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Exhibit 10.6.2
PROGRAM SERVICES
AGREEMENT
Between
ING Life Insurance and Annuity
Company
and
ABA Retirement
Funds
Purchase Order
No. 2
This is Purchase Order No. 2 to
the Program Services Agreement between ING Life Insurance and
Annuity Company and ABA Retirement Funds (“ABA RF”)
effective May 1, 2009 (the
“Agreement”).
I.
Describe the
Current Service Being Changed (If unrelated to any existing
service, do not complete):
A.
This Purchase
Order specifically addresses replacing State Street Bank and Trust
Company of New Hampshire with NTI as the trustee of the ABA Members
Collective Trust.
II.
Describe the
Reason for Making the Change:
A.
During the
negotiation of the Agreement ING and the ABA RF discussed the
future need to build the necessary interface with NTI to transmit
daily trading data and receive daily NAV’s at the time NTI
became trustee. The interface specifications and cost estimates for
building the interface were not available at the time of
negotiation. Therefore a Purchase Order is necessary to define and
cost the project.
III.
The Proposed
Change:
A.
Build and test
two custom electronic feeds as described in Attachment D of the
Program Interface Agreement between IPS and Northern
Trust
•
Feed 1: for IPS to transmit daily
Fund account activity to NTI and
•
Feed 2: for NTI to delivery NAVs
to IPS.
B.
Attendance and
preparation for project meetings (external) sessions from March
2010 through July 2010 for IPS Implementation Services and IT
project personnel not otherwise part of the ABA RF Program Services
Unit required by the Agreement (see Section VII for additional
staffing details). Meetings consist of reviewing ING Best
Practices, tracking requirements and Action Items Log.
C.
Development of
business and functional design documents that highlight any areas
requiring development based upon the findings from the project
meeting sessions.
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D.
Anticipated
areas of development are IPS recordkeeping system, 5500 system,
government filings (eg. 1099R’s, 5500’s) and all
reports and feeds provided to the Trustee and or list the Trustee
by name or EIN.
IV.
Why the
Change is Outside the Scope of the Current Agreement (or the
Statement of Work):
A.
The daily data
feeds with NTI are new since the current Agreement was executed.
The data feeds are custom and unique to the ABA Members Collective
Trust upon NTI becoming Trustee.
Fee Schedule Changes (Including
implementation costs and hourly rates, if
applicable):
One-time Project
Costs
$60,000
VI.
Implementation Plan and
Timetable:
Implementation of the new trustee
will be on or around July 1, 2010.
