Comerica-Response-to.. - Franklin Regional Retirement (www

Transcription

July 9, 2010
Ms. Susan Bobe
Franklin Regional Retirement System
278 Main Street, Suite 311
Greenfield, MA 01301
Re: Custodial Services Proposal for Franklin Regional Retirement System
Dear Ms. Bobe:
Thank you for inviting Comerica Bank to respond to your RFP for the Franklin Regional
Retirement System. Attached please find our response which includes a fee schedule and
Executive Summary. The Franklin plan is exactly the sort of mid-sized client that Comerica is
dedicated to serving. This means that you would receive our state-of-the-art online technology
and one of the best custody relationship managers in the business, Daniel Berd. Dan’s focus is on
municipal plans like Franklin’s and he looks forward to demonstrating to you how attentive client
service can make your job easier. Finally, our careful attention to costs allows us to provide this
high level of service and technology at an extremely competitive price.
Please note that, in most cases, Comerica provides administrative services for our clients’ entire
plan, including commingled/mutual funds and alternative assets. While mutual funds are not
actually “under custody”, we can provide transaction services and reporting on the funds which
appear as “line items” in our statements. This structure gives clients the ability to look at their
plan in its entirety from a single source. I have included the costs for “line items” in our fee
schedule (but not the calculation) if you wish to include the funds now, or in the future. We are
happy to accommodate any level of service you request.
Kindly also note that Comerica is a world class paying agent – processing 297,000 payments a
month for hundreds of defined benefit plans. If Franklin wishes to utilize these services in the
future, the associated fees are included in our schedule.
Finally, Comerica would be happy produce the annual PERAC report schedules that were
provided by your office. The role of a good custodian is to help your staff be more efficient by
seeking out ways that we can add value. I have included an additional fee for this service in our
fee proposal.
We believe that a good relationship starts with a smooth transition and that begins with the very
first meeting. Dan and I look forward to visiting you at a time of your choosing. Please do not
hesitate to call or email with any questions. We would be honored to become Franklin’s
custodian.
Best regards,
Robey Newsom
Vice President
Comerica Response to
Request for Proposal for
Custodial Services
Franklin Regional Retirement System
July 9, 2010
Prepared by:
Robey Newsom, Vice President
Comerica Bank
230 Park Avenue, Suite 634
New York, NY 10169
646-823-1906
Email: [email protected]
Table of Contents
I.
Executive Overview
II.
Comerica Response
III.
Master Trust/Custody Annual Fee Schedule
Exhibit I:
Sample Customer Statement Guide and Custody Online
Login Information and Sample Transaction Screens
Exhibit II:
Sample Agreements
I.
EXECUTIVE OVERVIEW
How Comerica Solutions Can Benefit the Franklin Regional Retirement System
Exceptional service, expertise and information from reliable partners are vital keys to
success in today’s business environment. They allow organizations to cut costs,
minimize risks and maximize earnings. The solutions we are proposing are tailored to
help clients manage their resources as effectively and efficiently as possible. This
proposal includes information regarding our services and the relationship we look
forward to building with The Franklin Regional Retirement System.
Stability
Comerica has been in business for 160 years. As of March 31, 2010, Comerica
Incorporated reported total assets of $57 billion.
Fast facts on Comerica:
¾ Located in seven of the 11 largest cities
¾ Among the 25 largest U.S. banking companies
¾ #11 among bank holding companies with the most commercial and industrial loans
¾ Among the top 10 Ex-Im Bank working capital lenders
¾ #45 among DiversityInc “Top 50 Companies for Diversity” in 2010
¾ #2 pre-paid commercial card issuer (Nilson report)
Technology
Technology funding is a core requirement for continuing in the Master Trust/Custody
business. This technology has not only driven a shortened delivery time for client
information but has taken a great deal of cost out of the business resulting in the
reduction in prices for Master Trust/Custody services.
Comerica Bank continues to make investments in technology to provide our clients
with sophisticated Internet-based access to their information in real time, 24 hours a
day, 7 days a week. This access allows clients to access a complete range of standard
information as well as the ability to customize their data in a manner suited to their
internal operations.
Service
Comerica Bank structures its client service around the specific needs of each client.
The knowledgeable and proactive team we are proposing will leverage their extensive
industry experience through a collaborative working relationship and personalized
solutions. Product experts in areas such as benefit payments, charitable service, and
banking are also available to further maximize the benefits of working with Comerica.
In Summary
Comerica Bank is committed to providing our clients with personalized and exceptional
service. This proposal describes our products, services and commitment to custody
services. We are confident that Comerica Bank is an ideal partner and will exceed your
service requirements, now and in the future.
Comerica Response to Franklin Regional Retirement System Request for Proposal
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II.
COMERICA RESPONSE
History
Comerica Bank (NYSE: CMA) is a publicly held, full-service financial service provider
that was established in 1849 as the Detroit Savings Fund Institute. The corporation became
known as Comerica in 1982 to reflect its expanded presence throughout the United States
and abroad. From that time and throughout our 160 year history, we have provided unique
and innovative financial products and services to individuals and organizations worldwide.
Our focus and enduring client relationships have made Comerica Bank one of the 25
largest banking companies with over $57 billion in assets and 9,200 employees in over 400
offices worldwide.
Evolution of the Custody Department
Comerica Bank first began offering trust services in 1900 through the Detroit Trust
Company. We began offering Master Trust/Master Custody services in 1971. Since that
time, Comerica has continuously invested in this business line as part of the Bank’s overall
strategy to service institutions having multiple portfolios and/or multiple investment
advisors.
Client Service Philosophy – Attentiveness & Responsiveness
Comerica employs a dedicated Client Service Team approach to account administration,
and the team proposed works exclusively for Public Funds. Each relationship manager is
supported by a trust analyst who handles most day-to-day activities. The Client Service
Team is also supported by an active management team, specialists in functional areas, such
as benefit payments, securities lending, etc. as well as the full resources of Comerica’s
Trust Operations Department.
The Client Service Team for every relationship has designated backups from a client
servicing perspective, both at the relationship manager and analyst level. Account profiles
are maintained for every client relationship and are available to all administrative team
members should the need arise. This ensures that our clients will always receive prompt
and effective account servicing.
For your relationship specifically, we propose Dan Berd as the relationship manager, with
Felecia Relief as the assigned back-up relationship manager. Both Dan and Felecia work in
the Municipalities Unit of Client Administration and are seasoned trust professionals who
would share their combined years of experience for your benefit. As relationship manager,
Dan would be the daily contact and responsible for your overall relationship and
satisfaction with our trust services as well as all representation at meetings.
The Client Service Team will also include Patricia Mimms, trust analyst, who would
handle the daily activities within your accounts. Dan, Felecia and Patricia, as well as all
support staff, are all located in our Detroit, Michigan office. They sit within a few feet of
one another and report to the same business line executive. This streamlined and efficient
reporting structure benefits our clients when decisions about additional resources are
needed quickly for special situations, while the close proximity of the members of the
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Client Service Team benefits our clients through the efficient exchange of client-related
information and its overall team building effect.
Following are biographical sketches of the proposed Client Service Team:
Daniel A. Berd, Vice President
Mr. Berd serves as a relationship manager within the Municipalities Unit of Comerica's
Institutional Trust Department. His 25 years experience at Comerica Bank includes
valuable experience gained in the Trust Securities Services Group prior to joining the
Municipalities unit. Mr. Berd graduated from the University of Michigan-Dearborn with a
BSA in Finance and also received a MS in Corporate Finance from Walsh College. He
joined Comerica in 1985.
Felecia Relief, Assistant Vice President
Ms. Relief is a relationship manager in the Institutional Trust Department and handles the
day-to-day client contact. She has 23 years experience in the financial service and
customer service industries, which includes 10 years as a Relationship Manager. Prior to
joining Comerica Bank, she was the Benefits Coordinator/Team Leader at an office of
Salomon Smith Barney, Inc. Ms. Relief is a graduate of Grambling State University, where
she earned a Bachelor of Science degree in Management.
Patricia Mimms, Trust Analyst
Ms. Mimms is a Trust Analyst in the Municipalities Unit of the Institutional Trust Department. She
has 25 years of banking experience with Comerica, having worked in various capacities of
increasing responsibility. Ms. Mimms has an Associates degree in Liberal Arts.
Municipality Clients
Comerica currently services 561 ERISA-type defined pension plans and a substantial
number of them are public fund custody clients; following is a representative list. To ensure
the privacy of our clients, we have provided contact information only for the three
references at the bottom. Others can be furnished upon request.
BATTLE CREEK P F
BERRIEN COUNTY ERS
BIRMINGHAM RETIREE HEALTH CARE
CITY OF BIRMINGHAM
CHARTER TWP CLINTON P F
CHOWAN COUNTY
CITY OF ALPENA
CITY OF AUBURN HILLS
CITY OF AUBURN HILLS RET HLTH
CITY OF CLAYTON
CITY OF DEARBORN
CITY OF FERNDALE ERS and P F
CITY OF HARPER WOODS
CITY OF HIGHLAND PARK
CITY OF HOMESTEAD
CITY OF INKSTER P F
CITY OF JACKSON P F
CITY OF LIVONIA P F and VEBA
CITY OF MONROE
CITY OF MT. CLEMENS
CITY OF OAK PARK
CITY OF PLANO
CITY OF PONTIAC P F VEBA
CITY OF ROSEVILLE PENSION
CITY OF SOUTHFIELD ERS
CITY OF STERLING HEIGHTS ERS and P F
CITY OF TAYLOR GENERAL
CITY OF WARREN GENERAL
CITY OF WESTLAND P F
CITY OF FORT MYERS
CLARKSTON COMMUNITY SCHOOLS
CLAWSON FIRE DEPARTMENT
CLINTON TWP PUB EMPLY HLTH FND
CTY MELVINDALE P F
DEARBORN GENERAL
DEARBORN HEIGHTS GENERAL
3
DEARBORN HEIGHTS P F
DEARBORN P F REV
DEARBORN POLICE FIRE
DEARBORN POST EMPLOYMENT
HEALTH
DET. POLICE BENE.& PROT.ASSOC.
DETROIT METRO CREDIT UNION
FARMINGTON RETIREMENT PLAN
GENESEE COUNTY RETIREMENT
SYSTEM
GREATER ORLANDO AVIATION AUTH
GROSSE POINTE 401(H) WILSON
GROSSE POINTE PENSION WILSON
GROSSE POINTE WOODS
INDEPENDENCE TOWNSHIP
ITW BUILDING COMPONENTS GROUP INC
JACKSON COUNTY EMP
KENT DISTRICT LIBRARY
LAKE WORTH POL RLF PEN FD DIV II
MACOMB COUNTY ERS
MACOMB COUNTY RET MED
MIDLAND COUNTY ERS
MONROE COUNTY ERS
OAKLAND COUNTY ROAD COMM
OHIO STATE HIGHWAY PATROL
POMPANO BEACH ERS and PF
READING FIREMEN
READING OFFICERS and EMPLOYEES
RIVER ROUGE P F and ERS
SAULT STE MARIE POLICE/FIRE PENS
SHELBY TOWNSHIP FIRE AND POLICE
SPRING HILL COMMUNITY
AMBULANCE
ST CLAIR SHORES GENERAL
ST CLAIR SHORES P F
STATE OF MICHIGAN LRS
STERLING HEIGHTS ERS and P F
VILLAGE BEVERLY HILLS
VILLAGE OF GROSS POINT SHORES
VILLAGE OF PALM SPRINGS GENERAL
VILLAGE PALM SPRINGS HAZARDOUS
VIRGINIA POOLED OPEB TRUST FD
VOLUNTEER FIREFIGHTERS NY STATE
W BLOOMFIELD TWNSHP RET HLTH CA
WARREN GENERAL HEALTH TRUST
WARREN P F
WARREN P F HEALTH
WATERFORD TWP EMP RETIRE
WATERFORD TWP P F RETIRE
WEST BLOOMFIELD TWP
WYOMING ERS
We are pleased to provide the following references:
City of Warren Employees
Retirement System
City of Harper Woods Employee
Retirement
Carmella O'Neill, Administrator
Mickey Todd, City Clerk-Board
Secretary
Lake Worth Police Relief & Pension
Fund - Division II
Judith E. Fleming, Secretary / Board
Trustee
One City Square Suite 415
19617 Harper Avenue
120 North G Street
Warren, MI 48093
Harper Woods, MI 48225
Lake Worth, Florida 33460
586-751-6833
313-343-2510
561-586-1611, ext 101
[email protected]
[email protected]
[email protected]
Safekeeping of Assets
Through domestic and global depository relationships, Comerica can assure our clients that
all security transactions and cash movements are executed with the highest degree of
accuracy for both domestic and global securities. Comerica has the technology to support
all asset classes, now and in the future as a client’s portfolio grows.
Reporting
Our dedicated compliance attorneys staffed within the Institutional Trust department
monitor regulatory changes and ensure that we are servicing our account relationships and
providing reporting in compliance with regulations and accounting standards.
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Through the Comerica Trust Accounting System (ComTRAC II), we provide daily, fully
accrued, trade-dated investment accounting reports for individual portfolios as well as
consolidated account groups
In addition to the near real-time information available via Comerica’s Custody Online, a
Master Custody client receives a combined transaction and asset statement for each account
each month. The report provides a comprehensive record of their investments and
transactions during the statement period.
The reports generally include the following sections:
¾
¾
¾
¾
¾
¾
¾
Change in Net Assets
Summary of Assets
Schedule of Assets Held
Summary of Cash Transactions
Schedule of Income Earned
Schedule of Cash Receipts
Schedule of Cash Disbursements
¾
¾
¾
¾
¾
¾
¾
Schedule of Asset Acquisitions
Schedule of Other Receipts
Schedule of Asset Dispositions
Schedule of Other Disbursements
Schedule of Capital Changes
Schedule of Pending Trades
Broker Commission Reports
Statements are in the mail to our clients three to five business days after the close of the
period. Statements are available online one to two days after month-end through Custody
Online. We have provided a sample statement guide for your review in Exhibit I.
The majority of the reports that our clients need are available through our Internet product
Custody Online. Screen views and reports can be personalized and the client can select a
number of reports to download on demand, including the following:
¾
¾
¾
¾
¾
¾
¾
¾
¾
Investment Summary
Investment Detail
Tax Lot Detail
Asset Detail
Posted Transactions
Posted Transaction Detail
Cash Projection Summary
Cash Projection Detail
Pending Transactions
Custody Online Login Information and Sample Transaction Screens have been included in
Exhibit I.
We also offer Custom Reports which allows clients to download account information and
create specific ad-hoc customized reports. Both online products are available at your
convenience, free of charge.
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The transaction data can be sorted chronologically, by transaction type, by security number
or by security name. Transaction data is also available in a number of date ranges; daily,
monthly, quarterly, annual or specified dates. Asset data can be sorted by security name,
security number, investment category, industry sector, market value, gain/loss, yield, plus
more.
Custody Online provides two different ways to export data. You can either use a screen
'Download’ feature that allows you to customize your reports, or a ‘File download’ tab for
a standard report download option. Reports can be exported for one account or multiple
accounts. Files can be downloaded into Excel, Lotus 123, Comma Delimited, Semi-colon
Delimited, Tab Delimited or Fixed Length file types.
Controls and Reconciliation
We have extensive procedures and controls in place to ensure that:
¾ Purchases and sales are properly documented and recorded completely
¾ Investment income is collected in a timely manner and recorded to the appropriate
accounts
¾ Market values are properly calculated using reputable and accurate pricing sources
¾ Security positions with our depositories are reconciled on an on-going basis
These controls, among others, along with internal review and reconcilement procedures
ensure the accuracy of our periodic reports. Additionally, numerous systematic audit
controls in our trust accounting system ensure that all monthly statements are in balance
before they are generated.
Comerica works proactively with investment management firms across the country and
around the world to reconcile holdings and ensure proper handling of master trust and
custody accounts. Since Comerica’s records would be the “books of record” for the client,
the reconciliation process would see the investment managers reconciling their books to
Comerica’s. Comerica Trust Operations personnel as well as the client service team would
actively assist your investment managers with any issues uncovered in the reconciliation
process.
