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PROGRAM SERVICES AGREEMENT Between ING Life Insurance and Annuity Company and ABA Retirement Funds Purchase Order No. 6

Life Insurance Split Dollar Agreement

PROGRAM SERVICES AGREEMENT Between ING Life Insurance and Annuity Company and ABA Retirement Funds Purchase Order No. 6 | Document Parties: AMERICAN BAR ASSOCIATION MEMBERS / NORTHERN TRUST COLLECTIVE TR | ABA Retirement Funds | Annuity Company | ING Life Insurance You are currently viewing:
This Life Insurance Split Dollar Agreement involves

AMERICAN BAR ASSOCIATION MEMBERS / NORTHERN TRUST COLLECTIVE TR | ABA Retirement Funds | Annuity Company | ING Life Insurance

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Title: PROGRAM SERVICES AGREEMENT Between ING Life Insurance and Annuity Company and ABA Retirement Funds Purchase Order No. 6
Date: 7/1/2011

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Exhibit 10.6.5

PROGRAM SERVICES AGREEMENT

Between

ING Life Insurance and Annuity Company

and

ABA Retirement Funds

Purchase Order No. 6

This is Purchase Order No. 6 to the Program Services Agreement between ING Life Insurance and Annuity Company (“ING”) 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):

This Purchase Order specifically addresses the functionality to allow participants to allocate contributions and loan repayments directly to their Self-managed brokerage account (“SMBA”) at TD Ameritrade (“TDA”). It also includes the elimination of the requirement that a participant keep at least 5% of their assets in the Core Fund Options.

 

II.

Describe the Reason for Making the Change:

The reasons for making these changes:

 

 

1.

The restriction that only 95% of a participant’s balance can be invested in SMBA is not necessary since the new arrangement with TDA offsets the SMBA holders Program Expenses; these offsets are applied pro-rata to the Funds.

 

 

2.

The ability by a participant to allocate contributions and loan repayments directly to his/her brokerage account will:

 

 

 

eliminate participant dissatisfaction resulting from the new equity wash requirement (the restriction of transfer of assets from the Stable Asset Return Fund (“SARF”) directly into the SMBA)

 

 

 

make the Program more competitive.

 

III.

The Proposed Change:

 

 

A.

Enable the SMBA “fund” on the VRU, pWeb (participant website) and recordkeeping system to accept contributions and loan repayments.

 

 

B.

Delete any code that restricts the SMBA fund from contributions and loan repayments and the 5% Core Funds restriction.

 

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C.

Development of business and functional design documents that highlight any areas requiring development based upon the findings from the project meeting sessions.

 

 

D.

Anticipated areas of development are IPS recordkeeping system, Voice Response Unit, Pweb (participant website) and all reports and forms provided to participants and sponsors showing the Investment Options. This includes updating over 4,000 Plan Profiles to open the SMBA fund, downloads for Census reports and files and downloads to the AB70 subsystem and 5500 software.

 

 

E.

Attendance and preparation for project meetings (external) sessions from April 2011 through August 2011 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.

 

IV.

Why the Change is Outside the Scope of the Current Agreement (or the Statement of Wor


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