August xx, 2023
Susan Hughes, Vice President & Relationship Manager
U.S. Bank Institutional Trust & Custody
3121 Michelson Drive, Suite 300
Irvine, CA 92612
Dan Johnson, President
Public Agency Retirement Services, PARS
4350 Von Karman Ave., Suite 100
Newport Beach, CA 92660
RE: City of Marysville IRC 3121 Alternative of Social Security Termination of PARS Contract and Transfer of Data and Assets to the Accumulation Program for Part-Time and Limited-Service Employees (APPLE) Dear Susan Hughes and Dan Johnson:
We are writing to inform you that the City of Marysville (the City) has decided to adopt a revised IRC 3121 Alternative to Social Security for part-time employees who are not in Social Security, referred to as the Accumulation Program for Part-Time and Limited-Service Employees (APPLE) effective November 1, 2023. In accordance with our Agreement for Administrative Services item 20, Term of Agreement, is the City’s written ninety (90) day written notice for transition of current plan assets November 30, 2023.
In conjunction with the adoption of the revised program, the City has authorized the undersigned, along with US BENCOR MidAmerica (USBMA), the Plan Third Party Administrator, to take appropriate action to effectuate the APPLE Plan, with the transfer of the Plan Assets to American United Life Insurance Company (AUL) and appointment of the City of Marysville as the new plan trustee. The City of Marysville accepts their role as plan trustee.
Upon the complete transfer of assets, Public Agency Retirement Services (PARS) is hereby removed as trust administrator and U.S. Bank N.A. is hereby removed as trustee.
USBMA is willing to accept all assets for all participants and place monies in similar qualified plan programs. Please accept this letter on behalf of all participants. It is requested that the assets of the plans be liquidated and delivered via electronic funds transfer to the below referenced AUL trust account established by USBMA for the purpose of facilitating the investment of the assets with AUL.
In accordance with the foregoing resolution and the authority given to me by the Council, please arrange for the transfer of all assets of the PARS Trust to the APPLE Plan as follows:
ACH / Wire Instructions
ROUTING NUMBER: 026009593 (for wires only)
ROUTING NUMBER: 063100277 (for ACH only)
ACCOUNT NUMBER: 0055 6256 3459
TITLE ON ACCOUNT: AUL 3121 Contribution Trust, MidAmerica Administrative & Retirement Solutions, LLC.
BANK NAME: Bank of America, N.A.
BANK BRANCH: Lakeland, FL
BANK PHONE NUMBER: (863) 616-5318
REFERENCE: City of Marysville APPLE
The City asks that PARS please provide a “cash out” statement or final allocation from the latest valuation date as soon as administratively possible and send this via email to [email protected] and work directly with Keenan and USBMA to provide plan data records they request.
Requested Deconversion Timeline:
1. Initial demographic file sent to [email protected] within two weeks of this termination notice (or sooner)
2. Liquidation date: September 30, 2023
3. Transfer date of funds and participant records: November 30, 2023
4. Blackout period for distributions: November 1 – December 10, 2023 If modifications to requested timeline is needed by PARS to administer the plan transition, the City requests that PARS coordinates with Keenan and USBMA to finalize outside of this notice.
If you have any questions, please feel free to contact me.
Sincerely,
Jim Schaad
City Manager
City of Marysville
Cc: Jennifer Styczynski, City of Marysville
Kathy Magenheimer, City of Marysville
Nicole Moe, City of Marysville
Chris Jordan, Keenan
Melissa King, Keenan
Daniel Grever, US BENCOR MidAmerica