We provide our clients’ investment managers with near real-time access to online
information, which provides the opportunity for reconcilement on a daily, weekly, and
monthly basis. In addition, we send automated file feeds to many data aggregators who
reconcile our records to the managers. Any discrepancies noted are researched and
resolved as soon as they are discovered. The assigned trust analyst would work with the
investment manager to resolve the issue.
The majority of trade instructions from investment managers are communicated
automatically via the DTC ID System, also known as TradeSuite. Exception trades, such
as “same day” trades are communicated via fax. Also, Comerica Bank has SWIFT trade
message capabilities.
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Internally, there is reporting in place to help the Trade Processing Unit prevent the
following situations:
• processing of duplicate trades
• the accidental changing / canceling of trades
• daily reconcilement of our holdings with depositories
All uninvested cash, regardless of processing time, is swept and earns interest on the same
day with Comerica’s end-of-day sweep cash management vehicles.
Tax Reporting
Comerica also provides annual statements which have 5500 schedules to assist our clients’
tax preparers in completing the 5500 returns. Comerica provides consolidated year-end
trust reports that are in the same format as our periodic reports with the exception of the
following additional schedules:
¾ 5500 Schedule H Part I – Asset and Liability Statement
¾ 5500 Schedule H Part II – Income and Expense Schedule
¾ Report of 5% Transactions
¾ Broker Commission Report
Total Quality Management
Comerica is committed to the highest quality financial services. As a result, we combine
on-going key performance measurement reviews and formal and informal client feedback
to monitor team performance and client satisfaction.
Key Performance Measures
Every unit at Comerica develops a series of quality key performance measures (KPMs)
based on the service expectations defined by their clients. KPM’s are monitored
continuously and reported monthly. The primary KPM categories are:
• Timeliness - The time it takes to turn around a product or service to the customer
• Accuracy - Doing it right the first time with zero defects, providing service and products
without mistakes and eliminating rework
• Responsiveness - The readiness to service customers; the willingness to serve customers
promptly and efficiently
Client Feedback
In addition to our key performance measures, we actively solicit feedback from our clients
regarding our performance. Our Client Service Team also monitors customer satisfaction
on a continual basis through direct, frequent communication with each client.
Conversion
Comerica assigns the coordination of the implementation and conversion process to the
Client Service Team assigned to the relationship. While each team member has specific
responsibilities, the proposed Relationship Manager, Dan Berd, would serve as project
leader and daily contact during the conversion.
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The Client Service Team’s direct involvement in the conversion process allows the
members to gain immediate familiarity with the relationship structure and client
preferences and provides continuity of service after the conversion is complete. Dan would
be responsible for your success from day one and for many years to come.
Conversion Controls
Great care is exercised in the conversion of new relationships to Comerica Bank. Our
dedicated Client Service Team coordinates the transfer of assets from the prior custodian
and builds controls into the conversion timeline to ensure that all tasks are completed as
instructed by the client service team and client.
• Monthly statements are immediately requested of the prior custodian so the Client
Service Team can become familiar with the operation of the relationship. These
statements are required until all accounts are cleared from the prior custodian.
• A list of account assets are also requested of the prior custodian one month before
conversion, 2 days before conversion, on the day of conversion, and subsequent to the
conversion. This ensures that all assets and residual cash transactions are properly
transitioned and recorded on our systems.
• Procedures are also immediately set with the prior custodian regarding all daily activities
of the relationship until all assets have been transitioned to Comerica. The Client Service
Team continually coordinates activities with the prior custodian.
The conversion process immediately begins with a meeting between the Comerica Client
Service Team and the client’s staff to discuss all conversion issues and develop a project
plan. Following the meeting, a detailed conversion schedule is prepared, which outlines
the responsibilities for each step in the conversion including target dates for
accomplishment. Historical data can be loaded once we receive complete pool and donor
account information including all donor balances from the client. We also will require the
prior custodian statements for the same time period, and any subsequent statements until
the prior custodian statements are at a zero balance.
Transitions typically take between 30 to 60 days. However, Comerica will accommodate
any client timeframe. Following is a sample conversion timeline:
COMERICA BANK
Sample Transition Activities
(assuming a 30 day conversion on August 1, 2010)
To Be Completed By:
CLIENT RESPONSIBILITIES
Action
1 month prior to
transition
Provide Comerica with a copy of the existing custody agreement.
1 month prior
Provide Comerica with names and phone numbers of contacts at
former custodian and investment managers.
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1 month prior
1 month prior
1 month prior
2 weeks prior
Post conversion
Instruct former custodian to transfer assets to Comerica Bank on
August 1, 2010. Provide a copy of the notification letter to your
relationship manager at Comerica Bank.
Inform investment managers of Comerica Bank’s appointment as
successor custodian. Provide copies of the notification letters to your
relationship manager at Comerica.
Inform Comerica of decisions on what reporting services are required.
Provide executed agency/custody agreement(s) and other required
documentation necessary to establish the relationship(s) with
Comerica Bank.
Provide Comerica with a letter approving the final accountings from
the former custodian.
COMERICA BANK RESPONSIBILITIES
To Be Completed By:
Action
1 month prior
Review custody documents and forward Comerica Bank Agreement(s)
to client and/or their attorney for review.
1 month prior
Send security and cash delivery instructions to former custodian.
1month prior
Send investment managers procedural letter covering our requirements
for entering security orders and for cash management.
1month prior
Contact former custodian to review transition activities and to obtain a
preliminary list of assets.
1 month prior
2 weeks prior
2 weeks prior
1 week prior
Transition day
Transition day
Post conversion
Post conversion
Review asset listings from former custodian to identify items requiring
special re-registration procedures.
Coordinate with investment managers to prepare for any trades, which
would settle on or after August 1, 2010 at Comerica Bank (assuming
cash and securities are being transferred from former custodian).
Execute agency/custody agreement(s). Forward an executed copy to
the client for their file(s).
Review final asset listing from former custodian. Monitor receipt of
all daily transactions from former custodian between the time they
prepared the final asset lists until all accounts are zeroed out.
Receive cash transfers and inform investment managers of availability.
Receive securities delivered physically with appropriate powers and
tax waivers from former custodian and immediately begin preparing
them to be sent out to the transfer agents for re-registration. Comerica
will keep investment managers informed of status.
Review former custodian’s statements to confirm Comerica received
all assets.
Commence regular reporting procedures with August 31, 2010 cash
transaction and asset statement.
FORMER CUSTODIAN RESPONSIBILITY
To Be Completed By:
Action
Review transition activities and provide Comerica Bank with a
1 month prior
preliminary list of assets by tax lot held for each portfolio showing
original trade date, number of shares or par value of each lot, location
9
2 weeks prior
1 week prior
When accounts are
zeroed out
Transition day
Transition day
Transition day
Transition day (Fax in
morning)
When accounts are
zeroed out
Three weeks post
conversion
FORMER CUSTODIAN RESPONSIBILITY
code, CUSIP, book value and market value if available.
Arrange for Comerica Bank to receive monthly statements
commencing July 31, 2010 and until accounts are zeroed out.
Provide final lists of assets with same information as outlined above,
48 hours before the actual transfer. Fax asset lists to Comerica Bank
in the morning.
Update Comerica Bank on all daily transactions between the times the
final asset lists are prepared until all accounts are zeroed out.
All trades with settlements on or after August 1, 2010 should settle at
Comerica Bank, assuming cash and securities are transferred on
August 1, 2010.
Transmit cash balances to Comerica Bank via Federal Funds wire.
Comerica Bank should be telephoned in advance of wire by 10:00
a.m. EST.
Deliver all securities to Comerica Bank as per instructions via DTCC,
Fed Book Entry, and/or physical with proper paperwork attached.
Provide Comerica Bank with a list of securities as of July 31, 2010.
Transfer any cash credited on or after August 1, 2010 to Comerica
Bank on a daily basis with a description and breakdown by account.
File a certified final asset statement for each portfolio and the total
trust with the client and Comerica Bank.
Performance Measurement
For over thirty years, Comerica has offered performance measurement and consulting as a
key component of our Institutional Trust custody services. Easy and cost-effective,
Comerica’s dedicated Performance Measurement Team assists clients in monitoring and
evaluating performance of their investment managers.
Our performance measurement services range from the calculation and attribution of
portfolio returns and customized benchmarking to manager universe comparisons. We also
offer services designed to support asset allocation and manager selection decisions.
The following is a summary of the key services provided:
¾ Portfolio performance results on a monthly, quarterly and/or annual basis.
¾ Portfolio performance for both the total portfolios and their component asset segments
(i.e. equities, fixed income). Calculation of time-weighted total and income rates of
return Ability to aggregate performance of individual manager's portfolios to provide
returns for a total pool of assets or any definable subset.
¾ Comparisons to virtually any market index or customized benchmark which provides
an appropriate measure of manager's performance.
¾ Monitoring of compliance of investment policy guidelines or adherence to a specified
style.
¾ Peer group comparisons are used to measure an investment manager’s ability to
outperform managers that invest using similar strategies.
10
Performance calculations use a time-weighted, Modified Dietz Method to calculate returns
on traditional and marketable securities portfolios. This method weights each cash flow by
the amount of time it is held in the portfolio. For private funds, the reporting system
calculates an internal rate of return using client-specific cash flows to and from a given
partnership. We gather market value, contribution, distribution, income, fee, and accrued
income data from the custodial statements for input to our proprietary performance
reporting system.
Depending on the fund and client preference, information may be provided by the fund
directly, the client or by Comerica as custodian. It is preferred that the information come
directly from an independent third party.
Performance reports are produced and delivered on a quarterly basis. Most reports will be
generated and delivered by the fourth week following the end of the quarter.
We can also generate monthly non-reconciled “Flash Reports” as early as the fifth business
day after month end, although these reports also rely on data provided by custodians.
Monthly “Flash Reports” would include a summary of investment performance and a
schedule of asset allocation. Monthly flash reports also include a monthly performance
column in addition to the standard performance columns.
To ensure the accuracy of our performance, we reconcile our performance to that of the
portfolio manager’s performance. The performance of the portfolio manager is collected
on a quarterly basis through the use of a “Quarterly Compliance Questionnaire” (QCQ).
On this form we ask for performance, market value, cash flows and any other pertinent data
needed to thoroughly reconcile performance. The reconciliation process is completed once
there is a 10 basis point or less difference between the manager’s performance and ours for
the quarter and a 20 basis point difference or less for the trailing twelve months. After
reconciliation, a draft of the performance report is generated to be reviewed for accuracy
before distribution.
The entire process of performance calculation, reconciliation, report production and report
review is documented and utilizes checklists for quality assurance. At each step of the
process, persons responsible for their particular area must sign off before moving the report
to the next step. The report is sent for distribution to the client after the consultant has
reviewed the final draft.
Summary
Comerica Bank’s Institutional Trust Division is focused on plans like yours. Our
commitment to attentive client service and state-of-the-art technology would make us a
great fit for the Franklin Regional Retirement System.
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COMERICA BANK’S MASTER TRUST/CUSTODY
ANNUAL FEE SCHEDULE
FRANKLIN REGIONAL RETIREMENT SYSTEM
Market Value Custody Fee (for separately held securities only)
5 bps on first $50MM
2.5 bps thereafter
Standard Fees
Trustee Fee (if serving in that capacity):
$1,000
Account Fee:
$ 500 per portfolio
Commingled/Mutual Funds/LP’s*
$1,000 “line item” fee each
Activity Fees
Buy/Sell/Maturity
Internet Access and Training
Wire Transfer Out
Included
Included
$17
Performance Measurement and Special Reporting
Monthly Reporting (per calculation)
$ 600
Annual PERAC Reports
$2,000
Pension Payments
Periodic Payments (Checks & EFT)
Lump Sum Payments
New Retiree Setup
Tax Withholding/Payments and Reporting
1099R, W2 produced and distributed
Call Center Services
Messaging on checks/EFT confirmations
Benefit Payment Online web access
$2.00 per payment (plus postage)
$20 per payment (plus postage)
Included
Included
Included
Included
Included
Included
CALCULATION PREPARED FOR FRANKLIN
Market Value Fee ($11.2MM separate assets)
Account Fee (2 separately managed)
PERAC Reports (Schedules 4A, B & C)
$
$
$
Total Estimated Annual Fee**
$ 10,000
*No market value fee applies to these assets
**Subject to annual minimum fee of $10,000
5,600
1,000
2,000
Exhibit I
ComTRAC
Customer Statement Guide
Features
Your ComTRAC Statement of Account
provides a comprehensive record of your
investments and transactions during the
reporting period. In this guide, we have
provided sample pages to familiarize you
with the key features of your statement.
The statement COVER PAGE provides the
following account information:
• Statement time period
• Account name
• 10-digit account number
• Statement mailing address
• Relationship manager name and
telephone number
ABC ORGANIZATION
Client Statem ent
Statem ent Period
Account Num ber
Page
01/01/2006 through 01/31/2006
1234567890
MAIL CODE 9999
TRUST ADMINISTRATION
COMERICA BANK
ACCOUNT STATEMENT
FOR THE PERIOD
JANUARY 1, 2006 THROUGH JANUARY 31, 2006
The account name, account number and
statement period appear on each schedule
in the statement.
ABC ORGANIZATION
ACCOUNT NUMBER 1234567890
ABC ORGANIZATION
123 ANYWHERE STREET
CITY, STATE 12345
RELATIONSHIP MANAGER:
PHONE NUMBER:
Page 1
Features
The schedules included in the current
statement are listed on the TABLE OF
CONTENTS page. Only schedules with
activity during the reporting period will be
included in your statement package.
ABC ORGANIZATION
Client Statem ent
Statem ent Period
Account Num ber
Page
01/01/2006 through 01/31/2006
1234567890
Table Of Contents
The complete statement package is
numbered sequentially to assist you with
locating a specific schedule.
CHANGES IN NET ASSETS
4
SUMMARY OF ASSETS
5
SCHEDULE OF ASSETS HELD
7
SUMMARY OF CASH TRANSACTIONS
30
SCHEDULE OF INCOME EARNED
31
SCHEDULE OF CASH RECEIPTS
41
SCHEDULE OF CASH DISBURSEMENTS
42
SCHEDULE OF ASSET ACQUISITIONS
43
SCHEDULE OF OTHER RECEIPTS
47
SCHEDULE OF ASSET DISPOSITIONS
48
SCHEDULE OF OTHER DISBURSEMENTS
53
SCHEDULE OF CAPITAL CHANGES
54
SCHEDULE OF PENDING TRADES
55
BROKER COMMISSION REPORT
56
Page 2
Features
This schedule summarizes the various
activities during the reporting period which
impact the cost value or market value of
the account.
ABC ORGANIZATION
Client Statem ent
Statem ent Period
Account Num ber
Changes In Net Assets
A. Cost Value
Value of the account (excluding unrealized
gains or losses)
B. Market Value
Value of the assets as of statement date
(including all unrealized gains and losses)
NOTE: This sample statement is
presented based on trade date accounting
(settlement date is available).
Page 4
01/01/2006 through 01/31/2006
1234567890
A
B
COST VALUE
129,848,127.43
MARKET VALUE
146,126,876.43
294,185.37
0.00
834,193.94
393,908.48
294,185.37
0.00
834,193.94
-74,246.14
-65,648.22
0.00
1,456,639.57
2,207.52
689,889.19
1,746,229.88
CONTRIBUTIONS & OTHER INCREASES
ASSETS RECEIVED
EMPLOYER CONTRIBUTION
MISCELLANEOUS RECEIPTS
TOTAL CONTRIBUTIONS & OTHER INCREASES
87,993.00
26,000.00
51,000.00
164,993.00
571,810.65
26,000.00
51,000.00
648,810.65
DISTRIBUTIONS & OTHER DECREASES
ASSETS DISTRIBUTED
TAXES PAID
TOTAL DISTRIBUTIONS & OTHER DECREASES
-1,254,717.04
-1,311.00
-1,256,028.04
-1,254,717.04
-1,311.00
-1,256,028.04
130,213,731.96
147,265,888.92
BEGINNING BALANCE AS OF 01/01/2006
EARNINGS
CASH INCOME
LESS PRIOR ACCRUED INCOME
PLUS CURRENT ACCRUED INCOME
REALIZED GAIN/LOSS ON SALE OF ASSETS
REALIZED GAIN/LOSS ON IN-KIND DISTRIBUTIONS
REDUCTIONS
NET UNREALIZED GAIN OR LOSS
TOTAL EARNINGS
ENDING BALANCE AS OF
01/31/2006
Page 3
Features
This schedule summarizes the cost and
market values of the assets and liabilities
in your account for the beginning and the
end of the statement period.
