HomeMy WebLinkAbout20221409.tiffRESOLUTION
RE: APPROVE RECURRING PAYMENT AUTHORIZATION FOR FINANCIAL
PROFESSIONAL FEES, RETIREMENT PLAN FEE SUMMARY, REQUEST TO
DISCONTINUE SERVICE, AND PLAN EXPENSE AGREEMENT FOR 401(K)
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 401K 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, 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 401K 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 /cP),PE(7s/MRI CA(66)
5/31/22
2022-1409
PE0010
RECURRING PAYMENT AUTHORIZATION FOR FINANCIAL PROFESSIONAL FEES,
RETIREMENT PLAN FEE SUMMARY, REQUEST TO DISCONTINUE SERVICE, AND PLAN
EXPENSE AGREEMENT FOR 401K 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
WELD COUNTY, COLORADO
ATTEST: defritA)
SctStt K. James, Chair
Weld County Clerk to the Board
EXCUSED
unty At •rney
Date of signature: 5 %27/22
2022-1409
PE0010
Con+va
DEPARTMENT: Finance and Administration
PERSON REQUESTING:
BOARD OF COUNTY COMMISSIONERS
PASS -AROUND REVIEW
PASS -AROUND TITLE: 401k and 457 Required Recordkeeping Documents
DATE: 5////oZg-
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 Principal's recordkeeping fees along with
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
Perry L. Buck
Mike Freeman, Pro-Tem
Scott K. James, Chair
Steve Moreno
Lori Saine
Schedule
Work Session
Other/Comments:
2022-1409
os/1$ PEMIO
Recurring payment authorization
for financial professional 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®
Principals
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 fees from the plan's ERISA Budget.
1. Plan information
Contract number/Plan number Plan name
366947 Weld County 401(K) Savings Plan
2. Payee information (The RIA firm's Form W-9 can be attached if preferred)
RIA firm name
Alera Investment Advisors, LLC
Address
3 Parkway North Blvd Ste 500
EIN/Tax ID# of the RIA firm
821301701
City
Deerfield
3. Investment advisor representative (IAR) information
Name of investment adviser representative (IAR)
Brad Shaps
Address
3 Parkway North Blvd Ste 500
Date of birth of IAR
10/05/1958
City
Deerfield
4. Payment authorization for services to the plan
Annual Payment (Choose from below options):
Advisory service
❑ Annual dollar amount: $
X❑ Asset based: 15 Annual basis points
Payment frequency: ❑ Monthly ❑X Quarterly
Education and plan service
❑ Annual dollar amount: $
❑ Asset based: Annual basis points
State Zip
IL 60015-2567
State Zip
IL 60015-2567
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 Jars. 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 arty 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®.
Classification: Customer Confidential
PG4746EB-05 1 874204 06/2019
page 1 of 2
5. Payee information (TPA firm)
TPA firm name EIN/Tax ID# of TPA firm
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
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.
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).
Print name Title Chair, Board of Weld
Scott K James hair
Plan represe
x
ative sig
County Commissioners
Date
MAY 18 2022
This completed document is for restricted use only. No part may be copied nor disclosed without prior consent of Principal®.
Classification: Customer Confidential
PG4746EB-05 1874204 06/2019
abaa - /Sol
page 2 of 2
Retirement Plan Fee Summary
WELD COUNTY 401(K) SAVINGS PLAN
Plan Number: 3-66947
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'
Plan fees to be collected
Other Fees
0.18%
0.15%
0.00%
0.33%
Total Investment Expense, Net'
Estimated Total Cost
IThis is the sum of the items under Annual Plan & Services Fees and Other Fees
0.40%
How Fees Are Collected
Paid by Plan SponsorA 0.06%
You have chosen to have $10,500 billed to you
Paid from Participant AccountsA 0.27%
You have chosen to have 0.27% netted from participant
investment returns.
Your Plan Pricing is Based On
Current Total Assets $15,832,323
Annual Deposits $1,408,832
Average Account Balance $37,727
Active Participants in the Plan 457
Termed employees with an Account Balance 51
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
nPlan 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.
