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Home My WebLink About20221410.tiffRESOLUTION RE: APPROVE RECURRING PAYMENT AUTHORIZATION FOR FINANCIAL PROFESSIONAL FEES, RETIREMENT PLAN FEE SUMMARY, REQUEST TO DISCONTINUE SERVICE, AND PLAN EXPENSE AGREEMENT FOR 457 DEFERRED COMPENSATION RETIREMENT PLAN AND AUTHORIZE CHAIR TO SIGN - PRINCIPAL LIFE INSURANCE COMPANY WHEREAS, the Board of County Commissioners of Weld County, Colorado, pursuant to Colorado statute and the Weld County Home Rule Charter, is vested with the authority of administering the affairs of Weld County, Colorado, and WHEREAS, the Board has been presented with a Recurring Payment Authorization for Financial Professional Fees, a Retirement Plan Fee Summary, a Request to Discontinue Service for ERISA 3(21) Service for Defined Contribution and Defined Benefit Plans provided by Wilshire, and a Plan Expense Agreement for the 457 Deferred Compensation Retirement Plan between the County of Weld, State of Colorado, by and through the Board of County Commissioners of Weld County, on behalf of the Department of Finance and Administration, and Principal Life Insurance Company, commencing upon full execution of signatures, with further terms and conditions being as stated in said documents, and WHEREAS, after review, the Board deems it advisable to approve said documents, a copies of which are attached hereto and incorporated herein by reference. NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County, Colorado, that the Recurring Payment Authorization for Financial Professional Fees, Retirement Plan Fee Summary, Request to Discontinue Service for ERISA 3(21) Service for Defined Contribution and Defined Benefit Plans provided by Wilshire, and Plan Expense Agreement for the 457 Deferred Compensation Retirement Plan between the County of Weld, State of Colorado, by and through the Board of County Commissioners of Weld County, on behalf of the Department of Finance and Administration, and Principal Life Insurance Company, be, and hereby are, approved. BE IT FURTHER RESOLVED by the Board that the Chair be, and hereby is, authorized to sign said documents. cc; FrOP/aqs.) 7/11/.22 2022-1410 PE0030 RECURRING PAYMENT AUTHORIZATION FOR FINANCIAL PROFESSIONAL FEES, RETIREMENT PLAN FEE SUMMARY, REQUEST TO DISCONTINUE SERVICE, AND PLAN EXPENSE AGREEMENT FOR 457 DEFERRED COMPENSATION RETIREMENT PLAN - PRINCIPAL LIFE INSURANCE COMPANY PAGE 2 The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 18th day of May, A.D., 2022. BOARD OF COUNTY COMMISSIONERS WE COUNTY, COLORADO ATTEST: d.,,,,a4A) W.rdill:ti t K. James, Chair Weld County Clerk to the Board EXCUSED ourIfY At • ey Date of signature: 6/7/22-- 2022-1410 PE0030 Con-Wc-i- tag Z8 DEPARTMENT: Finance and Administration PERSON REQUESTING: BOARD OF COUNTY COMMISSIONERS PASS-AROUND REVIEW PASS -AROUND TITLE: 401k and 4�7 Required Recordkeepin9 Documents DATE: 0//l /olaZ. Brief description of the problem/issue: Principal, our 401k and 457 recordkeeper, is requiring Weld County to approve and sign the following documents related to our 401k and 457 plans. Each of these need to be signed for each of the two plans. These documents relate to the recent changes in the plans which include lowering participant fees and compensating Alera Group, the investment advisory firm hired to assist wtih fiduciary due diligence. These documents were reviewed by County Attorney's Office staff. • ERISA 3(21) Discontinuance Form. The two plans currently use a 3(21) investment service to cover some of the liability with the investments. Alera Group is now the advisor on the plan so this service and the cost that goes along with it need to be removed as it relates to Principal. • Client Fee Summary The fee summary showing the changes in Prinrina�'c raenrrlkacrvnn fcce Inn.. .. the removal of the Wilshire 3(21) fee and the change in fee for the advisor, which will be paid to Alera Group. • Recurring Payment Authorization Form. This sets up the ERISA Budget account which will be paid to Alera Group starting 8/1/2022. The 15 basis points will be collected out of participant accounts each quarter and put into the ERISA Budget account and then paid immediately to Alera Group. • Plan Expense Agreement. The plan expense agreement showing the addition of the ERISA Budget account to cover the advisor fee. What options exist for the Board? (include consequences, impacts, costs, etc. of options): 1. Approve the agreements with Principal to allow for the plan changes previously brought to the BOCC, including lowering of participant fees and compensating Alera Group. 2. Leave the arrangement and structure the same. Recommendation: Approve and sign the attached agreements. Approve Recommendation Work Session Schedule Perry L. Buck Mike Freeman, Pro-Tem Scott K. James, Chair Steve Moreno Lori Saine Other/Comments: 2022-1410 05/► $ 0030 Recurring payment authorization for financial professional or third - party administrator fees — ERISA Budget Principal Life Insurance Company Des Moines, IA 50392-0001 1-800-986-3343 www.principal.com A member of Principal Financial Group® Principal* The appropriate Plan Fiduciary ('Plan Representative') hereby authorizes and directs Principal Life Insurance Company and Principal Trust Company (for purposes of this document jointly referred to as 'Principal') to pay the designated registered investment adviser (RIA) fees or third party administrator (TPA) fees from the plan's ERISA Budget. 1. Plan information 455782 Deferred Compensation Plan of the County of Weld, State of Colordado Contract number/Plan number Plan name 2. Payee information (The RIA firm's Form W-9 can be attached if preferred) Alera Investment Advisors, LLC 82-1301701 RIA firm name EIN/Tax IN of the RIA firm 3 Pkwy N Ste 500 Deerfield Address City 3. Investment advisor representative (IAR) information Brad Shaps 10/5/1958 Name of IAR 3 Pkwy N Ste 500 Address City Date of birth of IAR Deerefield 4. Payment authorization for services to the plan Annual Payment (Choose from below options): Advisory service ❑ Annual dollar amount: $ X❑ Asset based: 15 Payment frequency: ❑ Monthly ❑X Quarterly Education and plan service ❑ Annual dollar amount: $ ❑ Asset based: Annual basis points Annual basis points IL 60015 State Zip State Zip IL 60015 State Zip Payment frequency: ❑ Monthly ❑ Quarterly Effective date: (First payment will be made following this date based upon stated frequency elected above): 08/01/2022 (EX: Effective date entered as Jan. 1, 2019 using quarterly frequency selected above will result in a first payment for the period ending Mar. 31, 2019). End date (if applicable): Basis point amount will be calculated upon the value of the retirement fund assets held in the contract on the effective date of this authorization minus any Principal® Self -Directed Brokerage Account (PSDBA), or Employer Securities. Mark here if PSDBA ❑ or Employer Securities ❑ should be included in the calculation. Investments or fund families that should be excluded from the basis point calculation: This completed document is for restricted