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HomeMy WebLinkAboutGlendale Federal Savings and Loan Association; 1982-12-03;ADDENDUM TO DEFERRED COMPENSATION INVESTMENT AGREEMENT Reference is hereby made to the Deferred Compensation (Employer) and Glendale Federal Savings and Loan Association, dated December 8, 1982 (Glendale Federal). WHEREAS, the Employer under said agreement is a member of the Association of Califoxnia Water Agencies (ACWA), and WHEREAS, ACWA maintains an investment agreement with Glendale Federal for deposit of Deferred Compensation Funds, and WHEREAS, Employer desires Deferred Compensation funds of its employees to be invested in the account or accounts maintained by ACWA in order to maximize the interest payable on said funds, -. THEREFORE, Employer and Glendale Federal agree that all deferred compensation funds invested pursuant to this Agreement shall be deposited and held and commingled with other funds invested in the account or accounts maintained at Glendale Federal by ACWA. Records of said account(s) shall, at all times, indicate the amount and activity of each individual Participant's deferred compensation amount. All statements of activity shall be sent as provided in the agreement. This Addendum may be cancelled at any time by written notice from Employer or ACWA. 8 , Administrator: Employer : !?lionas L. Bramiell, Controller Costa zeal Yunicipal Water aistrict GLENDALE FEDERAL SAVINGS AND LOAN ASSOCIATION BY BY .. At: cGZLKd2k- 4 CALIFORNIA s DEFERRED COMPENSATION INVESTMENT AGREEMENT GLEWLE FEDEIWL SAVINGS AND LOAN ASSOCIATION L DEFERRED COMPENSATION INVESTMENT AGREEMENT (employer") The COSTA REAL MUTJICIPAL WATER DISTRICT has established the ~0s:~ ~AL ~UTJICIPAL WATES DISTRICT EIIPLOYECS DCFERXCD CO%?ELJSATION Pb?A ("Plan"), a copy of which is attached hereto as Exhibit "A" and has designated Thomas L. Bran?ell, Controller ("Administrator") to administer the Plan and this Agreement on be- half of the Employer. Glendale Federal Savings and Loan Association ("Glendale Federal") is a Federal Savings and Loan Association, a corporation duly organized and existing under the laws of the United States, and is authorized by California law for the investkent by local public agencies of deferred compensation funds. The Agreement sets forth the manner by which Plan funds will be invested with Glendale Federal, and Glendale Federal in accordance with the applicable Laws and Regulations, will accept such funds for investment and will account for such funds on a regular basis. 1. Glendale Federal agrees to accept for investment the funds sent to Glendale Federal in accordance with the Plan, and to estab- lish and maintain savings accounts in accordance with the instructions of the Administrator and the provisions of this Agreement. All earnings on such accounts will be credited to such accounts in accord- ance with prevailing practice at Glendale Federal, unless otherwise instructed by the Administrator. -1- 2. Glendale Federal shall establish, from time to time, savings accounts at a branch or branches of Glendale Federal upon instruction of the Administrator for investment of Plan funds sent to it on behalf of the Employer. The accounts will be titled: COSTA REAL YUNICIPAL VATEII DISTRICT EPlPLOYEES DEFERRED COPIPENSATION PLAN The Administrator shall have the sole custody of all passbooks or other indices of ownership of said accounts and no investments or withdrawal of funds shall be made in such accounts except in accord- ance with the instructions of the Administrator and pursuant to this Agreement. 3. On either a bi-weekly, semi-monthly, or monthly basis, funds shall be forwarded to Glendale Federal to be invested pursuant to this Agreement for Participants in the Plan, together with’a list indicating to which Employer accounts these deductions should be credited. Promptly upon receipt of said funds, Glendale Federal shall make the appropriate credits to the applicable accounts. The legal and beneficial ownership of all such funds shall at all times be vested in the Employer. 4. The Employer shall have the same rights and obligations in connection with any of such invested funds as any other investor having the same type of savings accounts with Glendale Federal. contained herein shall be construed as requiring any Plan funds to be invested with Glendale Federal or to remain invested for any specified period of time except as may be required by applicable Law or Regulation 01 the terms of the applicable savings account Agreement, including, but not limited to the penalty required by Federal Regulation upon withdrawal from an account prior to maturity. Nothing -2- .I The parties intend that the funds shall be deposited in 30 (or 31) day certificates of deposit as currently permitted by FHLBB regulation, which shall mature on the 30th day of each month and shall automatically be renewed until the same day of the next succeeding month. Additions to or distributions from said account shall be made on the monthly maturity date upon instruction of the Administrator. 5. The initial interest rate to be paid by Glendale Federal on this account is11.5 - compounded daily - paid quarterly, however, it is understood such rate is subject to change from time to time as required by Federal Law or Regulation or by action of the Board of Directors of Glendale Federal. Funds received between maturity dates shall be de- posited in an interest bearing passbook account and shall automatically be added to the 30 (or 31) day certificate account on the monthly maturity date. of the rate which will be paid during the next ensuing calendar quarter. Glendale Federal shall notify the Administrator quarterly 3. 6. On a calendar quarterly basis, Glendale Federal will pre- pare a statement of activity in duplicate for each Participant's deferral and earnings amount. on the accounts during the period. Statements will be sent to the attention of the Administrator. Such statements will recap all activity 7. Glendale Federal shall, from time to time, disburse funds from the applicable account or accounts as instructed by the Admin- istrator in accordance with this Agreement. -3- 8. The services to be made available by Glendale Federal under this Agreement will be performed by Glendale Federal without any charge to the Administrator, the Employer, or the Participants under the Plan. 9. This Agreement may be terminated at any time by either party hereto party . upon six (6) months' advance notice in writing to the other 10. All notices given pursuant to this Agreement shall be in writing and may be sent by regular or certified mail, postage prepaid, addressed as follows: Employer: COSTA REAL WNICIPAL WATER DISTRICT 5950 El Carnino Real Carlsbad, California 92008 I Administrator: Tho mas L. Bramell, Controller f or Glendale Federal Savings and Loan Association, Business Development Division, 401 North Brand Boulevard, Glendale, California 91209. .. 11. Glendale Federal shall be entitled to rely on the written instruction of the Administrator designated by the Employer and shall not be required to act upon any oral instructions. 12. both parties. This Agreement may be modified by a writing executed by 13. This Agreement shall be interpreted at all times by the laws of the State of California. -4- .. .. -. -- BY BY GLENDALE FEDERAL SAVINGS AND LOAN ASSOCIATION Approved as to Form: Dated: /' At: dkd9HG CALIFORNIA -5-