"Prin ioa[" Recordkeeping fee is based on the illustrated characteristics. The recordkeeping fee includes Core Services and other elected services of 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 wilt 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: 930817-1
Date generated: 04/14/2022 page 1 of 10
4i 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. f he 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 `1 + Recordkeeper •2
Total Investment
= Expense Net'
Principal Global Investors
Principal Global Investors
Principal Global Investors
T. Rowe Price/Brown Advisory
LA Capital Mgmt/Victory
Principal Global Investors
Principal Global Investors
Robert Baird/Eagle Asset Mgmt
Equity Income Separate Account -Z
$155,157
0.30%
+ 0.00%
LargeCap S&P 500 Index Separate Account -Z
$1,206,420
Blue Chip Separate Account -Z
$473,386
LargeCap Growth I Separate Account -Z
$189,988
MidCap Value I Separate Account -Z
MidCap S&P 400 Index Separate Account -7
$140,908
$98,160
MidCap Separate Account -Z
$216,903
MidCap Growth III Separate Account -Z
$45,914
Vaughan Nelson/I. A Capital/H&W
SmallCap Value II Separate Account -Z
$36,414
0.05%
+ 0.00%
= 0.30%
= 0.05%
0.37%
0.39%
0.49%,
0.05%
0.36%
0.60%
+ 0.00%
= 0.37%
+ 0.00%
= 0.39%
+ 0.00`%t,
+ 0.00%
+ 0.00%
0.49%
0.05%
= 0.36%
+ 0.00%
= 0.60%
0.65%
+ 0.0044
= 0.65%
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: 930817-1
Date generated: 04/14/2022
SmallCap Separate Account -Z
$153,574
0.43%
+ 0.00%
= 0.43%
SmallCap Growth I Separate Account -Z
Diversified International Separate Account -Z
$303,981
0.62%
+ 0.00%
= 0.62%
$592,129
0.43%
+ 0.00%
= 0.43%
SAM Flexible Income Separate Account -7 $201,071
0.49%
+ 0.00%
= 0.49%
SAM Conservative Balanced Separate Account -Z $4,750
0.51%
+ 0.00%
= 0.51%
SAM Balanced Separate Account -Z $772,617
SAM Conservative Growth Separate Account -Z $790,033
0.49%
+ 0.00%
= 0.49%
0.49%
SAM Strategic Growth Separate Account -Z. $180,488
0.48%
+ 0.00%
= 0.49%
+ 0.00%
= 0.48%
page 2 of 10
Investment Options continued
Inv Manager or Sub -Advisor
Multiple Sub -Advisors
Multiple Sub -Advisors
Revenue Retained by Revenue Sharing to Total Investment
Investment Provider + Recordkeeper - = Expense Net 3
Investment Option
Multiple Sub -Advisors
Multiple Sub -Advisors
Multiple Sub -Advisors
Multiple Sub -Advisors
Principal LifeTime Strategic Income Separate Account -Z
Multiple Sub -Advisors
Principal Global Investors
Principal Global Investors
Principal Global Investors
Principal LifeTime 2010 Separate Account -Z
Principal LifeTime 2020 Separate Account -Z
Principal LifeTime 2030 Separate Account -Z
Principal LifeTime 2040 Separate Account -Z
Principal LifeTire 2050 Separate Account -Z
Principal LifeTime 2060 Separate Account -Z
Guaranteed Interest Account A Class 3 year
Guaranteed Interest Account A Class 7 yearn
Short -Term Income Separate Account -Z
Liquid Assets Separate Account -Z
Current
Assets
$31,665
$72,829
$1,822,300
$2,691,500
$1,933,130
0.35%
+ 0.00%
= 0.35%
0.37%
+ 0.00%
$1,458,160
$726,704
$79,162
$23,749
$17,416
$88,661
Principal Global Investors
Principal Global Investors
Principal Real Estate Inv
Core Fixed Income Separate Account -Z $4,750
Core Plus Bond Separate Account -Z $737,786
Government & High Quality Bond Separate Account -Z
$237,485
U.S. Property Separate Account -Z I $345,145
$15,832,323
0.39%,
0.41%
0.43%
0.44%
+ 0.00%
+ 0.00%
= 0.37%
= 0.39%
= 0.41%
+ 0.00%
+ 0.00%
0.46%
0.00%
0.00%
+ 0.00%
= 0.43%
= 0.44%
= 0.46%
+ 0.65%
= 0.65%
+ 0.65°
0.28%
0.18%
0.27%
0.26%
0.23%
0.80%
+ 0.00%
= 0.65%
= 0.28%
+ 0.00%
= 0.18%
+ 0.00%
+ 0.00%
= 0.27%
= 0.26%
+ 0.00%
+ 0.00%
= 0.23%
= 0.80%
Total Expected Fees paid through investment options:
FIA 1998-Z 401(k)
Proposal Number: 930817-1
Date generated: 04/14/2.022
0.40%
+ 0.00%
= 0.40%
page 3 of 10
p Principal'
What's unique to my plan?