use only. No part may be copied nor disclosed without prior consent of Principal®. PG4746EB-06 11606478-042021 I Classification: Customer Confidential page 1 of 2 5. Payee information (TPA firm) TPA firm name EINITTax ID# of TPA firm State Zip Address City 6. Payment authorization for TPA services ongoing Annual payment (Choose from below options): ❑ Annual dollar amount: $ ❑ Asset based: Annual basis points State Zip Payment frequency: ❑ Monthly ❑ Quarterly Effective date: (First payment will be made following this date based upon stated frequency elected above): (EX: Effective date entered as Jan. 1, 2019 using quarterly frequency selected above will result in a first payment for the period ending Mar. 31, 2019). End date (if applicable): Basis point amount will be calculated upon the value of the retirement fund assets held in the contract on the effective date of this authorization minus any Principal' Self -Directed Brokerage Account (PSDBA), or Employer Securities. Mark here if PSDBA ❑ or Employer Securities ❑ should be included in the calculation. Investments or fund families that should be excluded from the basis point calculation: 7. Acknowledgement of Authorization The Plan Representative may terminate this Authorization at any time by notifying Principal Life Insurance Company in writing. Any termination of this Authorization will not be effective until written notification is received in the Principal Life Insurance Company Corporate Center. Principal is entitled to rely on this Authorization and is released from liability for any payments made pursuant to it. The Plan Representative acknowledges that they have determined that the fees are legitimate plan expenses, the fees are reasonable and Principal is authorized and directed to pay these fees out of assets from the ERISA Budget in the manner stated in this document. The Plan Representative directs Principal to initiate recurring payments. Neither Principal nor its affiliates are responsible for any applicable tax reporting that may be necessary as a result of the payment of these expenses or for determining whether tax withholding is required on payments of plan expenses made to payees on behalf of the plan. The Plan Representative certifies that they have collected valid documentation from the payee to exempt the payee from withholding under Title 26 of the United States Code, Subtitle A, Chapters 3 and 61 and the Foreign Account Tax Compliance Act (FATCA). Board of Weld Scott K. James, Chair County Commissioners Plan repres tative - pn name Title MAY 18 2022 Plan represe tative signature Date This completed document is for restricted use only. No part may be copied nor disclosed without prior consent of Principal®. oZO�� -/ 4!o PG4746EB-06 11606478-042021 I Classification: Customer Confidential page 2 of 2 Retirement Plan Fee Summary WELD COUNTY 401(K) SAVINGS PLAN Plan Number: 4-55782 As of: 04/14/2022 p Principal' This fee summary is provided in compliance with section 408(b)(2) of the Employee Retirement Income Security Act (ERISA). Annual Plan & Services Fees Principal Recordkeeping Fee* ERISA Budget for Your Financial Professional' Revenue Sharing to Recordkeeper 0.18% 0.15% -0.01% Plan fees to be collected Other Fees Total Investment Expense, Net 0.32% 0.38% Estimated Total Cost This is the Burn of the items under Annual Plan & Services Fees and Other Fees L. How Fees Are Collected Paid by Plan SponsorA 0.06% You have chosen to have $5,950 billed to you Paid from Participant AccountsA 0.26% You have chosen to have 0.26% netted from participant investment returns. 0.70% Your Plan Pricing is Based On Current Total Assets $9,305,065 Annual Deposits $671,619 Average Account Balance $38,372 Active Participants in the Plan 260 Termed employees with an Account Balance 38 How Fees Can Be Paid • Billed to you, the Plan Sponsor • Paid from participant accounts • Offset by revenue shared by investment providers • Or a combination of these APtan fees to be collected are determined by subtracting Revenue Sharing to Recordkeeper from Annual Plan and Services Fee. These fees are calculated annually based on the characteristics of the Plan at that point in time. ,Principal"' Recordkeeping fee is based on the illustrated characteristics. The recordkeeping fee includes Core Services and other elected services (if applicable); additional fees may apply for participant transaction fees and Optional Services. Recordkeeping fees are based on a variety of factors including plan characteristics, selected services, and selected investment options. As plan characteristics or services selected change or investment options are added or removed, recordkeeping fees will be reviewed and may change. There are no additional Fees from any member company of the Principal Financial Group'' for this service package. FIA 1998-Z 401(k) Proposal Number: 930811-1 Date generated: 04/14/2022 page 1 of 10 `i Principal° Investment options The investment options below have fees deducted prior to calculating the published return. These fees make up the Total Investment Expense Net. A portion of the Total Investment Expense Net may be retained by the Investment Provider as revenue to help cover the cost of providing professional investment management and the cost of marketing the investment option. The Investment Provider may also pay a portion to the plan Recordkeeper as revenue sharing to help cover the cost of the plan's recordkeeping and service package. The chart below details the amount of revenue retained by the Investment Provider and paid to the Recordkeeper for each investment option. Investment Options Inv Manager or Sub -Advisor Investment Option Current Assets Revenue Retained by Revenue Sharing to Investment Provider + Recordkeeper Total Investment Expense Net 3 Principal Global Investors Equity Income Separate Account -Z $652,285 Principal Global Investors Principal Global Investors LargeCap S&P 500 Index Separate Account -Z $593,663 T. Rowe Price/Brown Advisory LA Capital Mgmt/Victory Principal Global Investors Principal Global Investors Robert Baird/Eagle Asset Mgmt Vaughan Nelson/LA Capital/I-ISM/ Principal Global Investors AB/Brown/Emerald Principal Global Investors Multiple Sub -Advisors Multiple Sub -Advisors Multiple Sub -Advisors Multiple Sub -Advisors Multiple Sub -Advisors FIA 1998-Z 401(k) Proposal Number: 930811-1 Date generated: 04/14/2022 Blue Chip Separate Account -Z $464,323 LargeCap Growth I Separate Account -Z $100,495 MidCap Value I Separate Account -Z $73,510 0.30% 0.05% 0.37% 0.39% 0.49%, + 0.00% = 0.30% + 0.00% = 0.05% MidCap S&P 400 Index Separate Account -Z $43,734 0.05% + 0.00% + 0.00% = 0.37% = 0.39% + 0.00% = 0.49% + 0.00% = 0.05% MidCap Separate Account -Z $329,399 0.36% + 0.00% = 0.36% MidCap Growth III Separate Account -Z $20,471 SmallCap Value II Separate Account -Z $54,900 SmallCap Separate Account -Z $931 0.60% + 0.00% = 0.60% 0.65% + 0.00%, = 0.65% 0.43% SmallCap Growth I Separate Account -Z $67,927 Diversified International Separate Account -Z $420,589 SAM Flexible Income Separate Account -Z $84,676 SAM Conservative Balanced Separate Account -Z SAM Balanced Separate Account -Z $49,317 0.62% + 0.00% = 0.43% + 0.00% = 0.62% 0.43% + 0.00% = 0.43% $378,716 0.49% + 0.00%, = 0.49%, 0.51% 0.49% SAM Conservative Growth Separate Account -Z SAM Strategic Growth Separate Account -7. $363,828 0.49% + 0.00% + 0.00% + 0.00% = 0.51% = 0.49% = 0.49% $241,001 0.48% + 0.00% = 0.48% page 2 of 10 Investment Options continued Inv Manager or Sub -Advisor Multiple Sub -Advisors Multiple Sub -Advisors Multiple Sub -Advisors Multiple Sub -Advisors Multiple Sub -Advisors Multiple Sub -Advisors Multiple Sub -Advisors Revenue Retained by Revenue Sharing to Total Investment Investment Provider" + Recordkeeper = Expense Net 3 Investment Option Current Assets Principal LifeTime Strategic Income Separate Account -Z $25,124 Principal LifeTime 2010 Separate Account -Z x$327,538 Principal I...ifeTime 2020 Separate Account -7 1$977,962 Principal LifeTime 2030 Separate Account -Z $1,683,290 Principal LifeTime 2040 Separate Account -Z_ $673,687 Principal LifeTime 2050 Separate Account -Z $553,651 10.35% j 0.37% f 0.39%, + 0.00% = 0.35% + 0.00% + 0.00%, = 0.37% = 0.39% 0.41% Principal LifeTime 2060 Separate Account -Z $103,286 Guaranteed Interest Account A Class S year Principal Global Investors Principal Global Investors Principal Global Investors Principal Global Investors Principal Global Investors Principal Real Estate Inv Short -Term Income Separate Account -Z 86,537 $15,819 0.43% 0.44% + 0.00% + 0.00% = 0.41% + 0.00% 0.46` + 0.00% 0.00% 0.28%, + 0.65% = 0.43% = 0.44% = 0.46% = 0.65% + 0.00°4, Liquid Assets Separate Account -Z I $191,684 Core Fixed Income Separate Account -Z Core Plus Bond Separate Account -Z Government & High Quality Bond Separate Account -Z U.S Property Separate Account -Z Total Expected Fees paid through investment options:' FIA 1998-Z 401(k) Proposal Number: 930811-1 Date generated: 04/14/2022 $204,711 $66,996 $322,886 $132,132 $9,305,065 0.18% 0.27% + 0.00% = 0.28% = 0.18% 0.26% + 0.00% + 0.00% = 0.27% = 0.26% 10.23% 0.80% + 0.00% = 0.23% + 0.00% = 0.80% 0.37% + 0.01% = 0.38% page 3 of 10 p Principal' What's unique to my plan? Services Specific to Your Plan Cost in dollars Principal Trust Directed Trust Quarterly Reports Included Principal' Platform Connectivity Program Fee Customized forms Included Waived Client Requested Service Participant Transaction Fees Distributions Included Included Cost in dollars Qualified Domestic Relations Order (QDRO) processing fee (per event) • I, FIA 1998-Z 401(k) Proposal Number: 930811-1 Date generated: 04/14/2022 $ 50.00 $350.00 page 4 of 10 `.i Principal' Important information • Thrs Fee Sum y is based on the following information: — Thls is a 401(k) ,plan. — State ofDelivery: DFLAtrVAfE - F'I-ied fees are coltected quarterly - Deducted or netted fees e determined inn and processed monthly. - Standard J 1 gels t 1 ent options in include, A Conservative Fixed In o option ...6 Lifecycle e Sub -Advised r 3additionalit est _ .�i n - be , .l_ o,atio.l . �_investment �r`lt options. beyond tnesev� Il it u fie of $25C) per investment option. An outside plan document is used (no k>t D provided). - J r eserve tme right to adjust fees if plan cht r,c tenstrcs are ncorrect or should a changerIn5 expense .nse projection rs valid for 120 days from, r the Print Date. • P-Incipar c Charges most I" V..strneit Provider nant I. Pli al., Rat-formConnectivity . )_,cogr__ (Program) Fee Orinvestment ,,s __r_r _ L , �. ... 1_ � �l.la�._ f o,i-uln;,f � ,.r �n , ,__.fpr vpt o.i.,r�,iourpl. ttorr-n.li �;_,l Irlv�st�'r�ellt Provider chooses of to pet .l. pdtE in the P ogrCalr, ymtr Plan may be charged an a nnuM Program Lc -,e of rL1,000 to IDP-nr: I1 Jr r .i as, part of your Principal Peaocxe epin a Fee _ Please contact Princ r3 sl for fo mat .xa :ern h.w✓ the P ogr I n Fr is paid l r a rr% I 'e es u considering for your >l � r �-� a �✓�_tra..It options F_a_l.Specifics gilt-.'lC f=ro:FrarnPee will o set out lnyour Confirmation ofhlvestrnant Options (COIO) Letter. • h cioa Lite is 1-� paying - _ r any __' . _ r -:;r, ,..t l tor „ Y, . irect third i_., - a, r�_. l 1, of broker -compensation t� a,iy FIn�_a�a..tcr�_ f ,�i��,lp.la� tol ✓�u� lalarl You may cal, _t us to pay tl ul,t parties -trot n ;✓!,r 1 assets, including Fil.ancia_ Professional≤. ffyou v✓ant information oration ceoacn ng an/ Fin ancial E I ofessionai colr ae nsaton, p ea e ( ont✓ect your F anc ial Professional for this information. • Depos!tYear Feld Date: I2/s 1/2022 • l-ee.s nnay tar: bitted, netted f-om rate of investment return, or deducted from om pu t,cmant raccot a ,, aS dIl e ._te ci l)y arl appropriate plan fiduciary. .....te S si 'c, end , t ,� � ... e s r. • The First Deposit Year begins on the stated c fFactive c:_rtr: and ends on the Deposit Year End Date. Subsequent Depa,�tYr�al._ . �aG on inC. , 2 IT.Jntn a_in,✓._r�,al,� of Die dc�rp,a>it Year Eno Date. • t 7s Pee Summary must be presented by ail ndividual licensed in the .; is ` , State f Delivery. _ ivi r - i �-. - need 1 - e _ .: � ist.. tr , � - t � npt��l„_an�._ ..,tats o I� ld, ,,ou.t� may aso uec., to b� u fl. uu_� � Repr_.,anta�.vc If registered securities rlt es are t nvo lved. (Principal! • f U e,;, iU n na!; '�raclp l e? Ins urance a.c te(Company p�..11 l�/ IfE.), a member .)._; ._.)n ;,rany of tnL Principal i., submitting for your C o[l:, rC,tE , tf o,a 5 a<atr-:.1 on In for1T13tion cgnCE I nlrlg your plan submitted to the Principal_ h ourr re a e entat ry 'li<_ Fe ` ui n! nary re spec le / sh that �� y1 t _ _�.,I,�r_IlF�ts�l.>�_flcr�tE�.>>u,.�,lul,_�1�u�(eslt,l:at,a�auan.vyourrepres_ntativc:d .idaciupon.Yorlr.hop_ciconsir)ervvhetlnertraeratelevel/ shar e crass(es) illustrated is most. appropriate for you. • C adit_liz -n terms not defined in this Fee Sum: nary have the sanne m rani nrl assigned to them under other rather [Me agreements or contracts. • I ne Investment Pr ovicl and I � I i auto( of certain � I � e �� c � f 1 � pr�ac l��ts 111 �� I chosen otter for sale fr.lnc share r �west•T.�_nt options o;is have r hos n to � Sscs al is rate levels a with service -and distribution -related fees that rr ly or may not be highec t h'il other avaiUrrIale share classes or rate level,- of the sc me procr et or investment option • Financial. Prof essrola.ls Carl ke available avariety of products ano Investment nph oas'fcorn a variety of Investment Providers. • . u -titer l ��cai t 17;pan statements r e available r. n- r - ,.. ,.c elect r i +-::, _> ai � c y. j t. v..lJ...C-lc-'e.tri)nL.all�.Ld�tl _i7 ..1_�IY _f L�._�t t.) e'e.��E pr pt"ale, rC.!Il�,.at.,. ldil .p,YlSor Lan daJil'lakF'tI'IS Jiarl-tEJE,f taeiLlUn for par • Data Vdltl be submitted to us eLec.ro tidally via tl.rl /1 prinrl pat om Any non -electronic submissions in excess of three in a calendar year V11, be considered dUilng your next annual. e 7 nse 2evievc - lC flai9.y cesult in an Increase in -P@S. FIA 1998-Z 401(k) Proposal Number: 930811-1 Date generated: 04/14/2022 page 5 of 10 Principal& Important information continued • Investment information ation given or made available to your Financial Professional is representative of a platform you or another plait fiduciary may select from or use to monitor investment alternatives and is not individualized to the needs of any plan. Principal, its affiliates and their employees have not and will not undertake to provide you or your Financial l Professional one l impartial invr �_,trr ent advice or to give you or our Financial Professionalit . fiduciary p e „ . .