Exhibit 8(c)
AMENDMENT
TO
ADMINISTRATIVE SERVICES AGREEMENT
The Administrative Services Agreement between AAL Capital Management Corporation
and Aid Association for Lutheran, effective August 28, 1996, amended effective
November 19, 1997, is hereby amended effective September 1, 1998 , as follows:
Schedule C attached to the Administrative Services Agreement is amended to
change the annual rate for the International Stock Portfolio to $40,000 per
year. Schedule C is attached hereto.
The Fund Performance Standards have been updated to reflect changes in AAL
departmental titles. The 1998-1999 Fund Performance Standards is attached
hereto.
IN WITNESS WHEREOF the parties have caused this Amendment to be signed by the
respective officers effective September 1, 1998.
ATTEST: AAL CAPITAL MANAGEMENT CORPORATION
By: ______________________________ By: _______________________________
Xxxxxx X. Same, Secretary Xxxxxx X. Xxxxxxxx, President
ATTEST: AID ASSOCATION FOR LUTHERANS
By: _____________________________ By: _______________________________
Xxxxxxx X. Xxx, Senior Vice Xxxx X. Xxxxxxx, President and
President, General Counsel and Chief Executive Officer
Secretary
SCHEDULE C
Contract Price
Accounting/Pricing Fee Schedule
Pursuant to Section 2.1, the "Contract Price" shall be determined annually. For
the year beginning September 1, 1998 the annual rate will be Thirty-Five
Thousand dollars ($35,000) for each Portfolio except the International Stock
Portfolio. The annual rate will be Forty Thousand dollars ($40,000) for the
International Stock Portfolio.
1998-1999 FUND ACCOUNTING PERFORMANCE STANDARDS
The following is a listing of the fund accounting activities performed on a
daily or periodic basis by AAL Capital Management Corporation, that will be
specifically identified to measure the quality and timeliness of the fund
accounting services provided to AAL by AALCMC pursuant to the Administrative
Services Agreement between the parties dated August 28, 1996.
Daily:
1. Supply the daily cash availability report to the AAL Investment Department
in good form by 8:30 A.M. CST each business day.
2. Meet all industry and SEC guidelines and standards related to:
A. Accounting for the daily portfolio trading activities.
B. Update the general ledger accounts for each portfolio.
3. Supply the NAV proof report to AAL Variable Products Accounting by 8:00
A.M. the next business day.
4. Obtain the daily fund prices in a timely manner from IDC, by 4:00 P.M.
5. Calculate an accurate daily fund NAV by 4:30 P.M. each business day.
6. Communicate each fund's NAV to AAL Variable Products Accounting prior to
5:00 P.M. each business day.
Periodic:
1. Supply the month-end trial balances and the two sets of the Portfolio
Analysis for each fund to AAL Variable Products Accounting by the first
business day of the following month.
2. Supply the Semi-Annual and Annual financial statements and each
corresponding schedule of investments for all the funds by the fifteenth
day of the following month.
3. Supply the monthly SEC Yield Calculation for the Bond, Balanced and High
Yield Bond portfolios to AAL Variable Products Accounting by the first
business day of the next month.
4. Supply the weekly Money Market portfolio amortized cost versus market value
analysis report to AAL Variable Products Accounting by the next business
day.
5. Supply other accounting information to AAL as requested in a timely manner.
