Res89 11093 - Laserfiche WebLink

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GREAT WESTERN agrees to withhold appropriate Federal and state income taxes, according to instructions set forth on form W-4 completed by the participant, to remit such with-holdirrJs to proper taxing authorities, and to issue net funds to participant(s) or beneficiary(ies) in accordance with instructions on the Distribution Request Fonn. GREAT WESTERN agrees to perfonn required monthly, quarterly arrl annual reporting of withholdings to awropriate taxing authorities. GREAT WESTERN agrees to issue awropriate armual wage arrl tax statements to those participants arrl beneficiaries who received distribution(s) during the preceding year arrl to retain a copy of such infonnation on file for the period required by law. GREAT WESTERN agrees to provide AGENCY a monthly report of all disbursements made during the previous month. 6. INVFSIMENT VEHIClES: GRFAT WESTERN agrees to provide the herein described services for AGENCY with the following investment vehicles. A. Great Western Savings Irrlexed Account ("GWSIA"). The investment vehicle identified as GWSIA shall be savings accounts with GREAT WESTERN. Eam sum account shall be subject to rules, regulations arrl statutes to whim GREAT WESTERN is subject, as promulgated by the Federal Home loan Bank Board (FHI.BB), the Federal Savings and Loc-m Insurance Corporation (FSLIC) and other sum regulatory authorities. GREAT WESTERN agrees to accept PIAN ftmds for invesbnent in GWSIA, sum ftmds to earn interest as follows: (1) The rate of interest for all ftmds received during the tenn of the contract, shall yield the over-the-counter yiel<;l quotation for the five year United states Goverrnnent Treasury Note, as set forth on the day before the last business day of each calerrlar quarter. '!his effective annualized yield will be guaranteed for the sucx::eeding calerrlar quarter regardless of any subsequent change in the five year United states Treasury Note yield. lhe current rate/yield is: (T.B.D. ) Rate % Yield 9,- o (2) Such other yield as declared by Great Western arrl shall not be lower than A. (1) arove. (3) Interest will accrue daily, using the 365/360 day l1'ethod, will be credited monthly, on the last day of the month, arrl will be automatically reinvested to allow for monthly campourrli.n:J. Q~T WESTERN agrees to collateralize any amount of PIAN funds invested in GWSIA in excess of Federal Savings arrl loan Insurance Corporation insurance limits per participant, with first deeds of trust on suitable residential property (Le. one to four unit). lhe unpaid outstanding principal balance of tl1e collateral shall be adjusted quarterly, arrl shall in the aggregate, at all times equal or . exceed 150 percent of the amount of such funds in excess of FSLIC i~ limits. - 4 - 1109~