ABC ORGANIZATION
Summary Of Assets
A. Cost Value
gains or losses)
B. Market Value
Page 5
01/01/2006 through 01/31/2006
1234567890
Client Statem ent
Statem ent Period
Account Num ber
CASH
DUE FROM BROKERS
ACCRUED INCOME
TOTAL CASH & RECEIVABLES
A
B
AS OF 01/01/2006
AS OF 01/31/2006
MARKET VALUE
COST VALUE MARKET VALUE
COST VALUE
ASSETS
2,349.12
2,349.12
850.00
850.00
663,503.89
663,503.89
1,099,580.92
1,099,580.92
0.00
0.00
834,193.94
834,193.94
665,853.01
665,853.01
1,934,624.86
1,934,624.86
DEBT SECURITIES
US GOVERNMENT OBLIGATIONS
US SAVINGS BONDS
US FEDERAL AGENCIES
INFLATION INDEX BONDS
MORTGAGE BACKED SECURITIES
COLLATERALIZED MTG OBLIGATIONS
ASSET BACKED SECURITIES
CORPORATE BONDS
FOREIGN BONDS AND NOTES
TOTAL DEBT SECURITIES
3,043,804.60
0.00
4,719,920.11
2,662,955.19
22,679,977.86
1,998,615.73
7,503,826.55
29,212,199.88
78,757.50
71,900,057.42
3,093,077.75
0.00
4,484,012.75
2,707,300.50
22,047,836.06
1,960,657.83
7,647,151.18
29,925,139.73
76,704.75
71,941,880.55
3,043,814.60
150.00
4,719,920.11
2,662,955.19
21,884,495.18
1,998,615.73
7,503,826.55
28,735,792.30
78,757.50
70,628,327.16
3,165,235.21
1,450.80
4,510,448.50
2,707,300.50
21,371,136.54
2,000,154.32
7,671,311.19
29,663,668.25
76,875.75
71,167,581.06
EQUITY SECURITIES
COMMON STOCK
CLOSELY HELD - EQUITY
FOREIGN STOCK
ADR
CLOSED END MF - EQUITY
REAL ESTATE INVESTMENT TRUSTS
TOTAL EQUITY SECURITIES
48,806,104.15
2.06
801,722.20
1,706,316.10
5,737,359.60
419,574.27
57,471,078.38
64,212,771.98
6.06
885,790.00
1,936,512.21
5,827,680.00
845,244.00
73,708,004.25
48,480,830.01
2.06
801,722.20
1,706,316.10
5,737,359.60
419,574.27
57,145,804.24
63,893,776.03
6.06
863,150.00
2,044,193.21
6,051,240.00
806,342.00
73,658,707.30
199,937.79
199,937.79
199,937.79
199,937.79
1,010,144.65
1,010,144.65
1,010,144.65
1,010,144.65
SHORT TERM INVESTMENTS
TOTAL SHORT TERM INVESTMENTS
TOTAL HOLDINGS
TOTAL ASSETS
129,571,073.59
145,849,822.59
128,784,276.05
145,836,433.01
130,236,926.60
146,515,675.60
130,718,900.91
147,771,057.87
LIABILITIES
DUE TO BROKERS
TOTAL LIABILITIES
TOTAL NET ASSET VALUE
388,799.17
388,799.17
129,848,127.43
388,799.17
388,799.17
146,126,876.43
505,168.95
505,168.95
130,213,731.96
505,168.95
505,168.95
147,265,888.92
Page 4
Features
This second part of the Summary of
Assets provides a graphical display of the
assets by major asset category in your
account for the beginning and the end of
the period.
ABC ORGANIZATION
Client Statem ent
Statem ent Period
Account Num ber
Page 6
01/01/2006 through 01/31/2006
1234567890
Beginning Market Allocation
A
A. % of the Market
Percentage that each investment category
represents to the total market value
0.5%
B. Description
Major asset category
C. Market Value
Value of the assets (including all
unrealized gains and losses)
B
CASH & RECEIVABLES
C
665,853.01
49.2%
DEBT SECURITIES
71,941,880.55
50.4%
EQUITY SECURITIES
73,708,004.25
-0.3%
LIABILITIES
-388,799.17
199,937.79
0.1%
100.0%
Total
146,126,876.43
Ending Market Allocation
1.3%
CASH & RECEIVABLES
1,934,624.86
48.3%
DEBT SECURITIES
71,167,581.06
50.0%
EQUITY SECURITIES
73,658,707.30
-0.3%
LIABILITIES
0.7%
100.0%
Total
-505,168.95
1,010,144.65
147,265,888.92
Page 5
Features
The Investment Allocation section
provides a graphical display of the assets
by investment category at the end of the
period. Short Term Investments include
Liabilities as well as Cash & Receivables.
ABC ORGANIZATION
Page 7
01/01/2006 through 01/31/2006
1234567890
Client Statem ent
Statem ent Period
Account Num ber
Investm ent Allocation
The Investment Summary section
summarizes the assets in your account at
the end of the period. Details for each
asset category can be found in the next
Investment Review section.
48.3%
DEBT SECURITIES
71,167,581.06
50.0%
EQUITY SECURITIES
73,658,707.30
1.7%
100.0%
A. Cost
gains or losses)
2,439,600.56
Total
147,265,888.92
B. Market Value
C. % of Acct
Percentage that each investment category
represents to the total market value
Investm ent Sum m ary
A
D. Estim Ann Inc
Estimated Annual Income is based on
current accrual information
E. Income Yield
Estimated Annual Income (D) divided by
Market Value (B)
Market Value
C
% of
Acct
DEBT SECURITIES
70,628,327.16
71,167,581.06
48.33%
3,763,412
EQUITY SECURITIES
57,145,804.24
73,658,707.30
50.02%
1,407,547
1.91
2,439,600.56
2,439,600.56
1.66%
21,718
0.89
130,213,731.96
147,265,888.92
100.00%
5,192,677
3.53
Cost
TOTAL ASSETS
B
D
Estim
Ann Inc
E
Incom e
Yield
5.29
Page 6
Features
This section details each asset by category
held in the account. Fixed income assets
are listed chronologically, by maturity.
Equities are listed in CUSIP number order.
A. Units
Number of shares or units held at the end
of the period
B. Asset Description
Detailed information on each asset
including date of maturity for fixed assets,
and applicable CUSIP numbers
ABC ORGANIZATION
Page 8
01/01/2006 through 01/31/2006
1234567890
Client Statem ent
Statem ent Period
Account Num ber
A
B
C
D
E
F
G
COST
UNIT
PRICE
MARKET
VALUE
UNREALIZED
GAIN/LOSS
737,646.93
99.598
737,025.20
(621.73)
740,000
UNITED STATES TREAS NTS 1.875%
11/30/2006
912828BS8
792,773.70
117.242
838,280.30
45,506.60
715,000
UNITED STATES TREAS BNDS 5.275%
02/15/2031
912810FP8
71,167,581.06
539,253.90
UNITS
ASSET
DESCRIPTION
YIELD AT
MARKET
DEBT SECURITIES
C. Cost
Value of assets when acquired
D. Unit Price
Market price at the end of the period or
most recent valuation
E. Market Value
Value of assets as of the statement date
based on Unit Price (D) multiplied by the
number of units held (A)
TOTAL DEBT SECURITIES
F. Unrealized Gain/Loss
Market Value (E) minus Cost (C)
70,628,327.16
1.883
4.585
EQUITY SECURITIES
COMMON STOCK
G. Yield at Market
Number of Units (A) X Annual Income
Rate (provided in B for Fixed Assets) )
Market Value (E)
For Equities, the Annual Income Rate is
provided by our pricing vendor based on
the last dividend paid.
700
AFLAC INC
1055102
30,641.66
43.22
30,254.00
2,600
BOEING CO
97023105
140,328.32
67.02
174,252.00
DUE FROM BROKERS
DUE TO BROKERS
ACCRUED INCOME
TOTAL CASH
TOTAL SHORT TERM INVESTMENTS
TOTAL ASSETS
1,099,580.92
-505,168.95
834,193.94
1,429,455.91
2,439,600.56
130,213,731.96
1,099,580.92
-505,168.95
834,193.94
1,429,455.91
2,439,600.56
147,265,888.92
-387.66
33,923.68
0.00
0.00
0.00
0.00
0.00
2.897
1.492
0.00
0.00
0.00
0.00
0.00
17,052,156.96
Page 7
Features
This schedule displays the beginning and
ending cash balances, and summarizes
the cash flows that occurred in the account
during the reporting period.
A. Receipts
The detail of all cash inflows can be found
in the following:
• SCHEDULE OF INCOME EARNED
• SCHEDULE OF CASH RECEIPTS
• SCHEDULE OF OTHER RECEIPTS
• SCHEDULE OF ASSET DISPOSITION
B. Disbursements
The detail of all cash outflows can be
found in the following:
• SCHEDULE OF CASH
DISBURSEMENTS
• SCHEDULE OF OTHER
DISBURSEMENTS
• SCHEDULE OF ASSET ACQUISITION
ABC ORGANIZATION
Client Statem ent
Statem ent Period
Account Num ber
Page 30
01/01/2006 through 01/31/2006
1234567890
Summary Of Cash Transactions
RECEIPTS
A
CASH BALANCE AS OF
01/01/2006
INCOME RECEIVED
DIVIDENDS
INTEREST
TOTAL INCOME RECEIPTS
2,349.12
89,005.44
205,179.93
294,185.37
CASH RECEIPTS
EMPLOYER CONTRIBUTIONS
TOTAL CASH RECEIPTS
26,000.00
51,000.00
77,000.00
OTHER RECEIPTS
48,475.00
PROCEEDS FROM THE DISPOSITION OF ASSETS
1,105,956.71
1,525,617.08
TOTAL RECEIPTS
CASH DISBURSEMENTS
TAXES PAID
TOTAL CASH DISBURSEMENTS
B
DISBURSEMENTS
1,311.00
1,311.00
COST OF ACQUISITION OF ASSETS
1,525,805.20
1,527,116.20
TOTAL DISBURSEMENTS
CASH BALANCE AS OF
01/31/2006
BREAKDOWN OF CASH BALANCES
CASH
DUE FROM BROKER
DUE TO BROKER
TOTAL CASH
850.00
850.00
1,099,580.92
505,168.95
595,261.97
Page 8
ABC ORGANIZATION
Features
The Income Allocation section provides a
graphical display of the income earned by
investment type over the reporting period.
Schedule Of Income Earned
Incom e Allocation
0.6%
2.7%
0.9%
18.1%
54.1%
8.5%
0.7%
5.5%
9.0%
100.0%
The Income Schedule provides details of
net income earned during the reporting
period. Transactions are categorized by
income category and are in CUSIP order
within the income category.
A. Date
Date field will indicate when the income
was received. If the payment is pending,
the date will not appear.
B. Description
Information on the asset including number
of shares or units, payable date for
accruals and ex date for common stock
C. Beginning Accrual/Receivable
Prior period accruals
D. Cash Received
Actual received amount of income for that
asset
E. Ending Accrual/Receivable
Interest or dividend payment accumulated
at the end of the period
F. Income Earned
Cash Received (D) plus Ending Accrual
(E) minus Beginning Accrual (C)
G. Market/Cost Basis
The amortization/accretion amounts per
asset, when applicable
Page 31
01/01/2006 through 01/31/2006
1234567890
Client Statem ent
Statem ent Period
Account Num ber
ADR
7,198.19
30,443.94
9,645.17
COLLATERALIZED MTG OBLIGATION
COMMON STOCK
203,823.21
CORPORATE BONDS
610,335.86
95,591.33
REAL ESTATE INVESTMENT TRUSTS
7,420.00
US FEDERAL AGENCIES
62,089.84
101,831.77
Total
1,128,379.31
Incom e Schedule
A
B
C
D
BEGINNING
ACCRUAL/
RECEIVABLE
DATE
DESCRIPTION
DIVIDENDS
COMMON STOCK
CUSIP #887317105
TIME WARNER
55,0300.00 SHS PAYABLE 02/06/2006
EX 01/26/2006
SECURITY TOTAL
0.00
0.00
0.00
0.00
E
F
ENDING
ACCRUAL/
RECEIVABLE
CASH
RECEIVED
INCOME
EARNED
0.00
315.00
315.00
0.00
315.00
0.00
315.00
G
MARKET/COST
BASIS
Page 38
TOTAL COMMON STOCK
0.00
0.00
81,585.44
122,237.77
0.00
203,823.21
7,198.19
7,198.19
7,198.19
0.00
7,198.19
ADR
CUSIP #055622104
BP PLC SPON ADR
13,442.00 SHRS PAYABLE 02/15/2006
EX 01/10/2006
SECURITY TOTAL
0.00
0.00
0.00
0.00
0.00
Page 9
Features
This schedule provides details on cash
receipts that are coded as one of the
following types of receipts:
•
•
•
•
•
•
•
•
•
•
Employer Contribution
Employee Contribution
Rollover Contribution
In-Kind Contribution
Redeposits
Transfers
Transfers In-Kind
Loan Repayments
Miscellaneous Receipt
Other Income
ABC ORGANIZATION
Client Statem ent
Statem ent Period
Account Num ber
Page 41
01/01/2006 through 01/31/2006
1234567890
Schedule Of Cash Receipts
A
DATE
B
DESCRIPTION
C
CASH
01/10/2006 REC'D FROM COMPANY ABC
26,000.00
Category totals are also listed on the
SUMMARY OF CASH TRANSACTIONS.
A. Date
Receipts are listed in chronological order
within the category
TOTAL EMPLOYER CONTRIBUTIONS
26,000.00
B. Description
Type and explanation of cash inflow
01/13/2006 REC'D FROM CHASE BANK
TO COVER CUSTODY FEES
51,000.00
C. Cash
Amount of the receipt
TOTAL MISCELLANEOUS RECEIPTS
51,000.00
TOTAL CASH RECEIPTS
77,000.00
Page 10
Features
This summary provides details on cash
disbursements that are coded as one of
the following types of disbursements:
•
•
•
•
•
•
Benefit Payments & Distributions
New Loans Issued
Fees and Expenses
Taxes Paid
Transfers
Miscellaneous Disbursements
Category totals are also listed on the
SUMMARY OF CASH TRANSACTIONS.
A. Date
Disbursements are listed in chronological
order within the disbursement category
ABC ORGANIZATION
Client Statem ent
Statem ent Period
Account Num ber
Page 42
01/01/2006 through 01/31/2006
1234567890
Schedule Of Cash Disbursements
A
B
DATE
DESCRIPTION
TAXES PAID
01/04/2006
PER CUSTOMER REQUEST
C
CASH
1,311.00
TOTAL TAXES PAID
1,311.00
TOTAL CASH DISBURSEMENTS
1,311.00
B. Description
Type and explanation of the cash outflow
C. Cash
Amount of the disbursement
Page 11
Features
The Purchase Allocation section
provides a graphical display of the assets
by investment category purchased
throughout the reporting period.
ABC ORGANIZATION
Page 43
01/01/2006 through 01/31/2006
1234567890
Client Statem ent
Statem ent Period
Account Num ber
Schedule Of Asset Acquisition
Purchase Allocation
The Purchase Schedule provides details
on all assets purchased during the
reporting period. Assets are listed in
CUSIP number order. Free receipts, if
any, will be listed after the Purchases
category of the schedule.