-_ writing. p � y ,� Ord✓ ee i a �� capacity, unless �u indicated under „_ sepal ✓�ritint.). As a. service provlcler, at your direction, we'll provide investment information to assist: you and your Financial Professional (if applicable) with your fiduciary responsibilities. You, or mothei a.ppropriate plan fiduciary, may ,Elect a different platform (or set of investment options) which may have an effect on pricing. • The condpensation Principal, as .an entity, receives will vary based on investments you or your Financial Professional chooses for your plan. We nave detailed tine amounts we receive from the various investments you have chosen on your Fee Summary. Our financial interest in other inve trr eats available on our platforms may be found on our website under the Investments tab on pr i cipalcom. • Estimated 1 otal'nu& Plana Cots dotes not incic.ide indirect corn aensatior sutra as float slippage/breakage, certain ii , _ , luptional.,ervlcc...>, or participant t ,,rnsaction fees or other �.e qualified plan expenses that may beincriried from other vice providers. sFees include Principal Trust ust: Company Directed Trust Services or Se rvices, ..i vices; if applicable. • Pr ins peal Life is tile legal owner of the Principal l i. 'Separate Account assets under state insurance la..ws. For purposes of tom putirig its federal income tax obligations, Principal l.....ife must inrLucie dividend inccinacreceived on separate account. assets in taxable income and may be eligible for certain deductions and credits ri ._ e to < < n .� yalt attributable pw r_i>hipof ' c aaratc account holding Such deductions and credit. include dividend, receive deductions _ n and foreign �. -_e extent .. ci „� , I J received c tor.,ct un_, anc� fui ._ign tax �_r�cLl, 1 .p ih... ,_,ct.nt available, Principal. Life g��ci,Ally peeks to utilize deductions t ions and credits attributable able to its separate account :assets for purposes of reducing its federal income tax liability. The possibility that Principal. Life will ecive any financial benefits as a result of the application of r , tax laws to the activities of its separate a.cr aunts dons not influence the separate account investment sti alegies of Principal incipal tile or their implementation. Please refer to the Principal Disclosure Statement for more infor mation. FIA 1998-Z 401(k) Proposal Number: 930811-1 Date generated: 04/14/2022 page 6 of 10 Footnotes 1 You have chosen to e. t a iltsn an f--I-2IS`; Budoet to pay leg itim ate_' retirement ent ptan expenses. A separate eg/sid agreement is required. The :amount designated for /our Requested ERISA Budget is 0.15% on n n-exc n cable plan assets held at Principal.. This equates to 0.15% on all plan assets after following the direction in fire legal amounts held in r certain investment options. Of this agreement tto .�x��.uu�. � s amount, you have directed c) `t`7c to be paid to your Financial Priaf _ssionaLs?. 2 i ..lase are:mounts Principal Life as t? co dkeeper or an affiliate expects to r" in -ti - services r ,cCF Iv. connection vvrtl t�l.? provided to your part. In the case of mutual fr.lnds, these mount_, which include 2b- fees, die paid from the mutual_ funds including Iliutual funds provided b in of Gate of Principal. i e ^ - , e p r �-I �, t y Life. �,r�y 1�_) f_.e�:; �r ,,aid _r Principal Securities, Inc.an affiliate of Principal Life. For investment options other than Separate Accounts, these amounts are paid pursuant to contracts between the investment options and Principal Ipai Lite or its aft iliatF _, for services Principal Life or it., affiliates provide to retirement plans on behalf rof the investment options. In the case of Separate Accounts, tiler- �r anr��r_Ints that are retained by Principal. Lite, the Investment Provider of the Separate Accounts, and I � e d ..•-` _ N � _e C a"e dtrJCate_ t0 reCGrdi<eeping based on internal allocation assumptions. Depending on the rsrt., level or .-hare class selected and the atu,_em;: its in ptiace, a fee credit may be applied to have the effect of reducing the amount of Revenue Sharing ng Principal l� Life att (bides t o the providing of services to the plan. Amounts shown In this rim -thin ' a''K -r; c sider-,.t � r � ( r at � _�cen fnt_ _�n.IJc ,,Ir �; in sett -mg We oeilre for the investment and service package and du not offset our tees on „dolla.r-for-dollar basis. For plans that have not entered into a service. agreement v✓nth Principal Lite to provide record k epingservices these amounts are foi additional administ.ra.tive and/or reporting services. The Principal.I_IfeT.im1 investmentI I �� -E_ options, Prll"1C?pk1I. LifeTime 'Yle i iyloricl Collective Investment Funds a t d Principal Strategic F'i set ['Management l l=�M) Pert:folios invest in underlying investment options. ns ,�,c ; ruse Investment .�r, nt �r � t _ 1t oft o >. � a _,alt, Total in✓F_,t.n,._, �._ Esxpense and r; venue figures include exptmses incurred oy the under lying investment options ,alopoI Lionate tr) their allocations. The -se underlying expenses and revenue fluctuate throughout the yearri and are typically updated on an annual basis. We expect the range of fluctuation in disclosed revenue wilt be I o more than :ion increase or decrease of U u3d%. If the disclosed revenue changes ,es by more than Q0? /c,, we will notify the ptc i fiduciary. 3 I ::;1:a1 Investment Expense - Net, you will be responsible for this expense anti it ✓ il. be automatically taken pr or to calculating .)e. f't nar t �I t r Lotaa Inve attrient Expense Cross experise ratio less any fee vvoivers,reimbursements L. T re expenses atto as _; c), caps, ).r, if al)rot�rtab t, t,J iC t ):' operating expenses, n:xna eIYiE,:nt fees,including h-1 fees and adrininistrativefE,, r'c . Total Investment Expense Net is entage of net assets, u:ludes 4 Affiliate , of Pit ncipal ( life mayreceive fees as the Investment Provider ond/or the Investment Sub -Advisor forciei trtin investment options. These tees are reflected in this . otum a. f he term Investment Provider refers to the providers (i.e. manufacturers) of the investment.options we make available to employer -sponsored retirement and savings plans. The Investment Provider may or may not be the saner entity as the Investment Manager or SUI)-Advisoi. Please see prospectus for the Investment Provider for mutual. fund investment options. Principal. Life e is hoe Investment Provider for all Separate arate Ac cor_Ints and pays s fees for sub-advisoryr ices r� rInvestment ,;_ . I t � _F_vl_-.�t.�tret:�.�nica•-roe "pub -Advisor-. Whel I afrlliateS Of Princio,l Life are troth Investment nt Provider acrid Recur � amounts in h - = e S �„ .. i _ t . a this .