Services Specific to Your Plan
Cost in dollars
Principal Trust Directed Trust
Included
Quarterly Reports
Principals Platform Connectivity Program Fee
Participant Transaction Fees
Included
Waived
Cost in dollars
Distributions
$ 50.00
Qualified Domestic Relations Order (QDRO) processing fee (per event)
FIA 1998-Z 401(k)
Proposal Number: 930817-1
Date generated: 04/14/2022
$350.00
page 4 of 10
Principal
Important information
• Lifts Fee Su Y :nary is cased on the following information:
— This is a -401(k) plan
— State of Delivery c_OI_ORADO
— Billed fees are. collected quarterly
— Deducted or ru tted tees are deterayiled and processed montl Ity.
- Ltaiicard nvestment options include: A Conservative Fixed lnconire option + Lif Lycle Sub -Advised n o - 3 e io � n
l � r_c Investment 3Jz_die.,.���.rlinv__�f.rnentorat.ors.A�ryoptionsraeyoncitlesevvil_linaara
fee of 11;,1L') ) Der investment option.
- An outside plat l document is used (no SPIN ov ded).
We" reserve tio e right t adjust fees if plan chat , teristi, ., are incorrect o) should change Luis e_s xp nse projection r valid for 1?0 days from Iihe Print Date.
- r
• Pinc, ',oral n ice [Yio`St: Investment Providers an annual PrinCr'atiL)i Platform naec.. :)togr� (Program) Pee investment �,n ,s. .. platform. t<)tu ).CSI).._�tivltyl�,��r�iTlr,f.)gr�t�t.)-�.for-nv�_,tln„�rir�l�tiori_,onr,u,p,�i.tf.✓Irv.lianlrlvcstmeritProvldervhoos_s
not tr.) participate in the Program, your Plan may be changed n 2.Jlnua I I ooram -:e of >1 0OO t z be included as. par ( Vr Principal -�' r � eeoi r .r_ Please r Principal J � _ part �f , ar.lr I ! �nclp,�.l f c_ar..k_chln� Fee l . ,,�>� contact l ,,, I ip�, for
ir fur [nation p.': _ - e o - ,_.�.I I Specifics l..., -,._
eru,�� the P� �c ,.zrn Fee l� haid for any l rvestr r.., i i t options ,�.,r, �., c � �i i_ Irlr r u )d for your Pfau )_ "n tl )e l��rogr «I r i Fr -e vvl 1, be met out in yor-i- Conlin nation of lnvestrneint
Options (COIO) Letter.
• Psincipal Life is not paying broker compensation t0 any Financial Professional for your plan. You may direct us to pa third parties f or i plan assets, including nFinanciali Professionals. y � want
� -
�..:;.:Ir)"l�il � .anta, t your Financialr� , y p t ). _ ._tom, n�.lucn .c, If kou,l r. ai It
information regarding any Financial Professional on please! sc � y_Professlor ar for information.
• Deposit Year End Date: 12/,1/20; 2.
• Fees may be billed, netted from rate of irwestitnent return, or deducted ftor n participant icipant accounts, „-_s dire .teci by an appropriate plan fiduciary.
• 1 le First Deposit. Year begins on the st ateo eft e: t:ve Cite Elf Id enc s on the Depositwear --r r ate Subsequent ' e r ci - -
Year End C7�ttc.. _aub�cau�, rt D. pa_,,t Years c_nci pn they 1 � ,rrronth�n anniversary I�y of tt)< deposit Year gnu Date.
> presentee b'� an individual Licensed the . , .- i Individual - � need - e a P I. fer Representative � i securities �
• t5 r'e auunmaryl7� Irtb, i 7. r u.il�iuchr.�intr��ry,r)Ccab.,ta.t.eo+J:-iivE_I;.Inc,lvi;lu-ri..nay r��ol t �:). _r .._� �_� oif registeredare
involved
• / Life InsuranceU..-J.Y,p311,r (Principal IfC_,, rl member company of ,..le Principal ,.., submitting f�Jf your consideration 5 bn ,a:Cl On information concerning `. O.I ")lain S:UDr 'r"i
This E'_e'>u Y Y u?�� rn, IOaIr"�.f Ylll� ,r -
t J the Principal by your representative. nt tive. This Fie Summary : car✓ reflects specific rate level/ s.l icr.i-e t.lass(es) that you ;and your representative d d=' 1upon.Y r u should -r• si her the ,. e
Y�� decided _c. >'au consider whether t, )._ rate L_ael /
share -'.dc (es) illustrated iSmost appropriate for -you
• lap tal•Lr d t_ ; rr)s not defined in this Tee Summary have ,he ,-rme rheraftnq assigned to their under other applicable agreements or contracts.
• The Ir,vesrbent Providers ers and distributors of! certain products ,.._rd investment options ns have chosen to offer for sale fund share cl sses and rate levels with service -and
distributionftelated tees that may ,r ,nnay not be higher than other tv ril ale share re lasses or rate levels of the same product t or investment option.
• Financial, Professionals can make < Ja =.able El variety of products investment options from a variety of Investment Providers.
• QUar tea t`participant sta.temelts wit. be aval _ ble electronically.P'r- i tits ) . lee paper stat � .. e c. Plan • - -
y �, L y)_t� ,t� i'=-y c_e�tto receive >up� ,tate.rri_nl .. l.an p ) ),osst:r-rr also n ,rk:_'tl is pl<�.n-le✓�l election for participants.
• Data.: ill be submitted to us electronically via w r✓.princ ipal corn Any non -electronic submissions in excess of three in a calendar year will be considered during your next
armal expense review and ilia`✓ result in an mere a e. in fees..
FIA 1998-Z 401(k)
Proposal Number: 930817-1
Date generated: 04/14/2022
page 5 of 10
p Principal°
Important information continued
• Investment information tion given or made available to our. Financial_ f'i ofes �ional is representative of a pl.,atform you another monitor
� 1I y �- or �i utf ._I plan fiduciary miry select from or use to
I avestrnent alternatives and is not individualized to the needs of zany plan Principal., its aff bates and their e nploy ees have not and will not undertake to provide you or your
Financial. Professional impartial investment advir e or to (,ttve you or your Financial. Profs ssion<al adv Le fiduciary capacity, unless so indicated under- a separ _rtr vvr't rig. As a
wide c ovidt-2r, at your direction, ✓:e'll p nv de investment information 1u assist you Jim.) your Financial Professional (if applicable) v✓ith our fiduciary es �cnsoilit i s. You, or
Il 7 1 I
another a pia opi late plan f ducia y may select a diif'f2i-ent platform for set: of investment ootlons) which may have an effoct on pricing.
• I he compensation Pi ncip t as an e=ntity, receives wia vary based on investments you your Financial Professional chooes for your plan We nave detailed the amounts vae
r
r e i receive from the varloals In✓estrre tats; you have chosen ores your Fee Summary. Our financial interest in other investments av, liable, on our platf'o� m., inuy lag found on ai,lr �✓...�.,Ite
under the I svestine_nts tab on pnne Ipai..com.
• I sJ Y a't �i does nu Incd.' Ind!rek t :om e' r,cit "red - .
ec Total Annu�a, l p � � pl � '- 7 r' I
.an Costs t � c ion p%:h a� float i )ae�e k�a eertain u��tional services, or ��rrtic[pant tansactivn fees ur other
luauf ec pia] exoe n ses that mab be Irn_u reed from other vice provide's Fees rn-lude P irrripal Trust Conipany Dll e:_teu T ust Services or Custodial Services, if applicable.
• Principal ipal Life is tire .eoal owner of the Pr incipal Life Sepal ate. Account assets under state insurance For purposes of e...,xnputitag its federal income tax obliu, tlons,
L. to must in _ur_le dividend income received on separate ac. oun't assets in taxable income and [nay be elig bleforcertain dedutions and credits attributable to its ownership of
separate ac cunt holdings. Such dedr,c.tlons and credits include: ulviderid. rece:�ived deductions . ns and foreign C S i i
J t o � a � �r,.ign to _.r �d�t�. I o the extent available, Principal Life generally seeks to
ut I,i. y do 1uc n< ernd credits att rThuta'ole to its separate account assets for purposes of. r educllg its 'federal_ income tax -Lability. I he possibility that Principal Life will 'e.=e ve any
f a r result .✓l the r,lnlalic <aton tax I e.res to the ,activities of its sr -,pa r to accraunts does not infi_uence t re separate rate account investment sti ertes of
P r p,,[ k. or the,, �r�;a � r:=sit, ti_� i Please refer L_a lh� l' i s;.ih I Dir��_lu,tl e S aternent fur more info rr Kati gin,
FIA 1998-Z 401(k)
Proposal Number: 930817-1
Date generated: 04/14/2022
page 6 of 10
Footnotes
1 You have hose n to establish an E R ISA Budget to pay legitimate retirement plan expenses F separate Legal agreement is required. The -.mount designated for your
f 5 n non -excludable plan assets held at Principal. This .equat s to 0.15% on all plan assets after foiloviind the direction in Ole legal
agreement to PISA Budget r)
amounts veld in certain investment options. Gf this amount, you have directed 0.15% to be paid to your Financial Professional(s).
2 these are amounts Principal Life as F?=c:ordkeeocer or an affiliate expects to receive in co mection with l n - service provided to your plan. In the case r f m s ,� i �...� mutual funds these
amounts, which include I Zb-1 fees, ate paid from the mutual funds, including mutual funds pre)videcf b .,n affiliate- of I' - nci ) l Life. Any 12.1)-1 :es e i
y t ny ._ ,_�� paid to Principal.
InC. I),a1
F
Securities, Inc. an affiliate of Principal Life. For investment nt options other than Siegarrxte Accounts, these a rnoi nts are hard pursuant to contracts between the inv stiment
option. and Principal Life or its affiliates for services Principal. Life) or its affiliates provide to retirement plans on behalf of the investrhent options. I��� the
p a t e case of Separate
r
Account., these to amounts that are retained Id✓ Principal Life,the Investment Provider of the Sepadpte Accounts, and are allocated to recordkeepirig based of i internal
allocation assumptions. Depend no on the rate le=vel o -.share_ class selected and the agreements in place, az fee credit may be applied to have the effect ( f reducing .i. r he
amount of Revenue e nue Siparing inn Principal �Life attributes i t0 the providing of services " : o the plan. e' r .'r s column -e _ -
1
t ) C1�IC n.) tl
providing C. ill. ),.,n. �nwr,t 1=,. this t t dirt are taken into In setting the price
t o r t..-�e investment r t ,..n service package ) a do ,lot offset our tees on a dollar -for -dollar basis. For bans that have. not entered int° a service
�ka.CE. .i-1d to
-�. .r r e ping service` these amounts " e for additional_ r i.., istr- i v e and/or : - reporting
- , rt ,, services.
The e
agreement r) with Principal nl rfe
provide I-aor.fs, ) a ac, t . are t,.>i �arY.lni.��ratllc ,,nu/o� ,elooi �Ing �ervi�cs�. T.ir_ F�r=nclp,� I_"iteTlme Investment options, Principal_ t ifeT m
Hybrid Collective ective Investment lent: Funds and Principal. Strategic Assea Management t ( ' BI) Portfolios invest =n underlying investment options. As a result, Total Investment
.xpen e eirla revenue figures In include expenses incurred ') t`le:� underlying inve ` htielnt options ixt rli_ a n ._ . �y � � I i h_ to late to their allocations. �cttlons. I he -c underlying expenses and revenue
fluctuate throughout the. year and are typically updat vi on an annual. basis. 'vrae expect the range of fluctuation i in disclosed revenue v, I.. be no more than an increase or
decrease of 0.03%. If tile disclosed revenue changes oy more tla-an 0.0'„x, we will rnotifythe plrarri fiduciary -
3 Total Investment Expense - Net; you wig be responsible or this expense and it will. be automatically calculating - ��_t�f ttiverl pale, to c al�ltatrn,, performance. �tian�_e. 1 otal Investment Expense Net is
the Total twestr ent Expense Gross expense n`_�e ratio less any fee waivers, reimbursements� r iapplicable.__ - expenses f �-� �_�p�, i � ie r_xl). �l�e., ratio, as a pearcent'c a of net assets, includes
applicanie operatinci expenses, management fees, Incl ping t 21p-1 fees, and ao ri ` istratiye fees.
4 Affiliates of Principal Life may receive lees as the Investment Provider andlor the Investment Sub -Advisor for certain investment options. These fees are reflected in this
column. The tern-) ni Investment l) ov cieC refers to the providers (i.e. manufacturers) of the investiment options we make availabte to employer -sponsored retirement and
sayings plans. The Investrheint ra ovicler may or may not be the same entity as the Investment Manager or Sub -Advisor. Pl_eare see pros.e tus tor the Investment Provider
-ar mutual_ fund investment options. Principal. Life is the Investment Provider for all. Separate Accounts and pay, fees for sub -advisory services to the Irr✓estment Manager or -
Sub -Advisor. When affiliates of Principal Life are both Investment Provider and R ec:orrlkE.eder amounts in this column and Sharing sec
l a l_ tLt. Revenue t� f.,...0dk._epe_r coluln.l are
determined based on internal allocation ,assumptions
5 Total expected fees paid through investment options are an estimate based on the expected amount i t r �. ' e x t ) ,.acts investment option as shown in the table. Fees actually paid
though investment options will oepend on the investment options chosen for the plan and the value of pan assets directed to those investrnent options -
F IA )998-/ 401(k)
Pieposai Number 9.30817-i
Date ...r erateei Oa/14/2022
`i 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 principat.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 orincioal.
A mutual fund's e ice rand investment return will vary with rmatket conditions, and the ptimipal value of an inve tment when you sea you! shares maybe /Hole or Less than the
originai cost,
rivefstm'rit i nsinv involve le Le! 11S I r .-I, I elcl led ,iI -r'_4 e option!, omie e e'er i
e t/ __ . plc _ �� _ =7 c� � . _ i � i_i,,li�t..u_c vo.��_ti, ty.lh,�n fix�.l � ���in,� i iv,_..li��_nt,,pl�.,m, Fixc_1 Li�o�i.� invr.�tnr._ ri�ptw.�_ _c �.�ubtec-1 tc)i,il. _.,l i<.it �� �,�,ard Uir:
Bali Wi- of , oe as I It i est F tes Ise
Ntsc I aLortation does i iol gua a it -e, punt or 2r otet t g; nst a loss. Inve slinc7 inre,tl estate, sm6.11 . a_p, into i neiitio, Ltd, aryl high -yield investment options nva ves adeitiona l
c _ ... .� .. xpet i nee ,� - otAtil_ .�r than funds wilt . .... e c... strategy r, .. --
opc ;llty.nvr�_�tn ic.lt options �r�•_ry e �lx i l�u�c. G.cate..r v,�,<.ltl,it; tti�rri fund i a ur�.rad:_i i i✓c..�tnx lit �lu._ to sector those se nivE s.iment options aro not intended to civc ✓✓s a
� omplete invest rent progr_iin 'tsejf
,_ iRhOrlS _rya . e. n,e_l to Eiq I�,t,_ I I.k, _.no t-u_Ir rlterc__t t, _rise. PIeIC it [ the ty nopat ul I,onld Investrre It option, io- their yreltv., te gtetisqleetti
on, I `t ;ruv r 111, 1`.1
curt fluctuations, social instability, -r_. i rffer �. e._ _..i):1...ti PHI--.:.: tc
Irrtc rriation�, nvestinciinvo�v�, r cr4�a,c:c ri>e duetcrl (me,/ �.uatu ,, political or �u_<.il and differ rencc.� n�acc__n��nq ,I,In(I, rd� h -tit �e.cr,rrtrr,, � arc subject risk f,lctors
,a>soc iated with the real estate industry tax factors of ?Flt Ir gistration.
Fi:tee incor7 anc rise allocation i=lvestneent options th,it Invt_°st n MU, tg c Ir sec rn tes are mtibtr_,. i to If hireased risk due 'LC) F star cxp,.kt re.
..t-ir h [nde b sed invest vent opticr I ; I lv,este d n t'le str t k, or bonds of the index it r �A 'i redo! o! rtt ;r r e of i rice!, [ e e,, t� r ,n ; �r es l e e lee. e � , <.
t r_.. I _ f i.._ i�_ _ _ � . fl._ the r n 1. ., gc .l i _.u�tforth� nr a ket ,c_�7m..,1t tI.F..e t__I �toc ,. i
DUr i ;epresent. entT ier is nu c --,,,Li lI) mex Lased i i estmer it option Lhe pe'fo [na ices of Meg index Li Lked. Ii ✓esters car non. invest orrettty in an indt:tx-
A 1 he Cuaireote_`e d In r;c Investment _Yen , -(, ee - . o the i e. -- . _' lac :e .r.., � .et ..an interest f sue::
periods .. e �..... a � s
c t ..�t e_t _ t �_ tt�. quaiant._e.d pentium �t tn� Ltcu�inec , snt -i�t :etc pr wId_ _ ayu_r-_tntecd �ntc.i e,t rate f.n .p....Iflecl l>e. iod_ of time. A.5 an a cur �rlice r7i.i�lla� it��;_, this
option does not hive r fixed investment I r iana.c ement fee or expense r l h se ace c unique r investment _� , i
, d ratio; �, those �- �Z _ concepts, r nigt.i_. t .� products. . k�.thei,'the guarantee , hacked .)y the General A< col_int of
-, - lapal i s _. y - r e - .. . ... < < _ ... , factors
1 � �� u i i<rl I_.f�-_ li urn,�i a .� Company i �F. c .ilculati.�n of ..ac,l � c ual,_u ite�e inc luJe��, ;cx7�e� amount of er::u�r led :�o�t., and expenses �r mscs VVI r lr_: v✓c� target ,_i certain IFwr�l of cx�:�rse theY, are many
r l 1 J f I - J expense, e a 1✓/
tl l,)l.al ctl:I ..l)I �I. ,.f i v ^III. , �., .... .,r' r,.:. ,c... <. ei. efe`, cite _e Willie it
i. si the e <
r � g� .: ,� _tuat�u�Lo h �✓I� y l ic_ guuiantcc. f h. �_rn �.i_.cuJ� la�tui,, such a_ ...Pi:a�u):.� �n ih�.nL_rt.�l �al� _� ivnulil.c nt �Vhl._. It is Ilr.,�os_,i_�lr to k�'u�w t. l.. I, tu�etr•xp per true to
these factors, Principal Life Insu ante ( ompany, as a prouder of 1Gn r-mstrative services to the plan, assumes that t v.i.l receive G5 basis pants ;from the expense :Atilt into the Gu tiranteed
Bite rest Investment) ‘tts part of the ove a l fee arrangement ptan pays for services from Principal Life.
Manage( - ,target-date,investment I FIE, Investment � ,_II l,lC7t: �" or `:�ul}r�C'JI`�,C)I wilt ei ;:�,a✓/ f 'Utt Iptl. , LIt) �1,iVl.,,.�r..; lo', C.(:I t.al�l taepfit-f L;i� and .�nJe.>tn 1(- lt. options where tI1C' assets . are directed by the I lVe`.,tn l<.
i ,and(.)ef to naultiiale l,ll lCfCllylnq InVC_.,t.I mCnt. options. These UI kiC.I tVInC) IIIVLsl Yl(tnt (Jp tl Jil., rfldr/ use IYiUltlpl( sub -advisors who rl(E. respor I,,I JIe for the day -to, dcly Il"idnclg E'I Y'E'.r l'C f(' )Oil,loItIfIL'5.
Pr nc prcf Must Corny r .✓ '"' rsa trade nuI rim of Delaware Chatter C uarantr e g, Trust Con-ipa ly rl men i Oer cc, moanv of the Pr Ineipal. frinnne a Group.
FIA 1998-Z 401(k)
Proposal Number: 930817-1
Date generated: 04/14/2022
page 8 of 10
`i Principal'
Disclosures continued
Insurance products and plan achninistratkie servDes are provided to Principal Life. Insurance Corn Prin l .I mutual, I funds are the
inc ,_ j � -
,� p / <. (.>G� r..tua�iu Lac part of _he Prnr�lh„r. Fr.uul.�, Inc series. Principal I-u.ras, Inc is
distributed by Pr Ir i _ a Funds Distributor,Inc re through i i I ec iti s � � L ; . _77 member
J I ,I .. �,_off�reiuErin.�h�.�,,t,�.uuUc.�,In,_.,1..�UO��-f1r,S'I,irerYlfsG-.iSIPCancr/orinfependentbrokeldcnterr Securities soldhya
r,�.ent e � offered through _, in al Securities,, - r Distributor, ci _ i � ,._ _
i aal5e�.c Securities yl�i.reJl�,_hr,�,�.its,tivr_,a���if._.=_dt,�,�.�U�rif rl��� p�t,F�nn._�i.��arf-u,i�I��f I�nula���.�.�cu�t,esanahrinupa.lLlfe are members ofthe PrirDlualFinancial
Group R?, Des Moines, IA`...,0-392
Any ikillued u. es I Ana! rnal.liid av, r l.tUle any In,t-rs,l ice ,�r, t must be Lice] iised by LI is appr i.11.: st;ttc.. II sur ,ucr:. producers Hers are :ti_ L, for Ized by tl el- liven>confer vditlr ixir r_lrasus abiuut
file benefits, tea ms and conditions of ..'oi_I ) annuity contracts); . - ,I'� - _. annuity .y ,.
3 I ,� t � �c�, yrcxa � ai inr.l-i,� ._UI rt.� ct:� and to obtain c_II,>uh annuity contracts for purchasers ,el s- the role of the financial orofessional in.a.ny
aarfic l Lai transaction it,/pirally invoLiv s one or more of these activities.
Depending on the contract(s) the r r s � compensation v � d b
- L>u _ I gas.. _�el��.t�, .; Ilr L,F_ ;�a,.� by the l',suc (j selling the contract oi by anotherthird party to the financial professional. Such compensation may
vary depe, ldin unnumberr � r. _ di , r < . r (s) <. i
a. � of f�,_ _�I _, _� a .u_„n3 the �c,ntr ��t(,, and the I__ua �.>> 1.Irc hu.,. i�r�t_r �er_.ct_�, the vc�,lt.itrrc �,f business aflnanr,i,1, profe.,.Tonal txc,vules and the profitability of lar,,ll ess
sold.
The p rr_tias. r may 0U -train infer ruatio > about co .tion expected to he received b the financ al professional ,requesting sud) information fro i e. � ,r y I ✓_ir t� fhrar�u«�hr.�fe.�.>_,��il.
FIA 1998-Z 401(k)
Proposal Number: 930817-1
Date generated: 04/14/2022
page 9 of 10
`i 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.
Signature ,i ��., �F t �::r�l I Date Signed U 1r 1 )ro,rc i
MAY,1� 8 2022
Typed or Printed Name of Person Signing Title
Scott K. James
FIA 1998-Z 401(k)
Proposal Number: 930817-1
Date generated: 04/14/2022
Chair, Board of Weld
County Commissioners
o?oa.2 - /4-01
page 10 of 10
VII 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 Terms and Conditions for ERISA
Defined Benefit Plans by Wilshire document and the fiduciary service agreement you
x Discontinue Wilshire 3(21) service (Select List)
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
Weld County 401(k) Savings Plan
Contract/Plan ID N•mber
366947
Plan Fiduciary gnature
X
Date
MAY 18 2022
Printed Name 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 1.866.704.3594 to be provided to Wilshire.
