AUL Automatic Rollover Automatic Rollover IRA Agreement
Between Plan Fiduciary and
American United Life Insurance Company® (IRA Provider)
By this Agreement, James Brainard ("Plan Administrator'), as fiduciary ("Plan Fiduciary'') of the City of Carmel
Retirement Plan ("Plan'') and American United Life Insurance Company, as IRA provider ("AUL"), hereby agree as
follows:
I. Rollover of plan distribution. The Plan Administrator/Employer, by a direct rollover from the Plan, will
distribute to AUL the interest of the plan participants under the automatic rollover provisions of section
401(a)(31)(B) of the Internal Revenue Code.
2. Establishment of IRA. AUL has established a group individual retirement annuity ("IRA") to hold such amounts
and any other allowable rollover amounts in accounts established in the names of participants.
3. Investment of funds. AUL will invest the rollover IRA in an investment product designed to preserve principal
and to provide a reasonable rate of return. The goal of the investment product shall be to maintain, over the term
of the investment, the dollar value equal to the amount invested by the rollover IRA. Amounts rolled over to this
AUL rollover IRA are held for accumulation in the participants' accounts at fixed rates of interest paid by AUL.
The fixed rates of credited interest cannot be less than the minimum interest rate specified in the AUL rollover
IRA contract and in participants' certificates of participation in the AUL rollover IRA.
4. Regulated financial institution. AUL certifies that it is an insurance company, the products of which are
protected by state guaranty associations.
5. Comparable fees and expenses. All fees and expenses with respect to the AUL rollover IRA shall not exceed the
fees and expenses AUL charges for comparable IRAs established for reasons other than the receipt of an
automatic rollover distribution.
6. Enforceability by Participant. A participant whose interest in the Plan has been distributed to the AUL rollover
IRA shall have the right to enforce the terms of this Agreement against AUL with regard to the participant's
account in the AUL rollover IRA as evidenced by the participant's certificate of participation in the AUL rollover
IRA.
7. 30 day notice. Participants with balances greater than $250 and less than $5000 will be sent a notification letter
and forms to fill out and send back within 30 days. If forms are not received within 30 days then automatic
cashouts for balances less than $1000 will be paid out to the participant and balances between $1001 and $5000
will be rolled over to AUL.
8. Balances less than $250. Participants with balances less than $250 will be automatically cashed out and a check
will be issued. These balances are not subject to federal withholding and participants will receive a I 099-R at the
end of the year.
Executed by:
Plan Administrator: Signature: Signature Page Attached
Print Name & Title:
Date executed:
IRA Provider: AUL
Date executed:
Plan Number: G36865
CITY OF CARMEL, INDIANA
By and through its Board of Public Works and Safety
James Brainard Presiding Officer Date
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Mar An urke, Board Member Date
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Lori Wats ,` oard Member Date
ATTEST: •
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ana Cordray, IAMC, C rk-Treasurer Date