�,.,lt_I rI, .anl_� the k._✓cnue Sharing to Recur dkr_cl Pr column are determined based on iridernal allocation ossu r ptions 5 Total expected f< .s said through investment options re n estimate biased e n the expected - � t fe� F 3' ! - I t. °�,a t rc �xp_ctc., alru�unt for each investment option as shown in the table. F-r°cs actually pain through investment options will depend on the investment options chosen for the plan and the value of plan assets directed to those investment options. Flit, 1998-Z 401(k) Yrbei- 930811- ):af par el aired:04/14/207,2 Principal* Disclosures Investors should carefully consider a mutual fund's investment objectives, risks, charges, and expenses prior to investing. A prospectus, or summary prospectus if available, containing this and other information can be obtained by contacting a financial professional, visiting principaL.com, or calling 1-800-547-7754. Read the prospectus carefully before investing. Before directing retirement funds to a separate account, investors should carefully consider the investment objectives, risks, charges and expenses of the separate account as well as their individual risk tolerance, time horizon and goals. For additional information contact us at 1-800-547-7754 or visit principal.com. Investing involves risk. including Loss of principal. A I: n.rtual fund's sl'u'e price anti inpies ti nent &tut will vary with market conditions, and the yrincipal value of an awest, nent when you sell your shares'nay be 'nut e of less than the original co s't. e F loptions; ' Lqu!t__y Invests ner�L options invrilve greater risk, inctudu�iy heightened vo,��.lilit,�: than fixed-incurne investment ut�tions. Fixed-iu,._,�n ie invesLnic� it u � subject to interest iaLe risk, anel their value will decline as interest rates rise Asset allocation not qua n r ea pi protect against loss. westing i i � international, _a ie e_ i , i l � �a t _- t i t .cl � .1.� ..,1 �a l � _. csl �,l in real � t c�tatc,malt cop, .and I ugl a yic td investment �plu.m, inva,ves axictiticmu.l risks. r i s `�:x�u��att invr�,trr�e��ri options inavex>rricne:eei�c�lterva�hati,itVth�a�rfe.ind,w�lhabrr��ade�� in✓c�,trtac,nt.�t.r-Acc��. dr,e. to sector focus. �iha•sc investment options r�'n�) intended Specialty I t _ � J1 �e l � .. ,. e.�l t �L�ti.a are not i to � _d to sc_ivc as,_a complete inv stmc_nt program by Itself ,� bon f-ixc (a-Inc:.0rr C inve'StiY�C'nt options ,ii�E subject to Into:r��f rate ri=K and t.lu:lf value Witt iE9cl�,�lE' 'S interest i (i°, rates F_ � rise. Neither �� n� principal e investment ;, .. �� ,. _. ,�_., yields ,�.�, . �_ ..,,.,� J c �. t _..i �t..� �_. the �p..Atof ��ndinv_�trre�rtohti�ia��>�i thc.u�icl_ia,a,_yu r�.utr..c�f !:w the U.S. government International national investing involves itticreased risks ie to currency fluctuations, political or social instability, and differences in accounting_ standards REIT securities are subject to risk factors associated with the rear estate industi yank/ tax f a tot s or PHI r Lpstration. Fixer inco! alui aSyetdtioCation itrve St,nentoptions that invest era Mort gage securities die suttee t t.> increased risk due to re:alestai=expssure. ki< h r1ex based investnent option is invested ira the stocks k : or bonds of the index it trrAcks. Performance of indices reflects the unmanaged ac ed resu t for the market lice. neat the selected stocks or bon,i5 rep' es.ent. f l lee is no assurance an i kirex eased investiner it option wilt rrlatch the per for rc e of le index tracked. Investors cannot invest directly in an index_ Iix Guaranteed Inter ..tInvestment isthe guaranteed portion of the insurance conti act and provides a. guaranteed interest rate for specified periods of time.Asaninsurance guarantee, this option noes net have r fixed investment management fee or expense ratio; those are concepts unique to investment products. Rather, the guarantee is racked b the General. Account of J �' u x gat I_if Insurance uranc Company. cuThe calculation of each guarantee inc'udc s some amount of expected c n expenses. es While v, er it le ; expense, , l re ra_ Pl � t costs d h.. �._.. we certain a._vel �fe p_ .e,tae_arer many factors Lost _ e, i .. g r_ i, ,__ include s s _ .. _ e s the interest e e. _ � .. i s� _ th�i cyan cfrs,i �rle�Olrra. tual�u_t of ur �✓ic,inc, the guarantee Tfu_. man fa�.tu�.,.�a_�cf�a .as �hanq. � �n the int�rc.,t rate e. avirunirrerat. White it i� irnpossihlc�to know the actual expense due to these factors Principal Life Insurance_ Company, as a provider of administrative services to theplan a�surne s that i wilt. receive Cit) basis points (frond the expense `a into e I y� Fplan, t � �,� po t..> afro the expo _e e✓aitt rto the Guaranteed Interest Investment) as part of the overa l foe arrangement a plan pays for services from Principal Life. lneInvestment Manager u.Sub-Advisor willdisplay "Multiple Sr_ib-Advisur., for- certain taryet-daU-,targctnsI and specialty investment options where the.assets are directed bythe Investment Manager to nual.tOle cu adcreyin J invcstrncnt. options. These un icy tyi,ag investment options option, may us<_ multiple soheadvis.ar, who are rc.spa '.,sole_ for the clayiitokday rinanagerment rc::poraslbiliUes;. Principal Tr ust Company' is a trade name of Delaware Charter Guarantee 8 Trust Company, a member company of the Principal. Financial Group. FIA 1998-Z 401(k) Proposal Number: 930811-1 Date generated: 04/14/2022 page 8 of 10 p Principal° Disclosures continued Insurance products and plan administrative services es are provided by Principal Life Insurance Company, Principal mutual. f .r }. r-- t Principal. series. Principal Funds, ,� a �� are part of the f n-1,.lp;.it Fund., IncIn,� �.-n._s. F I, ,..I,,<xl Fu..d�; Inc is distributed by Principal. Funds Distributor, Inc.Securities ..re offered through Principal Securities, hack, 1-800-547-7754, member SIPC and/or independent broker dealers. Securities sold by a P.. i c i -t.,r�. Representative offered Principal i _ I�)�,,I. �..�-u 11-I�b 1..�71,.t�.� _d h� L,r,_,ent.�tivc ar., trn�t_.;I1 Securltles. l rl r_ p<1l Funds Distributor, Principal. Securities and Principal. Life are rrlr._i Whets of the Principal Financial (arro t,), Des Moines, IA 5'0392. >! I Professional onal making �I ':� r..l✓Fr,�_t.l,,..,l..l.(��c..,�,I.�L%i Y ..K •ly ..iJca L,a,,,E-al li`Ur�l l�: product ., t. must 7E Licensed E'... l��tCE appropriate Insurance:)f (J U'_F_(S r:.C,.; authorized llf'�I f',. their � � � i � - ..� i y� _� �,�t .I� license t�> confer with purchasers about t'na benefits, temps and . nd t f annuity, c t� .I _ - ,, � � .��n�� group �_cl)t contracts; .,r=-_jroi)l)ulln�=ty�Jl.tr�,_t.�all�.r,_�u�ta�n�r�)uhrtllrlu�(�cnntautsf.lrpurchasers. The ralaofthe finurlci:,lprutessioli�,l_��any Jet t t 1, ldf transaction -typically involves one o more of these activites. �- Depending Jrl i'1F C � il:-aCa (. ) ti`tE purchaser �(�F.C_ selects, ..011 �.)._I L,�t.�rl ,., u.�. i,.. ,),_il,� I� / the I-, .>UF'((S� selling the contract U � by another till'd 7=irt`a t�) 1:'le fl`lc< 1C 'Alprofessional. S.-IOnr_'l Ala;..."1 C')l"? J��iIS. t GIl fii._3',� _ l I J�tU t � U�r professional fir, ,.,f:�.��-, 1...I IC_jcm:llzllp� of fuC.;.a,,l.l.-�l:C..1�.I tIL,�Jnt.,,,�tt,��._f1�I ,l�L,.,E,!_(�.,J t.-IEp purchaser r?r 5E'L:CtS, the JF C)U511C�_:-_f�.l 1Jdt O.)f�:�ICir1-t( JVId(su'ICI the profitability of bu,IfiCs5 SOId The purchaser may ylyta -) information about.. mpe_I I atbn expected t_7 be received by the flnanqat. protesolO'ke Uy requesting. such information tr€ na the financial. pr JfessloC1Fs t FIA 1998-Z 401(k) Proposal Number: 930811-1 Date generated: 04/14/2022 page 9 of 10 p Principal* WELD COUNTY 401(K) SAVINGS PLAN I represent and warrant that I have the authority to enter into this Retirement Plan Fee Summary, it will be binding and enforceable, and that I am not receiving for my personal account any compensation or other consideration - directly or indirectly - from anyone dealing with the plan in connection with relevant investment options. I acknowledge receipt and approve of this Retirement Plan Fee Summary which authorizes the removal of paying broker compensation for the plan. I also acknowledge I am making fiduciary investment decisions (including, if applicable, the hiring of a 3(21) or 3(38) investment fiduciary advisor or service to assist with those decisions) and understand that Principal and its affiliates and their employees have not and will not undertake to provide fiduciary investment advice, unless agreed to separately in writing. I understand it is Principal's intent and understanding that I will review plan investment options and services decisions with my financial professional as part of a prudent due diligence process. This Retirement Plan Fee Summary supersedes and cancels any and all prior agreements, understandings, or representations relating to the matters set out in it. Typed or Printed Name of Person Signing Scott K. James FIA 1998-Z 401(k) Proposal Number: 930811-1 Date generated: 04/14/2022 Titre Chair, Date Signed iMM/I )I-yr,c(Y) MANY 18 2022 Board of Weld County Commissioners 020? -/1/v page 10 of 10 Wilshire ERISA 3(21) Service (or plus Auto -execution service) for Defined Contribution and Defined Benefit plans provided by Wilshire Request to discontinue service You, as plan fiduciary, previously entered into an agreement with Wilshire Associates Incorporated ("Wilshire®") for your plan to receive the ERISA 3(21) Service for Defined Contribution or Defined Benefit plans (the "Service"). This document is a request to discontinue the Service effective 08/01/2022 . If discontinuing the service results in a will be prorated through the effective date of 3(21) Service for Defined Contribution and entered with Wilshire as follows: List) and has been duly designated to act on behalf participant fee change, then a 30 -day notice is needed. Additionally, the applicable fee the discontinuance. By signing this request you: • Elect to discontinue the Service described in the Terns and Conditions for ERISA Defined Benefit Plans by Wilshire document and the fiduciary service agreement you x Discontinue Wilshire 3(21) service (Select List) II Discontinue Wilshire 3(21) Auto -execute service Discontinue Auto -execute service, but retain Wilshire 3(21) service (Select • Represent that the person signing this request is an appropriate fiduciary of the plan of the plan in executing this request. Plan Name Deferred Compensation Plan of the County of Weld, State of Colorado Contract/Plan ID Number 455782 Plan Fiduci Signature X Date MAY 18 2022 Printed ame and Title Scott K. James, Chair, Board of Weld County Commissioners Please review, have an authorized signer complete the signature section and return to Principal Financial Group® via fax at l .866.704.3594 to be provided to Wilshire. PG4756-03 t17082406uo Classification: Customer Confidential 08/2017 oe0� _/1/L/° p Principal PLAN EXPENSE AGREEMENT This Plan Expense Agreement ("Agreement") is between Principal Life Insurance Company ("Principal Life") and Principal Securities, Inc. ("Principal Securities") each acting on its own behalf; and County of Weld State of Colorado ("Plan Administrator") acting on behalf of the Deferred Compensation Plan Of The County Of Weld, State Of Colorado ("Plan"). This expense agreement is effective as of the later of 08/01/2022, or the first of the month containing the date all Parties have signed this Agreement. Principal Life and Principal Securities are members of The Principal Financial Group°. This Agreement may refer to Principal Life and Principal Securities collectively as "Companies". Principal Life, Principal Securities, and the Plan Administrator may each be referred to as a "Party" or, where more than one is involved, collectively as the "Parties". Principal Life and the Plan Administrator or other Plan representative have entered into a Service and Expense Agreement ("Service Agreement") pursuant to which Principal Life has agreed to provide certain services to the Plan and the Plan has agreed to pay certain fees and other forms of compensation to Principal Life. The most recent Retirement Plan Fee Summary ("Fee Summary"), as provided by Principal Life and accepted on behalf of the Plan by its authorized representative (whether affirmatively or by negative consent) identifies (i) the specific levels of Principal Life service fees in effect at the current point in time; (ii) the level at which the Plan's "ERISA Budget" account, if any, will be funded; (iii) the levels of revenue sharing available to Principal Life or its affiliates for purposes of defraying the fees of Principal Life and to fund the Plan's ERISA Budget account; and (iv) the amount, if any, of remaining revenue sharing available to otherwise be credited to the Plan as a "Fee Adjustment". This Agreement contains the terms and conditions governing the application of revenue sharing with respect to the Plan. A. REVENUE AVAILABLE TO RECORDKEEPER Principal Life, in the course of providing services and products with respect to the Plan, considers expected revenue from one or more of the following sources as revenue received for recordkeeping services provided to the Plan. As further detailed by the Fee Summary, the following revenues paid to Principal Life or its affiliates in connection with this Plan are categorized as "Revenue Available to Recordkeeper" and are available (if applicable) to defray Principal Life service fees, to fund the Plan's ERISA Budget account, and to otherwise be credited to the Plan as a Fee Adjustment. 1. Fees as stated in the Service Agreement; 2. Servicing, sub -transfer agent, or similar fees as a result of services associated with unaffiliated investment options, or servicing, sub -transfer agent, internal expense credits, or similar fees generated by products of Principal Life or its affiliates, including services 4/55782 Subtype 100808 Classification: Customer Confidential 1 05/10/2022 3:22:00 PM that facilitate the purchase and redemption of shares/units, and reported as being used to support recordkeeping on the Fee Summary ("Service Fee"). 