Res97 13223 - Laserfiche WebLink

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PERS 457 Program EMPLOYER ADOPTION AGREEMENT By executing this Agreement, the employer identified below (the "Employer") adopts the Cahfomia Public Employees' Deferred Compensation Plan (the "Plan") for the benefit of its employees. The Employer further agrees and represents as follows: 1. The Employer is a political subdivision of the State of California eligible to adopt the Plan for the benefit of its employees. 2. The Employer has duly adopted a resolution (copy attached) or taken such other official action as required for its lawful adoption and implementation of this Plan and has authorized the undersigned to execute this agreement on behalf of the Employer. 3. The Employer has been furnished with and reviewed a copy of the Plan document which explains the rights and obligations of the Employer under the Plan, as well as the rights and options available to the Employer's employees under the Plan; the Employer agrees to follow the terms of the Plan document, which are incorporated herein by reference. 4. The Employer understands and agrees that all amounts deferred under the Plan are to be invested in the Public Employees' Deferred Compensation Fund (the "Fund"), an investment entity established to hold amounts deferred under the Plan, and that the Employer shall have no right to sell, redeem, or otherwise liquidate its investments in the Fund, except as provided in Article 9 of the Plan. 5. The Employer understands that, except for certain responsibilities delegated to the Employer under the Plan, the administration of the Plan and Fund is subject to the exclusive control of the Board of Administration of the Public Employees' Retirement System (the "Board"). The Employer further understands that the Board has appointed State Street Bank and Trust Company and State Street Bank and Trust Company of California, N.A. (collectively, "State Street") to perform administrative services under the Plan and to act as the Board's agent in all matters relating to the administration of the Plan; the Employer agrees to deal directly with State Street (or any successor agent duly appointed by the Board) on all matters relating to its participation in the Plan and to cooperate with State Street in the dissemi- nation of Plan information to the Employer's employees. 6. The information set forth on the attached specifications page is complete and accurate and may be relied upon by the Board and State Street in the administration of the Plan on behalf of the Employer and its employees, unless and until the Employer has provided State Street with a written modification of such specifications. 7. The Employer has been furnished with a copy of a manual that describes the procedures_ to be followed by the Employer in the administration of the Plan for its employees, and the Employer agrees to adhere to the procedures set forth in that manual, and in any revisions thereof or procedural notices that are hereafter furnished, to the Employer. 8. The Employer agrees to make the Plan available to its employees and otherwise to abide by this Agreement for a minimum period of three (3) years commencing on the effective date shown on the attached sT~ecifications page; this Agreement shall remain in full force and effect after such three-year period unless terminated by the Employer or the Board upon sixty (60) days prior written notice. (Name of Employer) By: (Title) Date: Accepted by State Street Bank and Trust Company on behalf of the Board of Administration of the Public Employees' Retirement System By: Date: Witness: