facilitate activities permitted under the terms of the 403(b) or 457(b) Plan or tax compliance and reporting. 2. Exclusive Services. Except as otherwise agreed to in writing between the parties, this Agreement and the underlying agreements establishing the Accounts are the exclusive arrangement between the parties for services under the Plan and the terms of this Agreement do not extend beyond this Agreement. Neither party shall have any other obligations or liabilities not specified herein unless otherwise agreed to in writing. 3. Confidentiality: Each party shall maintain the confidentiality and privacy of all information about participants or employees provided by the Plan Sponsor, Administrator or Provider. All information shared or exchanged between Plan Sponsor, Administrator and Provider relating to activities required under this Agreement shall only be communicated to the Provider, Plan Sponsor or Administrator unless otherwise required by law, valid court order or as may be required as part of an inquiry or audit by a governmental regulatory agency. 4. Not Legal Advice. The parties agree that no service provided by the terms of this Agreement or under the Plan is to be construed as individual legal or tax advice to participants, nor to either party. 5. Term of the Agreement. This Agreement shall continue from year to year unless terminated by either party, in writing, by no less than sixty (60) days written notice. 6. Applicable Law. This Agreement shall be construed under the laws of the state where Plan Sponsor's principle office resides, unless pre-empted by federal law. Any litigation with respect to the terms or conditions of the Agreement will be conducted under such state's jurisdiction and the parties agree that venue lies therein. 7. Severability. Each party agrees that it will perform its obligations hereunder in accordance with all applicable laws, rules, and regulations now or hereafter in effect. If any term or provision of this Agreement shall be found to be illegal or unenforceable then, notwithstanding, the remainder of this Agreement shall remain in full force and effect and such term or provision shall be deemed stricken. By executing this Agreement, each party acknowledges that it has read this Agreement, agrees to its terms, and agrees that this Agreement shall be effective as of the last date executed by both parties. AGREED TO: Plan Sponsor: City of Dania Beach Service Provider: Address: 100 W Dania Beach Boulevard Address: Dania Beach, FL 33004 211A Authorized Representative Title: Date: By: Authorized Representative Name: Title: Date: V4B-2014 Simplified Information Sharing Agreement This Simplified Information Sharing Agreement ("Agreement") between City of Dania Beach (the "Plan Sponsor") and (the "Vendor") establishes the agreement between Vendor and Plan Sponsor to share information necessary for compliance with 403(b) or 457(b) regulations and applicable IRS guidance. Plan Sponsor represents: That it has adopted or will adopt a written 403(b) or 457(b) plan document under which Vendor will not be an authorized investment provider and which may include the cessation of additional contributions for participants in the Plan Sponsor's 403(b) or 457(b) plan. 2. Plan Sponsor has contracted with TSA Consulting Group, Inc. (the "Administrator") to act as a third party administrator of the 403(b) or 457(b) plan and to coordinate information relating to Plan Sponsor's 403(b) or 457(b) plan between the Plan Sponsor and product providers, including the Vendor. Vendor and Plan Sponsor agree: Each party shall timely exchange information necessary for compliance with the requirements applicable to the Plan Sponsor's 403(b) or 457(b) plan, including, but not limited to information on employment status, account balances and transactions on distributions, loans, contract exchanges, and any other information necessary to facilitate activities permitted under the terms of the Plan Sponsor's 403(b) or 457(b) plan for proper compliance and reporting requirements. In the event that the Vendor is capable of transmitting data electronically in a file format equal or similar to the standard SPARK file format, TSA will accept data weekly, monthly or any other frequency determined by the Vendor. 4. Unless otherwise directed in writing, information shall be forwarded to Administrator at: TSA Consulting Group, Inc. Attention: Program Services 15 Yacht Club Drive NE Ft. Walton Beach, FL 32548 Phone: (850) 244-7306 Fax: (800) 889-9736 E-mail: proaramservices@tsaca.com This information is confidential and will only be used as needed to satisfy applicable compliance requirements. 6. Any revocation or termination of this Agreement will not affect either party's responsibility to share and exchange information necessary for the Plan Sponsor's 403(b) or 457(b) plan to comply with applicable 403(b) or 457(b) requirements. PLAN SPONSOR: City of Dania Beach VENDOR: Address: 100 W Dania Beach Boulevard Address: Dania Beach, FL 33004 By: Printed Name: Title: Dated: By: Printed Name: Title: Dated: Vendor: Please return a signed copy of this agreement to the following address: TSA Consulting Group, Attn: Program Services Team, 15 Yacht Club Drive NE, Ft Walton Beach, FL 32548 Email: programservices@tsacg.com V9 22 2015 (Employer Letterhead) March 1, 2021 To: All 403(b) & 457(b) Investment Product Providers Re: Designation of Plan Administrator for the Plan: City of Dania Beach EIN: Please be advised of the following administrative guidelines for our 403(b) & 457(b) programs which are designed to comply with IRS regulations regarding the authorization of plan transactions. Designation of Plan Administrator: Effective immediately, please recognize TSA Consulting Group, Inc. (TSACG) as the contracted plan administration services provider for our 403(b) & 457(b) Plans. TSACG is authorized to act as the Plan Administrator on all aspects of the plan pursuant to the existing contract between us, the Plan Sponsor, and TSACG. TSACG may be contacted as follows: TSA Consulting Group, Inc. Attention: Participant Transactions 73 Eglin Parkway NE, Suite 202 Fort Walton Beach, FL 32548 Telephone: (888) 796-3786, option 4 A notification will be sent in the event that the information provided above is changed. Forward any questions you may have concerning this matter to TSACG. Sincerely,