3. Revenue received by Principal Securities and attributable to distribution and sales fees from a mutual fund, shares of which are held as an investment in the Plan; such fees being attributable to a distribution plan adopted pursuant to Rule 12b-1 of the Investment Company Act of 1940 ("12b-1 Fees"). All expected investment revenue as described above, excluding any amounts received due to investments through the Principal Self -Directed Brokerage Account, Principal Pension Builder or Employer Securities if applicable, is referred to collectively as "Revenue Sharing to Recordkeeper" and is disclosed on an annualized basis in the Fee Summary. Revenue Available to Recordkeeper is applied as follows as applicable: (i) first, to defray Principal Life's fee for recordkeeping services, as detailed in the Fee Summary; (ii) second, to fund the Plan's ERISA Budget account (including any portion of the ERISA Budget account allocated to defray the expenses of the Plan's investment professional) as detailed in the Fee Summary; (iii) third, to be credited to the Plan as a Fee Adjustment. B. REVENUE SHARING TO PLAN The Parties have agreed that an amount of Revenue Available to Recordkeeper (if applicable) will be made available to the Plan, expressed in basis points or dollar amounts or both ("Plan Expense Amount"), as directed by the Plan Administrator and outlined below in the Plan Expense Amount section. The Plan Expense Amount will be made available to the Plan with respect to each calendar year in accordance with the terms of this Agreement. It is the Plan Administrator's responsibility to determine the appropriateness to the Plan of any investment, share class, or use of revenue sharing. C. PLAN EXPENSE AMOUNT - REQUESTED ERISA BUDGET The Parties agree that a set amount of Revenue Sharing to Recordkeeper will be made available pursuant to this section and the Plan Expense Amount will be referred to as "Requested ERISA Budget". Any Requested ERISA Budget will be determined on a calendar -year basis and is disclosed on the Fee Summary. The Requested ERISA Budget will be made available based on the calculation period as described below. C.1 - Financial Professional Principal Life will determine the quarterly Requested ERISA Budget expressed in basis points by multiplying the average value of Plan assets for that calendar quarter by one- fourth (1/4) of the Requested ERISA Budget. Principal Life will determine the average value of Plan assets for each calendar quarter by averaging the value of Plan assets as of the last day of the preceding calendar quarter and the last day of each month falling within the current calendar quarter. 4/55782 Subtype 100808 Classification: Customer Confidential 2 05/10/2022 3:22:00 PM The value of Plan assets excludes amounts held in Principal Self -Directed Brokerage Accounts or Employer Securities. D. REMAINING PLAN EXPENSE AMOUNT (ERISA Budget) For any calendar year, the Plan Administrator may give Principal Life direction regarding remaining Plan Expense Amounts in an ERISA Budget. In the absence of written direction to Principal Life by 6/30 each year, the following will apply. To the extent there is a Plan Expense Amount remaining after 6/30 of the following year in which it accrued, this amount will be handled as follows. Plan Asset Value: Remains available to Plan: Applied as fee adjustment to Participants $0 - $4,999,999.99 < $1,000 ≥ $1,000 $5,000,000 - $24,999,999.99 < $5,000 ≥ $5,000 $25,000,000 + < $10,000 ≥ $10,000 The fee adjustment will be applied pro rata to all participants with an account balance, and to all contribution types. A contribution type includes, but is not limited to, pre-tax elective deferral contributions, Roth elective deferral contributions, rollover contributions, voluntary contributions, after-tax contributions, matching contributions, discretionary contributions, and qualified non -elective contributions. This fee adjustment will occur as soon as administratively practical after 6/30. E. CONDITIONS 1. Revenue resulting from Service Fees or 12b-1 Fees will be made available to the Plan as a Plan Expense Amount only to the extent any agreement between Principal Life or Principal Securities and the investment or investment distributor does not restrict the use of fees paid under that agreement. If there is such a restriction and such restriction will affect the Plan Expense Amount available, the Companies will notify the Plan Administrator within a reasonable period of time. 2. The portion of the Revenue Available to Recordkeeper that may originate from 12b-1 Fees will be used first to pay any fees owed to Principal Life or a financial professional, if eligible. 3. If applicable, the Plan Administrator will direct Principal Life to pay Plan expenses from any ERISA Budget that has currently been made available pursuant to the terms of this Agreement. Principal Life will not be liable to make any such payment, unless the Plan Administrator certifies that the expense is a legitimate Plan expense. Principal Life will pay those expenses out of the ERISA Budget, pursuant to the Plan Administrator's instruction, to the extent that the ERISA Budget is sufficient to do so, and provided the Plan Administrator has supplied to Principal Life all necessary information to make such payment. The Companies do not guarantee that the ERISA Budget Plan Expense Amount 4/55782 Subtype 100808 Cias ification: Cuslorner Confider] 3 05/10/2022 3:22:00 PM will be sufficient to pay the Plan's expenses. Revenue received by the Companies will remain assets of the Companies until such time as it is applied to pay legitimate expenses of the Plan or otherwise credited to the Plan. F. ACKNOWLEDGEMENTS OF PLAN ADMINISTRATOR 1. The Plan Administrator is responsible for evaluating the reasonableness of any and all Plan expenses according to the fiduciary standards established by ERISA (including the Department of Labor's Advisory Opinion 2001-01A and its associated hypothetical examples) and in accordance with the Plan document. The Companies undertake no responsibility for evaluating the reasonableness of Plan expenses and are entitled to rely exclusively on the Plan Administrator's instructions when paying Plan expenses from the Plan's ERISA Budget or other accounts. 2. The Plan Administrator or other Plan investment fiduciary is responsible for selecting and monitoring the Plan's investment options in accordance with ERISA. The Companies have no such responsibility. 3. The Plan Administrator is aware that Principal Life offers other options for the payment of Plan expenses, such as deducting amounts from Plan assets. 4. Principal Life suggests the Plan Administrator consult with its legal and tax advisors regarding the terms of this Agreement. 