PG4756-03 t17082406uo
08/2017
D
Classification: Custorner Confidential
Q 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 Weld County 1150 O Streeet ("Plan Administrator") acting on behalf of the Weld
County 401(K) Savings Plan ("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
that facilitate the purchase and redemption of shares/units, and reported as being used
to support recordkeeping on the Fee Summary ("Service Fee").
3/66947 Subtype 100808
Classification: Customer Confidential
1 05/11/2022 8:28:00 AM
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.
3/66947 Subtype 100808
fie.ation: Customer Confidential
2 05/11/2022 8:28:00 AM
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
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
will be sufficient to pay the Plan's expenses. Revenue received by the Companies will
3/66947 Subtype 100808
cation: Custorner Confident€a5
3 05/11/2022 8:28:00 AM
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.
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
3/66947 Subtype 100808
Classification: Customer Confidential
4 05/11/2022 8:28:00 AM
informed of alternative options available which do not present these risks.
Principal Life will not be responsible for any adverse consequences.
G. MISCELLANEOUS
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,
modifying, or waiving any terms or conditions of any investment, insurance product, or
any other agreement.
3/66947 Subtype 100808
is fiion: Customer Confidential
5 05/11/2022 8:28:00 AM
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.
Weld County 1150 O Streeet
(Plan Administrator)
By:
Principal Life Insurance Company
By:
Scott K.James, Chair, Board
Title: of Weld County Commissioners Title: Chairman, President and
Chief Executive Officer
Date Signed: MAY 18 2022
3/66947 Subtype 100808
catk> . Customer Confide!it£ai.
Principal Securities, inc.
By:
Title: Chief Operating Officer - PSI
6 05/11/2022 8:28:00 AM
Q2e 2a -�
Contract Form
New Contract Request
Entity Information
Entity Name*
PRINCIPAL FINANCIAL GROUP
Entity ID*
a,00006933
❑ New Entity?
Contract Name* Contract ID
REQUIRED RECORDKEEPING DOCUMENTATION FOR 401K 5823
AND 457 PLANS
Contract Status
CTB REVIEW
Contract Lead
CPATTELU
Contract Lead Email
cpattelliCaco.weld.co.us
Parent Contract ID
Requires Board Approval
YES
Department Project #
Contract Description*
REQUIRED RECORDKEEPING DOCUMENTS FOR COUNTY'S 401K AND 457 PLANS. INCLUDES THE FOLLOWING FOR EACH OF
THE PLANS: ERISA 3(21) DISCONTINUANCE FORM, CLIENT FEE SUMMARY, RECURRING PAYMENT AUTHORIZATION FORM, AND
PLAN EXPENSE AGREEMENT
Contract Description 2
PASS AROUND APPROVED BY ALL 5 COMMISSIONERS ON 5, 1 1 122.
Contract Type*
AGREEMENT
Amount*
$ 0.00
Renewable
NO
Automatic Renewal
YES
Grant
Department
FINANCE
Department Email
CM-Financeg weldgov.com
Department Head Email
CM -Finance -
De ptHe ad guerre l dg ov.com
County Attorney
GENERAL COUNTY"
A I 1 ORNEY EMAIL
County Attorney Email
CM-
COUNTYA I I O!RNEYgWELDG
OV.COM
If this is a renewal enter previous Contract ID
If this is of a
ntract ID
Requested BOCC Agenda
Date*
05 10 2022
Due Date
05;12'2022
Will a work session with BOCC be required?*
NO
Does Contract require Purchasing Dept. to be included?
Note: the Previous Contract Number and Master Services Agreement Number should be left blank if those contracts are not in
On&ase
Review Date*
05111,12022
Renewal Date
0£5(01 2022
Termination Notice Period
Committed Delivery (late
Expiration [late
07/31/2023
Contact Inrsi at"on
Contact Info
Contact Name
Pitrchasirtg
Approval Praces
Department He
CHERYL PATTELLI
DH [late
0511212022
Fi f APP of
BOCC Approved
BOCCC Signed Date
BC)CC Agen Date
05;18;2022
Originator
CPA iiELL1
Contact Type Contact Email
Fnance Approver
CHERYL P.A I I ELL!
Contact Phone T Contact Phone 2
Purchasing Approved Date
Hnance Approved Date
05x'1212022
Tyler Ref It
AG 051822
Legal Counsel
BRUCE BARKER
Legal Counsel Approved Date
05;1212022
Hello