28.9%
19.1%
50.3%
1.7%
100.0%
A. Trade Date
Date on which the security trade occurred
COMMON STOCK
CORPORATE BONDS
Total
474,168.95
314,429.00
826,079.43
27,497.60
1,642,174.98
B. Settlmt Date
Date on which the security trade settled
Purchase Schedule
C. Description
D. Units
Number of shares or units involved in the
transaction
E. Cost
Value of the asset when acquired
A
TRADE
DATE
B
SETTLMT
DATE
C
DESCRIPTION
CUSIP # 626129209
INSTITUTIONAL MONEY MARKET FD CL Y
TOTAL ACTIVITY FRO01/01/2006
TO 01/31/2006
PURCHASED
TOTAL
TOTAL SHORT TERM INVESTMENT
D
E
UNITS
COST
826,079.43
826,079.43
826,079.43
826,079.43
826,079.43
826,079.43
COMMON STOCK
CUSIP # 60871R209
MOLSON COORS BREWING CO CL B
01/10/2006 01/13/2006
TOTAL
PURCHASED AT 63.3186 THRU
CITATION GROUP
2,975
188,521.59
2,975
188,521.59
Page 12
Features
This schedule provides details on all
cash and non-cash receipts not
categorized in the SCHEDULE OF CASH
RECEIPTS.
A. Date
Receipts are listed in chronological order
B. Description
Type of receipt
ABC ORGANIZATION
Schedule Of Other Receipts
A
E
REC'D 100 UNITS
CUSIP #912537TE7
US SAV SER E DTD 07-75
19.071864% 01/03/2006
RECEIVED FROM CUSTOMER
(EFFECTIVE DATE 01/08/2006)
532.60
75.00
-457.60
01/22/2006
REC'D 16.584 SHS
CUSIP #78387G103
SBC COMMUNICATIONS INC
HELD AT AGENT
410.29
1.00
-409.29
01/22/2006
REC'D 1,000 SHS
CUSIP #233331107
DTE ENERGY CO
RECEIVED FROM CUSTOMER
45,000.00
2,500.00
-42,500.00
TOTAL OTHER RECEIPTS
CASH
D
IN-KIND@ MKT/
COST / GAIN OR LOSS (-)
01/8/2006
• Cost is the value of the asset when
acquired
E. Total Cash + In-Kind
Total Cash ( Total C) + Total In-Kind @
Market (Total D)
C
DESCRIPTION
D. In-Kind@Mkt/Cost/Gain or Loss(-)
• Gain or Loss (-) is Cost minus Inkind @ Market
B
DATE
C. Cash
Amount of the receipt
• In-Kind @ Mkt is the market value
of the shares or units upon receipt of
the asset into the account
Page 47
01/01/2006 through 01/31/2006
1234567890
Client Statem ent
Statem ent Period
Account Num ber
48,475.00
523,335.65
39,518.00
-483,817.65
TOTAL
CASH + IN-KIND
571,810.65
Page 13
Features
The Realized Gains & Losses Allocation
section provides a graphical display of the
realized gain(loss) categorized by
investment type during the reporting
period.
ABC ORGANIZATION
Schedule Of Asset Dispositions
Realized Gains & Losses Allocation
0.1%
0.0%
50.7%
0.6%
0.5%
46.0%
2.0%
100.0%
The Realized Gains & Losses Schedule
provides details on all assets disposed
during the reporting period. Assets are
listed in CUSIP number order.
A. Trade Date
Date on which the security trade occurs
B. Settlmt Date
Date on which the security trade settled
C. Description
including number of shares or units
D. Proceeds
Cash received from the transaction
E. Mkt/Cost Basis
• Market Basis is the market value of
the asset at the beginning of the
statement period
• Cost Basis is the value of the asset
at the time the asset was acquired
F. Mkt/Cost Gain/Loss
• Market Gain/Loss is calculated as
Proceeds (D) less Market Basis (E)
• Cost Gain/Loss
Proceeds (D) less Cost Basis (E)
Page 48
01/01/2006 through 01/31/2006
1234567890
Client Statem ent
Statem ent Period
Account Num ber
COLLATERALIZED MTG OBLIGATIONS
COMMON STOCK
INFLATION INDEX BONDS
US FEDERAL AGENCIES
Total
-85.00
-24.98
-37,643.21
-480.92
-360.04
-34,161.24
-1,490.75
-74,246.14
REALIZED GAINS & LOSSES SCHEDULE
A
TRADE
DATE
B
SETTLMT
DATE
C
D
E
F
PROCEEDS
MKT/COST
BASIS
MKT/COST
GAIN/LOSS
39.16
27.57
-37.16
-25.57
39.16
27.57
-37.16
-25.57
DESCRIPTION
COMMON STOCK
CUSIP #166764100
CHEVRON CORPORATION
2/15/2015
TOTAL ACTIVITY FROM 01/01/2006
TO 01/31/2006
01/31/2006 01/31/2006 SOLD .675 SHS AT 2.963 FROM
TERMINATION OF REINVEST
2.00
2.00
TOTAL .675 SHS
Page 14
Features
This schedule provides details on all cash
and non-cash disbursements not
categorized in the SCHEDULE OF CASH
DISBURSEMENTS.
A. Date
Disbursements are listed in chronological
order
B. Description
Attributes of the disbursement transaction
ABC ORGANIZATION
Client Statem ent
Statem ent Period
Account Num ber
Page 53
01/01/2006 through 01/31/2006
1234567890
Schedule Of Other Disbursements
A
B
DATE
DESCRIPTION
01/15/2006
DELIVERED 752,075.79 UNITS
CUSIP #31283H5V3
FHLM GOLD POOL #G01760 4.5%
12/1/2034
(TRADE DATE 01/15/2006)
01/15/2006
C
CASH
D
IN-KIND @MKT/
COST
E
GAIN OR LOSS (-)
MARKET/COST
720,278.03
726,931.26
-541.49
-6,653.23
DELIVERED 54,204,84 UNITS
CUSIP #31283JFS5
FHLM GOLD POOL #G10177 7%
2/1/2009
(TRADE DATE 01/15/2006)
56,143.06
68,551.42
-125.99
-12,408.36
01/22/2006
DELIVERED 100,000 UNITS
CUSIP #05461TAA5
AXIS CAPITAL HOLDING 5.75%
12/1/2104
(TRADE DATE 01/22/2006)
101,794.00
99,785.00
391.00
2,009.00
01/22/2006
DELIVERED 345,000 UNITS
CUSIP #14040EHG0
CAPITAL ONE BANK 6.5% 06/13/2013
12/1/2104
(TRADE DATE 01/22/2006)
376,501.95
376,622.58
2,484.00
-120.63
01/29/2006
TAX COST REDUCTION OF $48,475.00 ON
CUSIP #172967101
CITIGROUP INC
AS RETURN OF CAPITAL
(TRADE DATE 01/29/2006)
0.00
48,475.00
0.00
-48,475.00
1,254,717.04
1,320,365.26
2,207.52
-65,648.22
C. Cash
Amount of the cash disbursement
D. In-Kind @ Mkt/Cost
• In-Kind @Mkt
Market value of the shares upon delivery
of the asset from the account
• In-Kind @ Cost
Value of the asset upon acquisition
E. Gain or Loss (-) Market/Cost
• Gain or Loss Cost equals In-Kind @
Market minus In-Kind @Cost
TOTAL OTHER DISBURSEMENTS
Page 15
Features
This schedule details the capital changes
that occurred in the account during the
reporting period.
ABC ORGANIZATION
A. Date
Capital changes are listed in chronological
order
Schedule Of Capital Changes
B. Description
Details of the capital action transaction
DATE
C. Units
Number of shares or units impacted by the
capital change
D. Cost
Cost associated with the capital change
A
B
DESCRIPTION
Client Statem ent
Statem ent Period
Account Num ber
C
UNITS
Page 54
01/01/2006 through 01/31/2006
1234567890
D
COST
COMMON STOCK
FROM CUSIP #68556V106
-10,000
-1,000,000.00
TO CUSIP #68556C108
10,000
1,000,000.00
FROM CUSIP #920943305
-25,000
-2,500,000.00
TO CUSIP #68556C108
25,000
2,500,000.00
01/26/2006
CUSIP # CHANGED FROM 68556C106
ORBITTRAVEL.COM CORP TO
68556C108 ORBT BRANDS CORP
PREFERRED STOCK
01/26/2006
CUSIP # CHANGED FROM 920943305
VAN KAMPEN STRATEGIC SECTOR
101,794
391.00
99,785
2,009.00
AUCTION RATE PFD 28 DAYS SER B
TO 92112M509 VAN KAMPEN SELECT
SECTOR MUN TR SER D AUCTION RATE
PFD 28 DAYS
TOTAL CAPITAL CHANGES
0.00
Page 16
Features
This schedule summarizes any security
transactions that were pending in the
account as of the statement ending date.
These trades are also reported in the
SCHEDULE OF ASSET ACQUISITIONS
or in the SCHEDULE OF ASSET
DISPOSITIONS.
ABC ORGANIZATION
Client Statem ent
Statem ent Period
Account Num ber
Page 55
01/01/2006 through 01/31/2006
1234567890
Schedule Of Pending Trades
A
B
C
D
DATE
DESCRIPTION
A. Date
Date on which the security trade is
scheduled to settle
02/02/2006
PURCHASED 2,975 SHS MOLSON COORS
BREWING CO CL B ON 01/31/2006
63.3186 THRU CITATION CCROUP
COMMISSION PAID 148.75
188,521.59
B. Description
Information of the purchase or sale
including number of shares, trade date,
price and broker information
02/02/2006
PURCHASED 3,050 SHS NRG ENERGY
INC ON 01/31/2006 AT 39.5552
THRU LEHMAN BROTHERS INC
COMMISISONS PAID 152.50
120,795.86
C. Due From Brokers
Amount of cash to be received from the
transaction upon settlement
02/02/2006
SOLD 10,325 SHS P G & E
CORPORATION ON 01/31/2006
37.2164 THRU GOLDMAN SACHS AND
COMPANY COMMISSIONS PAID 516.25
EXPENSES PAID 16.07
383,727.01
02/02/2006
SOLD 8,250 SHS PENNEY J C INC ON
01/31/2006 AT 48.7715 THRU LEGG
MASON WOOD WALKER INC
COMMISSION PAID 412.50 EXPENSES
PAID 16.82
401,936.38
02/02/2006
PURCHASED 3,330 SHS UNITED
TECHNOLOGIES CORP ON 01/31/2006
AT 49.93 THRU LIQUIDNET INC
COMMISSIONS PAID 82.50
02/06/2006
SOLD 8,425 SHS P G & E
CORPORATION ON 01/31/2006
37.3118 THRU GOLDMAN SACHS AND
COMPANY COMMISSION PAID 421.25
EXPENSES PAID 13.14
02/15/2006
PURCHASED 500 SHS IBM CORP ON
1/31/2006 AT 62.00 THRU BNY
BROKERAGE INC
D. Due to Brokers
Amount of cash to be disbursed from the
account on settlement date
TOTAL PENDING TRADES
DUE FROM BROKERS
DUE TO BROKERS
164,851.50
313,917.53
31,000.00
1,099,580.92
505,168.95
Page 17
Features
This schedule reports broker commissions
earned on trades conducted during the
reporting period.
ABC ORGANIZATION
Page 56
01/01/2006 through 01/31/2006
1234567890
Client Statem ent
Statem ent Period
Account Num ber
Broker Commission Reports
A. Trade Date
Date on which the security trade occurs
A
B
B. Settlement Date
Settlement date of the transaction
TRADE
DATE
C. Description
Attributes of the trades executed during
the reporting period by each broker
including number of shares traded
GOLDMAN SACHS AND COMPANY
D. Purchase Cost/Sale Proceeds
The cost of the purchase of the proceeds
received from the sale
E. Mkt/Cost Basis
• Market Basis is the market value of
the asset at the beginning of the
statement period
• Cost Basis is the value of the asset at
the time the asset was disposed
SETTLMT
DATE
C
DESCRIPTION
D
E
PURCHASE/SALE
COST/PROCEEDS
• Cost Gain/Loss
Proceeds (D) less Cost Basis (E)
G. Commissions/Per Share
• Commission is the amount paid to the
broker
• Commission Per Share is the
commission paid / number of shares
purchased or sold (C)
G
H
MKT/COST COMMISISONS/
GAIN/LOSS
PER SHARE EXPENSES
CUSIP #20045Y202
COMERICA CP TR 17.600% PFD
01/09/2006 01/15/2006 PURCHASED 100 SHS AT 59.59
59,680.00
59,680.00
59,680.00
TOTAL GOLDMAN SACHS AND COMPANY
90.00
0.900
0.00
90.00
0.00
10.00
0.050
0.00
10.00
0.00
74.00
0.010
7.44
74.00
7.44
HARRIS NESBITT CORP
CUSIP #46626E205
J2 GLOBAL COMMUNICATIONS
01/13/2006 01/18/2006 PURCHASED 200 SHS AT 37.8983
7,589.66
F. Mkt/Cost Gain/Loss
• Market Gain/Loss is calculated as
Proceeds (D) less Market Basis (E)
MKT/COST
BASIS
F
7,589.66
7,589.66
TOTAL HARRIS NESBITT CORP
INVESTMENT TECHNOLOGY GROUP
CUSIP #589405109
MERCURY INTERACTIVE CORP
01/03/2006 01/11/2006 SOLD 7,400 SHS AT 24.0426
TOTAL INVESTMENT TECHNOLOGY GROUP
177,833.80
257,446.00
287,963.60
-79,612.20
-110,129.80
H. Expenses
Any additional costs that may be
associated with the trade
Page 18
ONLINE SERVICES
Your accounts can be accessed through Comerica’s website at
www.Comerica.com. Under Login To Your Account, select Comerica
Institutional Trust.
ONLINE SERVICES
The Institutional Trust welcome page provides access into our custody,
benefit payment and PAC manager products. Click on Login under
Custody Online for a sample demonstration of our Custody Online product.
ONLINE SERVICES
For our prospective clients, the user ID is “Itdem01”. (The last two
digits are numeric.)
ONLINE SERVICES
For our prospective clients, the answer to all verification questions is
“comerica”.
ONLINE SERVICES
For our prospective clients, the password is “comerica1”. (The last digit
is numeric).
ONLINE SERVICES
The following is a sample transaction screen that would be available on a daily
basis:
ONLINE SERVICES
The following is a sample transaction screen that would be available on a daily
basis:
Exhibit II
CUSTODIAL ACCOUNT AGREEMENT
Institutional Trust Department
This Custodial Account Agreement is between
, (the "Depositor") and Comerica
Bank, a Texas banking association (the "Custodian"). This Agreement shall become effective upon its
execution by both the Depositor and the Custodian.
The Depositor and the Custodian agree:
1.
The Depositor will deposit cash, securities or documents with the Custodian from time to time, and
the Custodian agrees to hold the same and any additions thereto in one or more Custodial
Account(s) in accordance with the terms and conditions of this Agreement. If there is more than one
account, the names of the separate Custodial Account(s) shall be listed in Exhibit A, which may be
amended from time to time and which shall be attached to and be made a part of this Agreement.
References to "Account" herein shall mean all accounts established under this Agreement.
2.
The Custodian will administer the property deposited to this Account in accordance with written
instructions of the Depositor. The investment of such property will be the sole responsibility of the
Depositor, or its agent duly designated in writing (the "Agent"), and the Custodian shall have no
liability for events occurring as a result of such investments.
3.
The Depositor hereby instructs the Custodian to invest accumulated cash in the variety of
short-term funds, including but not limited to savings deposits with the Custodian, which it
customarily uses in custodial accounts, except as hereafter specifically revoked in writing by
the Depositor. Investments in savings deposits will be subject to such banking regulations as may
be in effect from time to time. The Custodian shall not be liable for interest on any cash not so
invested or held by it awaiting investment or distribution instructions from the Depositor.
The Custodian is authorized to employ its automatic cash management procedures for custodial
accounts. Investments may be made in short-term mutual funds. Depositor is hereby notified that,
with respect to these funds:
(a) The funds are sponsored by third parties independent of the Custodian, its subsidiaries, and
affiliates;
(b) The funds are not endorsed or guaranteed by, and do not constitute an obligation of, the
Custodian, its subsidiaries, or affiliates; and
(c) The funds are not insured by the Federal Deposit Insurance Corporation.
The Depositor acknowledges that no person is authorized to make any representations concerning
such mutual funds other than those contained in the current prospectus for such mutual funds or in
such printed information as is issued by the mutual funds for use as information supplemental to the
prospectus. In investing in such mutual funds, the Depositor shall rely solely on the representations
contained in the prospectus and in the above-mentioned supplemental information.
4.
The Custodian will collect all income received from Account assets and distribute or dispose of same
in accordance with the Depositor's instructions. In the absence of instructions, the income shall be
added to principal and reinvested in accordance with the provisions of this Agreement.
5.
Purchase and sale of Account assets shall be made in accordance with established procedures of
the Custodian.
6.
Withdrawal or payment of assets or cash held by the Custodian hereunder shall be made only upon
the written instructions of Depositor, provided, however, that cash may be transferred between the
-1-
Account and any deposit account maintained by Depositor at the Custodian or remitted by check to
the order of the Depositor upon the telephonic instructions of the Depositor. The Depositor agrees to
indemnify the Custodian and hold it harmless as to any actions reasonably taken to comply with or to
implement any such instructions.
7.
As to any property or securities held pursuant to this Agreement, the Custodian may hold and register
the same in its own name, or in the name of a nominee, or by electronic book entry, provided that the
records of the Custodian shall at all times account for the property belonging to the Account of the
Depositor. All proxies will be forwarded to the Depositor or the Agent for voting.
8.
The Custodian utilizes various standard industry pricing services and brokerage contacts to provide
current pricing information for active publicly traded securities. Assets not publicly traded may reflect
the initial acquisition value or cost and not a current market value. Many fixed income securities are
priced on a matrix system, resulting in a mathematical approximation of price derived by computer.
Although the Custodian attempts to provide accurate pricing, in some instances prices may not reflect
the most accurate pricing readily available or the true value of the asset. The Custodian shall have
no liability for such an occurrence.
9.
The Custodian subscribes to various standard industry notification services pertaining to capital
actions including puts, calls, tenders, mergers, conversions, stock distributions and other activities.
The Custodian agrees to process assets in accordance with Depositor's instructions, provided the
Custodian receives the Depositor's timely written authorization. In no event shall the Custodian be
liable for failure to respond to a capital action if proper notification and authorization has not been
provided to the Custodian by the Depositor within the required time frames as specified in the capital
action notice. The Custodian shall attempt to notify the Depositor if it becomes aware of a voluntary
action or provision which may affect an asset, but shall not be obligated to do so, and under no
circumstances shall the Custodian be liable for failure to provide such notice. Further, the Custodian
shall have no responsibility and no obligation with respect to any asset to take any action which shall
pertain to stock dividends, warrants, rights to subscribe, offers to purchase, exercising of options,
plans of reorganization, plans of exchange of securities, claims or settlements pertaining thereto,
other than that which is directly authorized by the Depositor by written instruction received by the
Custodian within required time frames.
10.
The Custodian shall have no obligation or liability with respect to the receipt, distribution, or reporting
of an event of bond default or a filing of a bankruptcy, and shall have no obligation or liability for the
filing of any related report or claim other than that which is directly authorized by the Depositor by
written instruction received by the Custodian within required time frames.
11.
The Custodian shall not be liable for any loss resulting from the physical presence of any property in
a foreign country including, but not limited to, losses resulting from nationalization, expropriation,
exchange controls or acts of war or terrorism.
12.
The Custodian will keep accurate books and records. The Depositor understands that a rule of the
Federal Reserve Board provides that Depositor has the right to be given or sent by the Custodian,
without additional cost, written notification of a securities transaction effected by the Custodian at or
before completion of the transaction, and to be sent a copy of the confirmation of a broker-dealer
relating to a securities transaction within one (1) business day from the date of Custodian’s receipt of
the confirmation. The rule provides that the Custodian and the Depositor may agree in writing to a
different arrangement. The Depositor hereby agrees with the Custodian that, in lieu of the notification
provided for by the above rule, the Custodian will furnish to the Depositor a statement, at least
quarterly, which will specify the funds and securities in the custody of the Custodian at the end of
such period and debits, credits and transactions in the Account during such period. The statement
-2-
will be considered approved and ratified unless written objection is made to the Custodian within sixty
(60) days from the receipt of the statement. If no written objection is made within sixty (60) days from
receipt, the Custodian will not be liable for any matter contained in the statement, notwithstanding
any statute or rule to the contrary. Securities transactions made directly by the Depositor with a
broker-dealer are not deemed to be securities transactions effected by the Custodian.
13.
Rule 14b-2 of the Securities Exchange Act of 1934 enables corporations to learn the identity of their
security holders whose securities are held by the Custodian and registered in "nominee" or "street"
name unless the beneficial owner specifically indicates its objection to such disclosure. The
Depositor hereby indicates its objection to disclosure by the Custodian of Depositor's name,
address and security position to all companies whose securities are held in this Account and
are registered in "nominee" or "street" name.
14.
The Custodian is a party to this Agreement solely for the purposes set forth herein, and no obligation
or duty shall be expected or required of it except as expressly stated. Neither the Custodian nor any
of its directors, officers, employees or authorized representatives shall be liable for any action or
omission in connection with the performance of its duties under this Agreement except for gross
negligence or willful misconduct.
15.
The Custodian shall be entitled to reasonable compensation for its services pursuant to its schedule
of fees, as it now exists or as it may be revised from time to time, and to reimbursement for any
expenses reasonably incurred in the administration of this Agreement. Such fees and charges shall
constitute a lien on the Account property. The Depositor shall be entitled to notice of any change in
the Custodian's fee schedule.
16.
The Custodian shall not be required to prosecute or defend any legal proceedings involving the
assets of the Depositor or any property or interest in property held hereunder, or to take any other
action unless it shall be first indemnified to its satisfaction in respect to such proposed action. The
Custodian shall notify the Depositor of any class action involving a security held in the Account of
which the Custodian receives notice. If the Custodian, nonetheless, determines that it should take
any action in connection with any legal proceeding including, without limitation, engaging legal
counsel, the Depositor agrees to indemnify and hold the Custodian harmless for all costs and
expenses, including, without limitation, reasonable attorney's fees, incurred by the Custodian in
connection with any legal proceeding involving the assets of the Depositor or any property or interest
in property held under this Agreement.
17.
The Depositor may revoke this Agreement or withdraw all or any part of the property deposited with
the Custodian by written direction delivered to the Custodian. Revocation or withdrawal of property
will be subject to payment of all fees and charges. The Custodian shall have a reasonable time
within which to complete its duties and responsibilities hereunder and deliver the Account property to
the Depositor and shall be entitled to compensation pursuant to its account closing procedures. The
Custodian may revoke this Agreement upon giving like notice.
18
The Depositor shall certify to the Custodian the names of one or more of its officers or employees
who are authorized to give instructions to the Custodian and/or to otherwise act on its behalf, or to
designate any other party to give instructions to the Custodian and/or to otherwise act on its behalf.
Upon request by the Custodian, the Depositor shall also provided specimen signatures for its
authorized signers. The Custodian is entitled to rely on such certification until it is amended or
revoked by the Depositor.
19.
The Depositor represents and warrants that it is duly organized, validly existing and in good standing
under the laws of the jurisdiction in which it is organized, and that the execution, delivery, and
-3-
performance of this Agreement are within the Depositor's powers and do not require the consent or
approval of any governmental body, agency, or authority.
20.
The property deposited in this Custodial Account will be assumed to be in the ownership of the
Depositor as indicated by the signatory below (individual, joint, trustee, custodian, corporation, etc.),
unless otherwise specified in writing.
21.
The Custodian may amend this Agreement by written notice mailed to the Depositor's last known
address as it appears on the Custodian's records. Any such amendment by Custodian shall be
effective thirty (30) days after the notice is mailed.
22.
This Agreement embodies the entire agreement of the parties, superseding any and all prior
agreements, proposals, and understandings, whether written or oral. This Agreement shall be
construed, regulated and administered under the laws of Michigan.
23.
Notwithstanding anything to the contrary in this Agreement, the Custodian shall be obligated to
indemnify the Depositor for any loss of any custodied securities occasioned by the gross negligence
or dishonesty of the Custodian’s officers or employees. In the event that there are lost securities for
which the Custodian is obligated to indemnify the Depositor, the Custodian shall promptly replace the
securities or the value thereof, together with the value of any loss of rights or privileges resulting from
lost securities.
The Custodian shall not be liable for failure to take an action required under this Agreement in the
event and to the extent that the taking of the action is prevented or delayed by war (whether declared
or not and including existing wars), terrorist activity, revolution, insurrection, riot, civil commotion, act
of God, accident, fire, explosion, stoppage of labor, strikes or other differences with employees, laws,
regulations, orders or other acts of any governmental authority, or any other cause whatever beyond
its reasonable control.
24.
The Depositor and the Custodian acknowledge that the right to trial by jury is a constitutional one, but
that it may be waived. The Depositor and the Custodian, after consulting (or having had the
opportunity to consult) with counsel of their own choosing, each knowingly and voluntarily, and for
their mutual benefit, waive any right to trial by jury in the event of litigation involving the performance
or enforcement of, or in any way related to, this Agreement.
The parties have caused their authorized officers to sign this Agreement as of the date noted above.
COMERICA BANK
By:
______________________________
Its:
______________________________
Date: __________________, 20___
DEPOSITOR: ________________________________
By: ______________________________
Date: ___________________, 20___
Its: ______________________________
Address: _______________________________________
-4-
BENEFIT PAYMENT SERVICES AGREEMENT
for the
[Plan Name]
This Benefit Payment Services Agreement (“Agreement”) describes the services that Comerica Bank
(“Comerica”) agrees to provide to __________________________ (“Sponsor”) with respect to the
employee benefit plan named above (“Plan”). The Sponsor agrees to compensate Comerica for these
services according to the Fee Schedule provided by Comerica, as revised from time to time, and agrees to
pay each invoice within thirty days of receipt. Comerica’s waiver of any fee or provision of this Agreement
on any occasion or for any period of time does not constitute a waiver of such fee or provision, or any other
fee or provision, at any other time or for any other period. This Agreement outlines the responsibilities and
obligations of both Comerica and the Sponsor with respect to specific services provided to the Plan. Either
party may delegate some or all of its duties under this Agreement; however, the Sponsor or Comerica shall
remain responsible for the performance of any third party to whom they delegate duties under this
Agreement.
The adoption and operation of a retirement plan is an important legal undertaking. Comerica does
not practice law and does not provide legal or tax advice. The Sponsor is responsible for obtaining qualified
legal and tax counsel for advice on the plan design and final plan provisions appropriate for the Sponsor’s
situation as well as on legal and tax issues arising out of the operation of the Plan. The Sponsor is
responsible for monitoring the qualification requirements of any tax-qualified retirement plan and for
administering any plan adopted by the Sponsor. In the event the Plan is not administered in accordance with
its terms and applicable legal requirements, the Sponsor is responsible for determining the appropriate
correction and directing Comerica as to its role, if any, in such correction. Comerica may consult with the
Sponsor, if requested, on the appropriate correction, but has no authority or obligation to decide upon the
method(s) to be used in such correction.
Comerica will rely completely on the information provided by the Sponsor or any third party retained by
the Sponsor for ongoing operation of the Plan as well as the Plan set-up. Comerica is under no obligation to
seek out or verify the accuracy of information provided by the Sponsor. Comerica is not responsible for
penalties, taxes, or other losses resulting from faulty or inaccurate information provided by the Sponsor.
Comerica reserves the right to refuse to provide services at any time if Comerica determines it cannot
provide services for the Plan upon review of materials, information or data supplied by the Sponsor.
Comerica is not acting as a Plan fiduciary in providing services under this Agreement. The Agreement
does not give Comerica any discretionary authority in the management and administration of the Plan.
Comerica shall carry out its duties under this Agreement in accordance with the terms of the Plan and the
directions of the Sponsor.
A.
PLAN DOCUMENT
The Sponsor has provided Comerica with all Plan documents. The Sponsor is responsible for seeking
appropriate legal advice and determining whether the Plan should be submitted to the IRS for a favorable
determination letter on the Plan’s qualified status. If the Plan will invest in any Comerica collective
investment fund(s), a current determination letter or its equivalent must be obtained and provided to
Comerica. In addition, the Plan or trust agreement must explicitly authorize any such collective fund
investment. The Sponsor agrees to take all necessary actions to update and amend the Plan as necessary and
to maintain the Plan’s tax-qualified status.
Page 1 of 4
B.
PRIOR PLANS AND MULTIPLE PLANS
Comerica is not responsible for losses resulting from the prior administration of the Plan, or for any losses
incurred as a result of actions or decisions which were undertaken or made by any party prior to the effective
date of Comerica’s engagement. Comerica is under no obligation to review prior administrative work or tax
filings. Where Comerica is retained to provide services midyear, it shall not verify the accuracy or
correctness of work performed in the prior portion of the year. The Sponsor holds Comerica completely
harmless for any consequences which are the result of work performed prior to the effective date of
Comerica’s engagement. If the Sponsor maintains more than one plan, the Sponsor acknowledges that it,
and not Comerica, is responsible for monitoring the aggregated coverage and discrimination testing,
maximum benefit and contribution limitations for its plans.
C.
TERMINATION OF THE PLAN
It is the Sponsor’s responsibility to take the appropriate action to cease benefit accruals and/or properly
terminate the Plan. If Comerica serves as trustee, Comerica may require an IRS determination letter upon
termination before distributing the assets of the Plan. Comerica does not prepare IRS determination letter
filings.
D.
DUTIES AND RESPONSIBILITIES OF THE PARTIES
The Sponsor agrees to provide Comerica with such information in a timely manner, in such form as required
by Comerica, as is necessary to perform the services under this Agreement, including all necessary
information held by third parties. Comerica is not responsible for the performance of the services under this
Agreement unless and until such information is provided.
The Sponsor agrees to review all forms, reports or documents and to notify Comerica of any errors within
sixty days of receipt.
Comerica is entitled to charge additional fees for any additional services requested by the Sponsor and for
any revisions or corrections to reports, forms, discrimination tests and documents resulting from (1)
inaccurate, incomplete or untimely information supplied by the Sponsor, (2) errors not reported in a timely
manner, (3) payments of contributions or reimbursement of fees and expenses after allocations for a period
are complete, or (4) retroactive amendment of the Plan.
The attached Appendix A lists the duties and responsibilities of the Sponsor and Comerica with respect to
the specific services provided under this Agreement.
E.
CONTROLLED GROUP
The Sponsor shall notify Comerica if it is or becomes part of a controlled group of corporations, a group of
trades or businesses under common control or an affiliated service group (“controlled group”) under
§414(b), (c), or (m) of the Internal Revenue Code. Comerica is under no obligation to seek out this
information or verify the Sponsor’s status as regards this issue. Comerica shall in no event be liable for any
fines, penalties, or taxes which may result from a Sponsor being part of, or not being part of, a controlled
group.
The Sponsor is responsible for retaining qualified tax and employee benefits counsel to determine if it is part
of a controlled group and the impact this status may have on the administration of the Plan. Generally, all
employees of a controlled group must be considered for coverage, participation, and contribution limitations
for any plan of the group. If the Sponsor becomes part of a controlled group after the effective date of this
Agreement, the Sponsor must notify Comerica in writing of this fact immediately.
Page 2 of 4
F.
DATA RETENTION
Comerica and the Sponsor shall each maintain Plan information in accordance with their respective data
retention policies and applicable law.
G.
FLOAT
Comerica uses a general disbursement checking account to process lump sum and periodic distributions.
This is a non-interest bearing account from which Comerica may receive float. Float is earned at the Fed
Funds rate, as published in the Wall Street Journal or on the Federal Reserve web site.
Comerica may begin earning float once the funds for the distribution(s) are transferred from the trust
account to the general disbursement checking account. For periodic distributions, the transfer typically
takes place on the first business day of the month. For lump sum distributions, the transfer typically occurs
on the day the check is issued.
Comerica continues to receive float until a check is presented for payment or the funds are disposed of
pursuant to the unclaimed funds procedure. Distributions paid by direct deposit do not generate float, and
provide improved funds availability for recipients.
Generally, Comerica does not receive float on funds received pending investment instructions.
Exceptions to the procedures described above may apply.
H.
MODIFICATION OF THIS AGREEMENT
This Agreement may by modified or amended only by a writing signed by both the Sponsor and Comerica.
Each party reserves the right to submit any proposed changes to this Agreement to its counsel for review
prior to committing to the proposed changes.
I.
TERMINATION OF THIS AGREEMENT
The Agreement may be terminated at any time by either party upon sixty days’ advance written notice of
termination provided to the other party. As soon as administratively feasible after payment of all fees and
expenses incurred to the date of termination or transfer of assets, whichever is later, Comerica will deliver
Plan records and documents in its standard format to the Sponsor or other party designated by the Sponsor
and will be entitled to compensation by the Sponsor for the actual costs incurred in transferring such records
and documents. Additional services or custom reporting requested and/or performed after that date will be
charged at Comerica’s standard hourly rate.
J.
ASSIGNMENT
This Agreement may not be assigned by either party without the written consent of the other party and is
binding upon Comerica, the Sponsor and their successors in interest.
Page 3 of 4
K.
EXECUTION
By executing below, the Sponsor retains Comerica to provide, and Comerica agrees to provide, the specified
services to the Plan.
The parties have executed this Agreement this ____ day of __________________, 20__, to be effective
__________________________, 20___.
Accepted by:
[SPONSOR]
COMERICA BANK
By: __________________________________
By: ________________________________
Its: __________________________________
Its: _________________________________
Authorized Representative of Sponsor
Authorized Representative of Comerica Bank
T:\ITD\Pension SLA\Benefit Payment Services Agmt 10-15-09.doc
Page 4 of 4
BENEFIT PAYMENT SERVICES AGREEMENT
APPENDIX A
Plan Level Services
• Plan Reporting
• Messaging
• Other Deductions
Participant Level Services
• New Participant Set-Ups, Changes and Payment Types
• Lump Sum Checks
• 13th Payment
• Beneficiary Information
Tax Services
• Tax Withholding & Payment
• Annual Tax Reporting
• Annual TEFRA Mailing
Other Services
• QDRO – Tax Levy
• EFT Returns
• Outstanding Pension Checks
• Decedent Process
• Return Mail Process
• Stop Date Process
T:\ITD\Pension SLA\Appendix A 2-27-09.doc
PLAN LEVEL SERVICES
PLAN REPORTING
COMERICA
SPONSOR
Provides detailed monthly benefit register via
hard copy paper report, CD Rom or other
electronic media. Report shows current and
year to date benefit and deduction information.
Provides other monthly reports based on
activity:
• Benefits Change Report
• Consolidated Deduction Report
• Decedent Report
• Deduction Change Report
• Static Participant Report
Reviews monthly register for accuracy.
Notifies Comerica of any discrepancies as soon
as possible.
Reviews reports for accuracy.
MESSAGING
COMERICA
SPONSOR
Comerica has the ability to include a message
on the check stub or EFT advice provided to
participants. Messages must be provided to
Comerica by the monthly input cut-off date for
the next month’s check run, and are limited to
twelve lines of thirty characters per line.
Provides message to be used on check stub or
EFT advice by the deadline stated and in the
format requested.
OTHER DEDUCTIONS
COMERICA
SPONSOR
Provides deduction types to be used for the
Plan (e.g. health insurance, life insurance,
union dues, etc).
Provides payment information (remittance
address, frequency/deadline, policy number,
etc.) for accumulated deductions.
Verifies information is complete and accurate
for new deductions/changes.
Communicates changes as needed.
Inputs new deductions/changes by published
monthly edit dates.
Accumulates deductions by type.
Reconciles total accumulated deductions
monthly.
Makes payments as directed by Sponsor.
Verifies total deductions by type on monthly
register.
Confirms receipt of payments by payee
(insurance provider, etc.) as necessary.
PARTICIPANT LEVEL SERVICES
NEW PARTICIPANT SET UPS, CHANGES AND PAYMENT TYPES
COMERICA
SPONSOR
Maintains participant benefit payment and
census information.
Processes Sponsor directions.
Provides new participant or participant change
information to Comerica via paper on agreed
upon forms, via electronic files in agreed upon
format, or via Benefit Payment On-line within
prescribed timeframes.
Provides Participant Change Reports with
Reviews Pension Register and Participant
monthly Pension Register reflecting all changes Change reports and notifies Comerica of any
made during previous processing month.
errors or issues.
Receives payment instructions from Sponsor or Provides initial paperwork to retiree (including
Payee.
all of the benefits to utilizing electronic format
– i.e., timing (funds available), US Post Office,
outstanding and lost checks).
Retiree returns paperwork to the Sponsor to
Processes payments on a periodic basis
authorize new set-up.
• EFT are:
Retiree sends changes to Comerica or Sponsor.
o Transmitted electronically to
selected financial institution.
o Advice is mailed to payee’s home
address.
• Checks are mailed to the address indicated
by the payee.
o Any check not sent directly to the
payee’s home address will generate
a separate advice mailing to the
home address.
• Provides various forms to payee to initiate
changes:
o Forms available via the Internet.
o Forms will be mailed per call to
Pension Customer Service
Representative.
LUMP SUM CHECKS
COMERICA
Produces lump sum or rollover checks (when
rolling over to an eligible retirement plan) for
participants.
Mails checks and credit advices as directed.
Produces distribution report showing details of
all payments. Sends report to Sponsor.
SPONSOR
Provides detailed information on lump sum or
rollover check for participants.
13TH PAYMENT
COMERICA
th
Produces special 13 payment on the date
agreed upon with the Sponsor, including the
benefit payment types and deductions
specified, in the format requested.
SPONSOR
Requests a special 13th payment to be issued to
plan participants. The request should be made
at least four weeks in advance and should
include information on what benefit types and
deductions to include and how the payments
should be made. Provides information in the
agreed upon format. A 13th payment should be
made outside of the plan’s normal payment
cycle.
BENEFICIARY INFORMATION
COMERICA
SPONSOR
Maintains all beneficiary information on plan
participants, including retention of original
beneficiary designation and all subsequent
updates/changes
Directs Comerica with regard to beneficiary
payments, including legal names, taxpayer
identification numbers, and amounts
(percentages).
Makes payments as directed by Sponsor
TAX SERVICES
TAX WITHHOLDING & PAYMENT
COMERICA
Accumulates tax dollars (W-2, 1099-R, 1099MISC, 1042-S).
Can accommodate the withholding of Federal
and State taxes.
Reconciles tax types to ensure accuracy.
Files and pays tax to various taxing authorities
as required.
Conducts annual W-4P and State Tax form
mailings as required by law (TEFRA mailing).
Makes changes to participant withholding as
requested on appropriate tax form, e.g. W-4P.
Adjusts current year’s taxes as needed.
SPONSOR
Collects and aggregates participant
information.
Ensures new participant information is
complete and accurate.
Communicates changes to Comerica.
ANNUAL TAX REPORTING
COMERICA
Reconciles tax dollars and tax types (W-2,
1099-R, 1099-MISC, 1042-S) paid throughout
the year.
Requests W-8BEN or other related forms on an
ongoing basis.
Compiles participant data throughout the year
to ensure accurate tax reporting.
Generates tax forms and mails them to
participants within IRS established timeframes.
Files 945, 941 or 1042 tax form on behalf of
plans.
Investigates and responds to tax inquiries.
SPONSOR
Collects and aggregates participant
information.
Communicates to Comerica any known
required changes.
ANNUAL TEFRA MAILING
(Tax Equity & Fiscal Responsibility Act of 1982)
COMERICA
Complies with annual TEFRA notice
requirements:
• Mails Federal and State withholding
forms to payees;
• Receives changes from payees.
Updates records per payee request.
Communicates mailing timeframe to Sponsor
(generally done in the fall).
SPONSOR
Forwards to Comerica any TEFRA related
forms that it receives.
OTHER SERVICES
QDRO – TAX LEVY
COMERICA
SPONSOR
Forwards to Sponsor for review and validation
any DRO (domestic relations order) or tax levy
sent directly to it.
Processes QDRO requests on the pension
system.
Receives and reviews DRO or tax levy.
Mails appropriate tax forms to participant at
year end.
Instructs Comerica on payment changes to
fulfill requirements of QDRO or tax levy.
Determines that DRO is qualified or that tax
levy is valid.
Communicates in writing to alternate payee(s)
for QDRO or affected retiree for tax levy.
EFT RETURNS
COMERICA
Investigates EFT returns.
Corrects and reestablishes EFT returns that are
due to processing error.
If there was no processing error, participant
will be set-up to receive a check until
participant provides correct EFT information.
The first check will include a letter explaining
why the participant is receiving a check and
also include new EFT forms.
SPONSOR
Communicates accurate EFT set up
information to Comerica.
OUTSTANDING PENSION CHECKS
COMERICA
SPONSOR
Communicates updated information on payees
to Comerica on an ongoing basis.
Creates monthly outstanding check report.
Reviews report for multiple checks to same
payee.
Researches internal records for additional
information
• Determines if payee is still alive
• Confirms address on file with Bank
Seeks assistance from Sponsor on unresolved
items.
Stops and reissues check(s) to payee if:
•
Still active and other checks have
been cashed, or
•
Updated address is obtained
Seeks direction of Sponsor if:
•
DOD* is determined, and
•
Outstanding check(s) were issued
before DOD
Stops and redeposits check(s) to Plan:
• DOD is determined, and
• Outstanding check(s) was/were issued
after DOD
Stops and redeposits check(s) to Plan:
• Check(s) is/are over 180 days old, and
• No additional information can be
obtained on payee, and
• Plan does not prohibit redeposit.
Escheats check(s) to appropriate state if:
• Plan prohibits redeposit, and
• Proper due diligence has been
completed.
* DOD = Date of Death
Reviews records for additional information on
payee
• Attempts to determine if payee is
deceased
• Looks for updated address for payee
• Communicates updated information
to Comerica within 30 days
Provides direction to Comerica on reissue of
checks to beneficiary or estate of deceased, if
applicable.
DECEDENT PROCESS
COMERICA
SPONSOR
Deactivates records upon notification of a
participant’s death. Comerica receives from a
number of sources, including
• Periodic date of death audit
• Participant’s family
• Sponsor
Stops all outstanding checks issued after date of
death or recovers last EFT (if within 5 days of
payment)
• Redeposits recovered funds to trust
account
• Recovers current year taxes (prior
years’ taxes are responsibility of
participant’s estate)
• Corrects YTD totals
Stops all outstanding checks issued prior to
death. Redeposits funds to Plan with “Due
Estate” description.
Sends one letter to financial institution seeking
reimbursement of non-recovered EFT
• Redeposits recovered funds to trust
account
•
Recovers current year taxes (prior
years’ taxes are responsibility of
participant’s estate)
•
Corrects YTD totals
Notifies Bank of participant’s death.
Responsible for collection of benefit payments
and prior years’ taxes withheld (if applicable)
subsequent to date of death.
Arranges for payment of returned funds to
beneficiary or estate of participant, if
applicable.
Responsible for collection of EFT that
Comerica is unable to recover
RETURN MAIL PROCESS
COMERICA
Updates addresses upon receiving forwarding
address information from Post Office. Notifies
Sponsor of changes via “Static Participant
Report” in monthly Pension Register.
Conducts periodic address locator process for
return mail where forwarding address is not
available
SPONSOR
Notifies Comerica of known address updates or
changes
STOP DATE PROCESS
COMERICA
Provides annual stop date report, if applicable,
or letter advising Sponsor that no stop dates are
currently on system.
Updates pension system within 5 business days
of receipt of changes/corrections.
Provides report of upcoming stop/change dates
to client for review.
SPONSOR
Reviews report. Provides changes or
corrections to Comerica.
Reviews pending report of stop/change dates.
Provides changes or corrections to Comerica.
CASH MANAGEMENT FUND ELECTION FORM
RE: Account Number____________________ Account Name
__________________________________________________
INSTRUCTIONS: Select one of the following investment options by checking the appropriate box and sign the form on the
reverse side. If you do not make an election, the account will be automatically invested in the Short Term Investment Fund
(qualified investments only) or the AIM Treasurer’s Series Trust Premier Portfolio Fund. A prospectus for the AIM Fund
has been provided.
TAXABLE INVESTMENTS
COMERICA SHORT-TERM FUND (2:30 p.m. EST investment deadline)
This fund is available only for governmental plans or plans qualified under IRC 401(a).
This is a Comerica sponsored money market collective fund managed by Goldman Sachs Asset Management. The fund
invests in commercial paper, repurchase agreements, notes, bank certificates of deposit and variable rate revolving loan notes.
Currently all of the commercial paper in the fund is rated P-1 by Moody’s Investor Services and A-1 by Standard and Poor’s
Corporation, the highest quality available. All securities held in the fund mature in 12 months or less.
AIM TREASURER’S SERIES TRUST PREMIER PORTFOLIO (4:00 p.m. ET investment deadline)
CUSIP 00142W868
This is a money market mutual fund with the goal to provide as high a level of current interest income consistent with the
preservation of capital and maintenance of liquidity. The Portfolio primarily invests in short-term money market instruments that
blend top-tier, high quality U.S. dollar denominated obligations which include commercial paper, certificated of deposits, master
and promissory notes, municipal securities and repurchase agreements. The Fund is rated Aaa by Moody’s Investors Services and
is NAIC (bond class one reserve category) approved. Invesco AIM Advisors’s Inc. serves as the investment advisor.
BLACKROCK LIQUIDITY TEMPFUND (3:30 p.m. ET investment deadline) CUSIP 09248U619
This is a money market mutual fund with the goal of seeking as high a level of current income as is consistent with
liquidity and stability of principal. It pursues its objectives by investing in only first-tier securities, which primarily
include domestic commercial paper, securities issued or guaranteed by the U.S. government or its agencies, U.S. and
Yankee bank obligations, fully collateralized repurchase agreements, variable and floating rate demand notes. All
securities must have top ratings from all NRSRO’s (no Tier 2 ratings). The Fund is rated Aaa by Moody’s Investor
Services and is NAIC (class one bond) approved.
GOLDMAN SACHS FINANCIAL SQUARE PRIME OBLIGATIONS FUND (4:30 p.m. ET investment deadline)
CUSIP 38141W364
This is a money market mutual fund which invests in high-quality money market instruments such as U.S. Government Securities,
obligations of U.S. banks, commercial paper and other short-term obligations of U.S. companies, states, municipalities and other
entities and repurchase agreements. The fund is rated AAAm by Standard and Poor’s Corporation and approved (bond class one
reserve category) by NAIC. Goldman Sachs Asset Management serves as the investment adviser to the Fund.
GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND (4:00 p.m. ET investment deadline)
CUSIP 38141W273
This is a money market mutual fund which is designed to maximize current income, preserve capital and maintain liquidity. The
Fund invests, directly or indirectly, only in U.S. Government Securities and repurchase agreements relating to such securities. .
The fund is rated AAAm by Standard and Poors and approved (bond class one reserve category) by NAIC. Goldman Sachs Asset
Management serves as the investment adviser to the Fund.
AIM TREASURER’S SERIES TRUST PREMIER U.S. GOVERNMENT MONEY PORTFOLIO (4:00 p.m. ET
investment deadline) CUSIP 00142W843
This money market seeks a high level of current income consistent with the preservation of capital and maintenance of
liquidity. It pursues its objectives by investing, normally, at least 80% of its assets in (i) direct obligations of the U.S.
Treasury, (ii) other securities issued or guaranteed as to principal and interested by the U.S. government or its agencies and
instrumentalities (agency securities), and (iii) repurchase agreements secured by those obligations referenced in (i) and (ii)
above. The fund is rated Aaa by Moody’s Investor Services and is NAIC approved (bond class one reserve category).
Invesco AIM Advisors’s Inc. serves as the investment advisor.
GOLDMAN SACHS FINANCIAL SQUARE MONEY MARKET FUND (4:30 p.m. ET investment deadline)
CUSIP 38141W232
This is a money market mutual fund which invests in high-quality money market instruments such as U.S. Government Securities,
obligations of U.S. banks, U.S. dollar-denominated obligations of foreign banks, foreign companies and foreign governments,
commercial paper and other short-term obligations of U.S. companies, states, municipalities and other entities and repurchase
agreements. The fund is rated AAAm by Standard and Poor’s Corporation and approved (bond class one reserve category) by
NAIC. Goldman Sachs Asset Management serves as the investment adviser to the Fund.
RBC PRIME MONEY MARKET FUND (4:00 p.m. ET investment deadline) CUSIP 74926P753
This money market fund seeks to preserve principal, maintain liquidity and generate competitive yield. This Fund invests in a
variety of high quality money market instruments, including commercial paper, corporate debt obligations, U.S. Government
securities, bank securities, certificates of deposit, taxable municipal obligations, asset-backed securities and repurchase
agreements. The fund is rated AAAm by Standard and Poor’s Corporation and approved (bond class one reserve category) by
NAIC. RBC Global Asset Management (U.S.) Inc. serves as the investment adviser to the Fund.
NON-TAXABLE INVESTMENT
GOLDMAN SACHS FINANCIAL SQUARE TAX-FREE MONEY MARKET FUND (12:30 p.m. ET investment
deadline)
CUSIP 38141W182
This is a money market mutual fund which invests substantially all of its assets in a diversified portfolio of short-term, U.S.
dollar denominated municipal obligations. The objective of the fund is to provide current income exempt from Federal income
tax. Goldman Sachs Asset Management serves as the investment advisor to the Fund.
INVESTMENTS AVAILABLE FOR NON U.S. CLIENTS ONLY
PERFORMA LIQUID ASSETS FUND (2:00 p.m. ET investment deadline) CUSIP CMMM09016
This Fund is an open-ended mutual fund incorporated in Bermuda. The Fund aims to achieve income through investments in
cash and near cash instruments. The Performa Liquid Assets Fund has been rated AAAm by Standard & Poor’s Fund
Ratings. PRP Performa serves as the Fund’s investment advisor.
GOLDMAN SACHS US$ LIQUID RESERVES FUND (3:30 p.m. ET investment deadline) CUSIP 380992909
This fund invests in a diversified portfolio of high quality money market securities, such as: repurchase agreements, asset
backed commercial paper, U.S. government agency variable rate notes, floating rate securities, U.S. government agency
discount notes, certificates of deposit, commercial paper, foreign Eurodollar certificates of deposit, master demand notes, time
deposits and U.S. government guaranteed notes/bonds. The Fund has been rated AAAm by Standard & Poor’s Fund Ratings.
INTERNATIONAL DOLLAR RESERVE FUND (3:30 p.m. ET investment deadline) CUSIP G48428109
The fund invests in a broad range of high quality U.S. dollar-denominated money market instruments and short-term debt
obligations, including government, bank and commercial obligations. The fund has been rated Aaa by Moody’s Investors
Services. PNC Institutional Management Corporation serves as the Fund’s investment advisor.
NOTE: The two above investments are not SEC registered, and therefore are only available to non U.S. clients, foreign subsidiaries of U.S. companies or
U.S. subsidiaries of foreign corporations. A Customer Certification of Non-U.S. Status form must be executed in order to invest in these funds.
AUTHORIZATION:
Comerica is authorized to invest in the option checked on this Cash Management Election Form until a new election form
is provided in writing.
Authorized Depositor Signature:
Date: _______________
Name and Title: ____________________________________________________________________________________
Organization: ______________________________________________________________________________________
The Investment options described above are not a deposit or other obligation of or guaranteed by Comerica Bank and are not insured by the FDIC. Comerica may be paid by non-proprietary Funds for
performing services for the Funds, including, but not limited to, administration and/or shareholder services and custodial services. Cash investment funds are subject to investment risk, including possible
loss of the principal amount invested. A prospectus describing each of the money market funds offered as an investment option is available upon request for review prior to investing.
COMERICA
DOMESTIC AND INTERNATIONAL WIRE TRANSFER TERMS
(Publication Date 11/19/2002)
The following terms apply to all Wire Transfers:
1. Definitions: Unless otherwise defined in this document, the words
or phrases used will have the meaning ascribed to them in UCC 4A
(defined below):
1.1 AAddendum@- a writing intended to supplement these terms,
such as a security procedure to be used.
1.2. AComerica@- the bank described below, also referred to as
Aus@, Aour@ or Awe.@
1.3. ADesignated Account@- the Comerica account(s) you designate
that we are to debit, draw on or against or otherwise receive payment
for executing your Payment Order (defined below). If you do not
provide an acceptable Designated Account, we may require cash or
we will debit or draw against any other account you have with us.
1.4. AWire Transfer@- the series of transactions, beginning with the
delivery to us of a Payment Order (defined below) through the
execution of the Payment Order, including any cancellation, reversal,
adjustment, or posting.
1.5 AWire Transfer Business Day@- means Monday through Friday,
excluding federal and state holidays, before 4:30 p.m. ET on which
we and the Federal Reserve Banks are open for purposes of
processing Wire Transfers.
1.6 APayment Order"-your instruction to us, that orders us to pay or
cause another institution to pay a fixed or determinable amount of
money to a beneficiary, whether or not the beneficiary is a third party
and for which we are to be reimbursed for executing. We may require
that you give us your Payment Order in writing and in a form
acceptable to us. A Payment Order does not include transfer of funds
by check, draft, other negotiable instruments, automated clearing
house transactions or book entries.
1.7 AUCC 4A@- is Article 4A or a version of it such as Chapter 4A or
Division 11 of the Uniform Commercial Code, as enacted in the state
where we receive your Payment Order.
1.8 AWire Transfer Order Request Form@ or AWire Request Form @
is a document that contains your Payment Order or request to cancel
or change your Payment Order.
2. Applicable Rules. We may complete any portion of a Wire
Transfer using any wire transfer network, cable or wireless transfer
system we or our designee determine appropriate including, but not
limited to, the Federal Reserve wire transfer network (AFedWire@),
Telex or SWIFT. Each Wire Transfer will be governed by the rules of
the applicable network/system, whether or not we are a member of
the network/system.
3. Execution of Payment Orders. We may execute any Payment
Order we receive that complies with the terms contained herein and
in any addendum. If we are also the beneficiary=s bank, the term
Aexecute@ includes our acceptance of your Payment Order for
purposes of both this Agreement and of the application of UCC4A to
the entire transaction. We may use any means or routes we, in our
sole discretion, consider suitable to effect your Wire Transfer.
4. Rejection of Payment Orders. We reserve the right , with or
without cause, to refuse to accept or process any Payment Order. If
we received your Payment Order before the end of the Wire Transfer
Business Day we will notify you if possible before 5:30 p.m. ET, if
we do not process it, otherwise we will give you notice on the next
Wire Transfer Business Day.
5. Cancellation or Amendment of Payment Orders. If we receive a
cancellation or stop payment instruction for a Payment Order we have
not yet executed, we may, but are not obligated to cancel it. Any
attempt to change/amend a Payment Order will operate as a
cancellation instruction of the applicable Payment Order and the
giving of a new Payment Order. Executed Payment Orders can not
be canceled or reversed.
6. Wire Transfer Business Day For Accepting Payment Orders. We
will take Payment Orders on Wire Transfer Business Days in the
manner and at the locations we designate from time to time. Any
communications regarding a Payment Order that we receive after
the close of our Wire Transfer Business Day or at any time on a nonWire Transfer Business Day may be treated as received at the
opening of the next Wire Transfer Business Day. We may (i) process
your Wire Transfers and those of other customers in any order we
choose and (ii) presume that no other financial institution to which or
through which the Wire Transfer is sent has an earlier cut-off time than
we have for accepting Wire Transfers. We reserve the right to and
may modify our Wire Transfer Business Day and cutoff hours at any
time and without prior notice.
7. Misdescription or Discrepancies in Payment Orders. We and any
other institution involved in a Wire Transfer may, and are entitled to,
rely solely upon the account number or other identifying number you
provided to describe the beneficiary or the financial institution to which
we are to issue the Payment Order, even if you provided a name which
does not match the account or bank number.
8. Confirmation Notice. Unless you request otherwise, we will send, at
our then current charge, a written confirmation of your executed
Payment Order.
9. Overdrafts/increased lines related to your Authorized Account. We
may debit the Designated Account for your Payment Orders and all
applicable fees, even if the debit creates or increases an overdraft
position or causes a draw on your line of credit. Unless we otherwise
agree in writing, we have no duty to (i) effect a Payment Order if you do
not have sufficient available funds or line of credit in the Designated
Account to cover the Payment Order and all applicable fees at the time
the Payment Order is received and at the time we are ready to execute
the Payment Order or (ii) lend money, extend credit or otherwise
advance funds to cover the amount of the Payment Order and/or fees.
If we allow an overdraft, increase overdraft or line of credit to occur,
you will immediately cause, without notice or demand from us,
sufficient collected and available funds to be deposited to cover the
overdraft or pay down the increased line of credit, as applicable. If we
allow overdrafts, we may discontinue the practice at any time and
without prior notice.
10. Fees, Compensation and Costs.
10.1 Fees- You will pay us: (i) the applicable fees/charges/rates
described in this document, disclosed by us when we receive your
Payment Order and as disclosed in the contract that governs the
Designated Account. In addition, you will pay for all actual expenses
we incur to effect your Wire Transfer and any taxes imposed.
10.2 Compensation to Us- If the Designated Account does not have
sufficient available funds to cover the Payment Order and all applicable
fees, and we allow an overdraft or increase in your line of credit to
occur, you will pay us for the use of funds and overdraft charges as
disclosed in the agreement covering your Designated Account. If no
use of funds fee is described in the contract, you agree to pay interest
on the excess line of credit at a rate of 2% above the rate stated for
draws against your line of credit.
10.3 Compensation to You - If we owe you compensation in the form
of penalty or interest, it will be payable at the Federal Funds rate of
interest computed on the basis of a year of 360 days. You agree to
waive your right to assert that any other rate of interest will apply.
11. Limitation of Liability. Unless otherwise required by law or stated
in this document, we will not be liable to you, your intended beneficiary
or anyone else because of: (i) acts or omissions of any governmental
agency, the beneficiary bank (unless it is us) , other financial institution
or other person or entity through which a Wire Transfer is effected
(whether or not selected by us) to turn over, account for, obtain a
receipt or identification from the person to whom it paid the funds, (ii)
any losses or damages suffered because of present or future laws,
regulations, policies, decrees or orders exercised by any de jure or de
facto government agency which causes any delay, mistakes,
interruptions, omissions, mutilations, errors, defaults, loss or
destruction of any kind in connection with the transmission of
messages by cable, telegraph, or wireless transfer, or in or through the
mails or any other public operated carrier or agency which is beyond
our reasonable control, (iii) our failure to perform under this Agreement
due to causes beyond our reasonable control, including but not limited
to, any act of God, equipment failure, system failure, labor dispute, or
the failure of any third party to provide any electronic or
telecommunications service used by us, (iv) our failure or refusal to
refund to you the amount of the fees or a Payment Order that you paid
to us unless we have determined that the Payment Order has been
effectively stopped and we have received a refund of the Payment
Order and/or indemnifications we deem adequate, or (v) for detecting
errors contained in any communication or information you provide to
us. Further, we will not be liable for any duplicate payment orders.
If we are liable to you for compensable damages that are recoverable
under UCC 4A as modified by this Agreement, you agree that our
liability to you, unless otherwise required by law, will not exceed your
actual, foreseeable and provable damages. Further, you agree that
our liability for international Wire Transfers will be limited to the
amount of the U.S. Dollar equivalent of the amount of the foreign
Payment Order at the prevailing rate of exchange established at
Comerica Bank (Detroit, Michigan) at the time we executed the
Payment Order. Any Payment Order denominated in a foreign
currency that cannot be completed, will be credited to your Authorized
Account when we receive credit from the networks or the beneficiary
bank involved in the transaction and you agree that pending such
credit to us, any obligation we have to credit the Authorized Account
is suspended.
Notwithstanding any provisions to the contrary, IN NO EVENT WILL
WE BE LIABLE FOR ANY CONSEQUENTIAL, SPECIAL, PUNITIVE
OR INDIRECT DAMAGES OR LOSSES EVEN IF WE WERE
ADVISED OF THE POSSIBILITY OF SUCH DAMAGES
12. Customer Indemnity. You will indemnify and hold us harmless
from and against any, cost, liability or expense (including reasonable
attorney and paralegal fees) arising out of any claim by anyone
alleging that a Payment Order contravenes or compromises the
rights, title or interest of any third party, contravenes any law, rule,
regulation, ordinance, court order or other mandate or prohibition with
the force or effect of law (AClaim@), unless the Claim arises out of our
failure to exercise ordinary care, failure to act in good faith or failure to
act in accordance with your instructions.
13. Governing Law, Jurisdiction, Venue and Service of Process. All
Payment Orders are to comply with US federal laws, regulations,
Presidential Orders and state laws as applicable. Customer will not
request any Wire Transfer to or for the benefit of any business,
person or country subject to U.S. sanction or prohibited by the Office
of Foreign Asset Control. This document, Addendum, and each Wire
Transfer request (together forming the Wire Transfer Agreement
(AAgreement@) shall be governed by the laws (excluding the law of
conflicts) of the state of Michigan where your Payment Order was
received by us and applicable federal law. You and we will submit to
the personal jurisdiction of any federal or state court located in said
state for resolving any disputes arising out of or in connection with
Wire Transfers. Service of process of any legal action by the parities
arising under or subject to this Agreement will be conclusively
deemed sufficient if a copy is mailed by U.S. mail from anywhere in
the United States, delivered in person or electronically to you at the
address in our records or if to us at the address designated below.
14. Waiver of Jury Trial. In the event of a dispute arising under
this Agreement both you and we do and will waive any right to
trial by jury either may have. You understand that without this
waiver you may have a right to a jury trial on such matters, but
you nevertheless agree voluntarily to waive that right. You
acknowledge this provision has been brought to the attention of
your legal counsel or you had the opportunity to do so.
15. Recording of Communications. We may record telephone
conversations you have with us for the purpose of resolving any
controversy regarding the communication.
16. Authorization. You authorize us to execute your Wire Transfer by
any method we deem appropriate. Domestic Payment Orders will be
payable to us in U.S. Dollars and will be paid in U.S. Dollars.
Payment Orders payable outside of the United States will be payable
to us in U.S. Dollars and will be paid in the currency elected at the
option of the beneficiary bank. If we agree to executed a Payment
Order for payment outside the U.S. in a currency other than U.S.
Dollars, you authorize us to debit, draw on your Designated Account
for the U.S. Dollar equivalent of the amount of the Payment Order at
the then prevailing rate of exchange offered by Comerica Bank in
Detroit, Michigan.
17. Evidence of Authorization and Security Procedures. Before
requesting a Wire Transfer, you will provide us identification and
evidence of your identity and authority to enter into a Wire Transfer
Agreement and you will execute a Wire Transfer Authorization and
Security Procedure document. You understand that the Security
Procedure you select (ASecurity Procedure@) will be used only to
verify the authenticity and validity of you Wire Transfer
communications. The Security Procedure will not and is not intended
to detect errors contained in your communications. Unless otherwise
required by law, you agree that if the Security Procedure for the Wire
Transfer is complied with, the Wire Transfer is enforceable as
authorized by you.
18. Termination. Neither party is obligated to request or receive
Payment Orders. We may terminate this service at any time without
prior notice.
19. Notices. Unless otherwise stated in this document or required by
law, all notices required or permitted to be given may be given: (i) to
you by any commercially reasonable means including, but not limited
to telephone, regular mail, facsimile or other electronic means, at any
phone number or address we have for you in our records, (ii) to us by
facsimile or personal delivery at the address or fax number stated
below. All notices are effective when received or two business days
after transmitting or mailing, whichever occurs first.
20. Severability. If any term in this document is determined to be
unenforceable, the rest of the terms of this document will remain in full
force and effect.
21. Entire Agreement. The terms contained in this document and the
Wire Transfer Authorization and Security Procedure document
constitute the entire agreement between the parties for the Service. To
the extent there are any inconsistencies between the terms of this
Agreement and the contract governing the Designated Account, the
terms of this document shall control. No representation or statement
not expressly contained in this document or Amendment will be binding
upon either party.
22. Assignment. This Agreement shall be binding on and inure to the
benefit of any legal successor to you or us. You agree to notify us of
any merger involving you, to which you are not the successor in
interest.
23. Change in Terms. If prior notice of a change, deletion or addition
in terms is required by law or this agreement, we will give you such
notice. Otherwise, we will mail, fax or otherwise deliver you notice.
Any Wire Transfer conducted after the effective date of a change will
be deemed subject to that change notice.
24. Address for Notices to Comerica:
Comerica Bank
M/C 3462
PO Box 75000
Detroit MI 48275
COMERICA
TRUST DEPARTMENT WIRE TRANSFER AUTHORIZATION
AND SECURITY PROCEDURES FOR NON-REPETITIVE
WIRE TRANSFERS (Publication Date 4/26/2002)
Customer Name:
______________________________________________
_
______________________________________________
_
Taxpayer Identification Number:
______________________________________________
_
1. Legal Definitions. Except as defined below the words and
phrases used in this Wire Transfer Authorization and Security
Procedures document will have the meaning as assigned in the
Domestic and International Wire Transfer Terms (publication date
11/19/2002) as such terms may be amended.
1.1. “Authorized Initiator” - means any one person designated by the
Customer, in a form acceptable to Comerica, who may give Wire
Transfer instructions including Non-Repetitive Payment Orders to
Comerica in the Customer name, subject to the verification of such
Non-Repetitive Payment Order as described below.
1.2. “Authorized Confirmer” - means any one person designated by
the Customer, in a form acceptable to Comerica, who must confirm
the authenticity of each Non-Repetitive Payment Order received by
Comerica in the Customer’s name, subject to the applicable Security
Procedure.
1.3. “Non-Repetitive Payment Order” - is a Payment Order of a nonrepetitive nature that is signed in the name of an Authorized Initiator
and is received by Comerica by mail or by fax at a number
designated by Comerica for such purposes.
1.4. “Wire Transfer Business Day” - means Monday through Friday,
we and the Federal Reserve Banks are open for processing Wire
Transfers. When funds are invested in Alternative Cash Vehicles,
Non-Repetitive Payment Orders must be received 30 minutes prior to
the respective fund’s cut-off time in order to be accepted for same
day processing.
1.5. “Confirmation Notice” - unless you request otherwise,
confirmation of your payment order will appear on your monthly trust
statement only.
2. Designated Accounts. Any Customer account that is designated
in a Non-Repetitive Payment Order that Comerica is to debit for the
Wire Transfer instructions, including the amount of the NonRepetitive Payment Order and applicable fees.
3. Authorized Initiators/Confirmers. Customer will provide to
Comerica documentation, in a form acceptable to Comerica, that
contains the names of the Authorized Initiators, Authorized
Confirmers and their respective work telephone numbers and
specimen signatures.
PLEASE SELECT ONE OF THE FOLLOWING SECURITY
PROCEDURES FROM SECTION 4 OR SECTION 5 FOR ALL
OF YOUR NON-REPETITIVE PAYMENT ORDERS BY
CHECKING THE APPROPRIATE BOX:
4. Security Procedure Non-Repetitive Payment Orders With
Call Back. Customer requests and Comerica agrees that the
Security Procedure to be used for Non-Repetitive Payment Orders
With Call Back and for all other Wire Transfer orders will be as follow:
4.1. An Authorized Initiator shall sign and mail or fax to Comerica,
at the number Comerica provides for such purpose, all of the
Customer’s Non-Repetitive Payment Orders and other Wire Transfer
requests.
4.2. The Non-Repetitive Payment Order or Wire Transfer request
shall contain all the information necessary for Comerica to
appropriately act on the Non-Repetitive Payment Order or other
request. Non-Repetitive Payment Orders shall include beneficiary
name, the account number to be credited, the beneficiary bank name
and it’s ABA number, the dollar amount of the Non-Repetitive
Payment Order and the Designated Account to be debited for the
request.
4.3. Comerica will confirm the authenticity of each Non-Repetitive
Payment Order or other Wire Transfer request by placing a telephone
call to an Authorized Confirmer at the phone number provided by
Customer.
4.4. Customer agrees that once Comerica has obtained confirmation
of the authenticity of the Non-Repetitive Payment Order or other Wire
Transfer request in the manner described in this section, Comerica
may accept the Non-Repetitive Payment Order or other Wire Transfer
request and process it in accordance with the Domestic and
International Wire Transfer Terms, and that no further action is
required by Comerica to confirm the authenticity of the Non-Repetitive
Payment Order.
(If this Security Procedure is selected, please proceed to Section 6)
5. Security Procedure - Non-Repetitive Payment Orders With
No Call Back. Customer requests and Comerica agrees that the
Security Procedure to be used for Non-Repetitive Payment Orders
With No Call Back and for all other Wire Transfer requests will be as
follows:
5.1. An Authorized Initiator shall sign and mail or fax to Comerica, at
the number Comerica provides for such purpose, all of the Customer’s
Non-Repetitive Payment Orders and other Wire Transfer requests.
5.2. The Non-Repetitive Payment Order or Wire Transfer request
shall contain all of the information necessary for Comerica to
appropriately act on the Non-Repetitive Payment Order or other Wire
Transfer request. Non-Repetitive Payment Orders shall include
beneficiary name, the account number to be credited, the beneficiary
bank name and it’s ABA number, the dollar amount of the NonRepetitive Payment Order and the Designated Account to be debited
for the request.
5.3. Comerica will verify the signature of the Authorized Initiator on
the Non-Repetitive Payment Order against the information provided by
the Customer that contains specimen signatures of Authorized
Initiators as set forth in this Wire Transfer Authorization and Security
Procedures document.
5.4. Customer agrees that once Comerica has verified the signature
of the Authorized Initiator on the Non-Repetitive Payment Order or
other Wire Transfer request in the manner described in this section,
Comerica may process it in accordance with the Domestic and
International Wire Transfer Terms, and that no call back or further
action is required by Comerica to confirm the authenticity of the NonRepetitive Payment Order or Wire Transfer request.
6. Customer Acceptance. Customer acknowledges that it has
received and agrees to the Comerica Domestic and International Wire
Transfer Terms published November 19, 2002 as such terms may be
revised from time to time.
6.1. Customer also agrees that the Security Procedures described
and selected in Section IV or Section V above is commercially
reasonable for the types of transactions Customer will conduct.
Customer understands that the Security Procedure determines the
authenticity of the Payment Order only and does not and is not
intended to detect errors in the transmission or the contents of any
Wire Transfer communication.
_______________________________________________
Signature of Authorized Representative
_______________________________________________
Title of Authorized Representative
___________________________
Date
COMERICA
TRUST DEPARTMENT WIRE TRANSFER AUTHORIZATION
AND SECURITY PROCEDURES FOR REPETITIVE WIRE
TRANSFERS (Publication Date 4/26/2002)
Customer Name:
___________________________________________
_
___________________________________________
_
Taxpayer Identification Number:
___________________________________________
_
1. Legal Definitions. Except as defined below the words and
phrases used in this Wire Transfer Authorization and Security
Procedures document will have the meaning as assigned in the
Domestic and International Wire Transfer Terms (publication date
11/19/2002) as such terms may be amended.
1.1. “Authorized Initiator” - means any one person designated by
the Customer, in a form acceptable to Comerica, who may give
Wire Transfer instructions including Repetitive Payment Orders to
Comerica in the Customer name, subject to the verification of such
Repetitive Payment Order as described below.
1.2. “Constant Repetitive Information” - means the name of the
beneficiary, the beneficiary account number, the name of the
beneficiary bank and it’s ABA number, the account number to be
credited, and the Designated Account as provided by Customer to
Comerica in a Repetitive Payment Order Template, the form of
which must be acceptable to Comerica.
1.3. “Repetitive Payment Order” - is a Payment Order that
references the Constant Repetitive Information, is signed in the
name of an Authorized Initiator and is received by Comerica by
mail or by fax at a number designated by Comerica for such
purposes.
1.4. “Wire Transfer Business Day” - means Monday through Friday,
we and the Federal Reserve Banks are open for processing Wire
Transfers. When funds are invested in Alternative Cash Vehicles,
Repetitive Payment Orders must be received 30 minutes prior to
the respective fund’s cut-off time in order to be accepted for same
day processing.
1.5. “Confirmation Notice” - unless you request otherwise,
confirmation of your payment order will appear on your monthly
trust statement only.
2. Designated Accounts. Any Customer account that is
designated in a Repetitive Payment Order that Comerica is to
debit for the Wire Transfer instructions, including the amount of the
Repetitive Payment Order and applicable fees.
3. Authorized Initiators/Confirmers. Customer will provide to
Comerica documentation, in a form acceptable to Comerica, that
contains the names of the Authorized Initiators, Authorized
Confirmers and their respective work telephone numbers and
specimen signatures.
4. Security Procedure - Repetitive Payment Order. Customer
requests and Comerica agrees that the Security Procedure to be
used for a Repetitive Payment Order will be as follows:
4.1. Customer shall provide to Comerica, in a form acceptable to
Comerica, one or more Repetitive Payment Order Templates.
Each template shall contain Constant Repetitive Information and
shall be signed by an Authorized Initiator. Once Comerica
determines that a template is acceptable it shall notify the
Authorized Initiator by telephone and Customer may then mail or
fax to Comerica Repetitive Payment Orders.
4.2. An Authorized Initiator shall mail or fax to Comerica, at the
number Comerica provides for such purposes, each Repetitive
Payment Order. Each Repetitive Payment Order must include
reference to the Constant Repetitive Information (or Repetitive
Number, where available) and the dollar amount of the Payment
Order.
4.3. Customer agrees that if a Repetitive Payment Order is
received and is signed in the name of an Authorized Initiator,
Comerica may accept the request and process it in accordance
with the Domestic and International Wire Transfer Terms, and that
no further action is required by Comerica to confirm the authenticity
of the Repetitive Payment Order.
4.4. Customer understands and agrees that the signature on the
Repetitive Payment Order request of an Authorized Initiator is
solely for Comerica’s benefit for use in contacting the Authorized
Initiator if any of the data in the Repetitive Payment Order is
unreadable or otherwise requires clarification.
5. Customer Acceptance. Customer acknowledges that it has
received and agrees to the Comerica Domestic and International
Wire Transfer Terms published November 19, 2002 as such terms
may be revised from time to time.
5.1. Customer also agrees that the Security Procedure described
in Section IV is commercially reasonable for the types of
transactions Customer will conduct. Customer understands that
the Security Procedure determines the authenticity of the Payment
Order only and does not and is not intended to detect errors in the
transmission or the contents of any Wire Transfer communication.
_______________________________________________
Signature of Authorized Representative
_______________________________________________
Title of Authorized Representative
___________________________
Date
DEPARTMENT WIRE TRANSFER SERVICE
REPETITIVE PAYMENT ORDER TEMPLATE REQUEST FORM
New
Terminate This Template Repetitive ID #_______________
REQUEST TYPE (Choose One):
Choose One:
Domestic U.S. Dollar
International Foreign Currency Code: ________________________
International U.S. Dollar
CUSTOMER/ORIGINATOR INFORMATION
Debit Account Number
Customer Account Name
Address
(Street, City, State, ZIP, Country)
BENEFICIARY BANK INFORMATION
Beneficiary Bank Information
Routing & Transit No. or SWIFT/BIC Code
Account No. (If applicable)
Beneficiary Bank Name
Beneficiary Bank Address
BENEFICIARY INFORMATION
Beneficiary Account No.
Beneficiary Name
Beneficiary Address
INTERMEDIARY BANK (If Any)
Intermediary Bank Information
Routing & Transit No. or Swift Code
Intermediary Bank Name
Intermediary Bank Address
SPECIAL INSTRUCTIONS
For International Wires, include special routing information as required by foreign bank.
CUSTOMER AUTHORIZATION
This Repetitive Payment Order Template request is made subject to the terms of the Department Wire Transfer Service Domestic &
International Wire Terms (pub. date 7-24-08) and the Customer Acceptance Document.
Customer Name: _____________________________________________________________________
X___________________________________________________________________________________ Date: ___________________________________
Signature of Customer’s Authorized Agent*
_____________________________________________________________________________________
Printed Name of Authorized Agent*
*Note: This Template must be signed by a person designated as an Authorized Agent on your Declaration.
Submit this completed and signed Template form in accordance with the requirements of your Customer Acceptance Document. See Customer Acceptance
Document regarding assignment or Repetitive ID and Revocation of Template. Changes to this Template require a new Template Request.
Comerica Business Unit Use Only:
Business Unit Employee Validating Template
Print Name:
Validation of Customer’s Authorized Agent signing this Form:
Verified Authorized Agent’s name against current Customer Acceptance Document
Called this or another Authorized Agent to confirm the Template
Date Received:________________
Date: __________________
Business Unit Initiator:
Print Name: _______________________________
Faxed to GFT
Date:
______________
Signature: ________________________________
Rec’d On : _____________________________
Time: ___________
GFT USE ONLY
Date
Verified By:
Date
Maintenance Performed By:
Repetitive ID #___________________
Gave ID to
Customer
on:
Repetitive ID Number Assigned by GFT:
DeptWireTransferServiceRepetitiveWireTemplate7-24-08
COMERICA
CHECKLIST AND INSTRUCTIONS FOR REPETITIVE
WIRE TRANSFERS
CHECKLIST AND INSTRUCTIONS FOR NONREPETITIVE WIRE TRANSFERS
1.
Read Domestic and International Wire Transfer Terms
and keep for further reference.
1.
Read Domestic and International Wire Transfer Terms
and keep for further reference.
2.
Read Trust Department Wire Transfer Authorization and
Security Procedures for Repetitive Wire Transfers.
Please include your organization’s name and Taxpayer
Identification Number in the spaces provided. Please sign
this document and return the original to your Relationship
Manager.
2.
3.
Please complete the Comerica Bank Institutional Trust
Department Authorized Signers List and return to your
Relationship Manager to update our files.
Read Trust Department Wire Transfer Authorization and
Security Procedures for Non-Repetitive Wire Transfers.
Please include your organization’s name and Taxpayer
Identification Number in the spaces provided. Please
indicate your preference to receive Call Back confirmation
by checking the box in either Section 4 or Section 5 of this
document. Please sign this document and return the original
to your Relationship Manager.
3.
Please complete the Comerica Bank Institutional Trust
Department Authorized Signers List and return to your
Relationship Manager to update our files.
4.
Complete the Comerica Bank Trust Department
Repetitive Wire Payment Order Template for all transfers
made by Comerica on your behalf and return to your
Relationship Manager.
a.
The directive received by Comerica Bank does not
need to be on this actual form. Comerica Bank will
continue to honor all directives provided that, at a
minimum, the information contained in the template is
referenced in a formal letter of direction.
b.
Please note that your Relationship Management Team
at Comerica will try to identify and complete as much of
this form for your convenience. However, we must
have the original signed by an Authorized Initiator
named on the account.
a.
4.
5.
When necessary, instruct Comerica Bank to wire money on
your behalf referencing the repetitive instructions on file.
If you select to receive Call Back Confirmation of your
transfer requests, please have each individual listed on
the above document complete a Comerica Bank Institutional Trust Department Authorized
Initiator/Confimer Verification Form and mail the
original to your Relationship Manager. This information
will be used to verify the authenticity of the request.
When necessary, instruct Comerica Bank to wire money on
your behalf. Please be sure to include, at a minimum, the
following information in each directive:
a.
Account to charge
b.
Name of Beneficiary
c.
Beneficiary’s Bank Name
d.
Beneficiary’s Bank ABA No.
e.
Beneficiary’s Account No.
f.
A signature of an authorized individual for your
organization.

Comerica-Response-to.. - Franklin Regional Retirement (www

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