5. The Plan Administrator acknowledges the following: a. It is aware that the DOL has issued no guidance as to specific applications of Revenue Sharing amounts as set forth in this Agreement and that there are no provisions within the Employee Retirement Income Security Act of 1974 ("ERISA") to protect the appropriateness of such application. b. It is responsible for the appropriateness of the fee adjustments to participants and any use of the ERISA Budget that is not used to pay legitimate Plan expenses. c. It understands that the Internal Revenue Code does not clearly provide a provision for fee adjustments or the application thereof to participants in such a manner as set forth in this Agreement and that such application may result in necessary changes in reporting to the Internal Revenue Service of any testing, contribution limits, or potential income. d. It is responsible for identifying the manner, in which remaining Plan Expense Amounts (ERISA Budget), if any, will be categorized, made available, and calculated, and what modifications may be necessary for participant eligibility and vesting. The Plan Administrator will make such determinations for the Plan. 4/55782 Subtype 100808 Classification: Customer Confidential 4 05/10/2022 3:22:00 PM e. It understands the potential Internal Revenue Code and ERISA risks regarding the use of Plan Expense Amounts as set forth in this Agreement and has been informed of alternative options available which do not present these risks. Principal Life will not be responsible for any adverse consequences. G. MISCELLANEOUS 1. Except as otherwise provided, this Agreement will remain in effect indefinitely. It will be fully binding on the Parties. It will also extend to their respective successors and assigns. This Agreement, may, however, be terminated by any Party with at least sixty (60) days prior written notice to the other Parties or will immediately terminate upon termination of the Service Agreement. 2. Any ERISA Budget that terminates will accrue until the last day of the month prior to the termination date. If the Plan Administrator terminates its Service Agreement with Principal Life, any Plan Expense Amount remaining will be transferred to the Plan's new funding arrangement unless Principal Life receives other direction from the Plan Administrator. 3. Neither this Agreement, nor any right, title, interest, or performance with regard to this Agreement may be alienated, assigned, or anticipated, in any manner, without the express written agreement of all Parties. 4. No variation, modification, or amendment of this Agreement, or any term or condition, will be binding on any Party, unless made by written agreement executed by all Parties, effective as of the date agreed upon. Notwithstanding any provision of this Agreement, Principal Life may, in accordance with the terms of the Service Agreement, provide a revised Fee Summary (e.g., due to a regularly -scheduled annual review, the occurrence of a Major Business Change (as that term is defined in the Service Agreement), or a change to the investment line-up). In addition, Principal Life may modify this Agreement by giving 30 days advance notice to the Plan Administrator if the Plan Administrator does not object within that time period. 5. The determination that any provision of this Agreement is not enforceable in a particular jurisdiction will not affect the validity or enforceability of the remaining provisions generally, or in any other jurisdiction or as to any other entities not involved in that judgment. Such unenforceable provisions will be stricken or deemed modified in accordance with such determination and this Agreement, as so modified, will continue to be in full force and effect. 6. This Agreement will be construed in accordance with the laws of the State of Colorado. This Agreement will be construed as though jointly drafted by the Parties and according to the fair intent of the language as a whole and not for or against any Party. The term "including" (in its various forms) will be construed as providing examples only and as being without limitation. Nothing in this Agreement will be taken as amending, 4/55782 Subtype 100808 Classification: Customer Confidential 5 05/10/2022 3:22:00 PM modifying, or waiving any terms or conditions of any investment, insurance product, or any other agreement. 7. It is understood and agreed that no failure or delay to exercise, nor any single or partial exercise of, any right, power, or privilege given or arising under this Agreement will operate as a waiver of future rights to exercise any such right, power, or privilege. 8. Each of the Parties represents and warrants that it has the authority to enter into this Agreement and will be bound by it. Each individual signing this Agreement represents and warrants that she or he has, individually or together with any other persons signing this Agreement on behalf of the same Party, the authority to sign this Agreement and make it binding on the Parties. County of Weld State of Colorado Principal Life Insurance Company (Plan Administrator) By: By: Scott K. James, Chair, Board Title: of Weld County Commissioners Title: Chairman, President and Chief Executive Officer Date Signed: MAY 1 8 2022 4/55782 Subtype 100808 CLa sification: Customer Confidential Principal Securities, Inc. Title: Chief Operating Officer - PSI 6 05/10/2022 3:22:00 PM Contract Farm New Contract Request Entity Information Entity Name* PRINCIPAL FINANCIAL GROUP Entity ID* .1 0006933 ❑ New Entity? Contract Name* Contract ID REQUIRED RECORDKEEPING DOCUMENTATION. FOR 401K 5823 AND 457 PLANS Contract Status CTB REVIEW Contract Lead* CP,ATTELLI Contract Lead Email cpatteweld.co.us Parent Contract ID Requires Board Approval YES Department Project # Contract Description* REQUIRED RECORDKEEP1NG DOCUMENTS FOR COUNT 'S 401 K AND 457 PLANS. INCLUDES THE FOLLOWING FOR EACH OF THE PLANS_ ERISA 3(21) DISCONTINUANCE FORM, CLIENT FEE SUMMARY, RECURRING PAYNIENT AUTHORIZATION FORM, AND PLAN EXPENSE AGREEMENT Contract Description 2 PASS AROUND APPROVED BY ALL 5 COMMISSEONERS ON 5 1 1 Contract Type.* AGREEMENT Amount* 50.00 Renewable* NO Automatic Renewal YES Grant Department FINANCE Department Email CM-Finance(Aveldgov.corn Department Head Email CM-Finance- DeptHead`a'weldg©v,com County Attorney GENERAL COUNTY ATTORNEY EMAIL County Attorney Email CM- COUNTYAIIORNEYrWELDG OV.COM Requested BOCC Agenda Date* 05:1 2022 Due Date 05,12/2022 Will a work session with BOCC be required?* NO Does Contract require Purchasing Dept. to be included? If this is a renewal enter previous Contract ID If this is part of a FASA enter MSA Contract ID Note: the Previous Contract Number and Master Services Agreement Number should be left blank if those contracts are not in OnEase Contract Dates Effective Date Review Date* Renewal Date 08101 .2022 5, 11 2,07 Termination Notice Period Committed Delivery Date Expiration Date* 07../31,.20221 Contact Information Contact Info Contact Name Purchasing Approval Process Department Head CHERYL PA I E ELLE DH Approved Date 05:12;2022 Contact Type Contact Email Finance Approver CHERYL PATTELLI Contact Phone 1 Contact Phone 2 Purchasing Approved Date Legal Counsel BRUCE BARKER finance Approved Date Legal Counsel Approved Date 05/12/2022 05/12.2022 Final Approval C Approved BOCC Signed Date BQCC Agenda Date 05.18/2022 Originator CPA IIELLI Tyler Ref # AG 051822 Hello