LAZARD ASSET MANAGEMENT LLC 30 Rockefeller Plaza New York, New York 10112
Exhibit 99 (d)(2)
LAZARD ASSET MANAGEMENT LLC
00 Xxxxxxxxxxx Xxxxx
Xxx Xxxx, Xxx Xxxx 00000
September 26, 2019
Lazard Retirement Series, Inc.
00 Xxxxxxxxxxx Xxxxx
New York, New York 10112
| Re: | Letter of Agreement |
Ladies and Gentlemen:
Lazard Asset Management LLC (“XXX”), intending to be legally bound, hereby confirms its agreement as follows in respect of each of the portfolios (each, a “Portfolio”) of Lazard Retirement Series, Inc. (the “Fund”) set forth on Schedule A hereto:
For the respective periods set forth on Schedule A hereto, if the aggregate direct expenses of a Portfolio, exclusive of taxes, brokerage, interest on borrowings, dividend and interest expenses on securities sold short (Lazard Retirement Enhanced Opportunities Portfolio and Lazard Retirement Opportunistic Strategies Portfolio only), fees and expenses of “Acquired Funds” (as defined in Form N-1A) and extraordinary expenses,1 exceed the percentage of the value of the Portfolio’s average daily net assets set forth opposite the Portfolio’s name on Schedule A hereto, the Fund, on behalf of the Portfolio, may deduct from the payment to be made to XXX under the Management Agreement between XXX and the Fund, on behalf of the Portfolios (the “Management Agreement”), or XXX will bear, such excess expense.
This Agreement may only be amended by agreement of the Fund and XXX to lower the net amounts shown and will terminate automatically in the event of termination of the Management Agreement.
| LAZARD ASSET MANAGEMENT LLC | ||
| By: | ||
| Xxxxxxx Xxxxxxxxx | ||
| Managing Director | ||
Accepted and Agreed To:
LAZARD RETIREMENT SERIES, INC.,
on behalf of each of the Portfolios
set forth on Schedule A hereto
| By: | ||
| Xxxxxxxxxxx Xxxxxxx | ||
| Chief Financial Officer |
| 1 | Including, for purposes of this letter agreement only, fees and expenses related to filing foreign tax reclaims. |
SCHEDULE A
| Maximum Total Portfolio Operating Expenses (as a percentage of average daily net assets) | ||
| Name of Portfolio | Service Shares | Investor Shares |
| Until May 1, 2020 | ||
| Lazard Retirement Developing Markets Equity Portfolio | 1.50% | 1.25% |
| Lazard Retirement Emerging Markets Equity Advantage Portfolio | 1.35% | 1.10% |
| Lazard Retirement Emerging Markets Equity Blend Portfolio | 1.50% | 1.25% |
| Lazard Retirement Emerging Markets Equity Portfolio | 1.45% | 1.20% |
| Lazard Retirement Emerging Markets Income Portfolio | 0.95% | 0.70% |
| Lazard Retirement Enhanced Opportunities Portfolio | 1.50% | 1.25% |
| Lazard Retirement Equity Franchise Portfolio | 1.20% | 0.95% |
| Lazard Retirement Global Dynamic Multi-Asset Portfolio | 1.05% | 0.90% |
| Lazard Retirement Global Listed Infrastructure Portfolio | 1.45% | 1.20% |
| Lazard Retirement Global Strategic Equity Portfolio | 1.25% | 1.00% |
| Lazard Retirement International Equity Advantage Portfolio | 1.15% | 0.90% |
| Lazard Retirement International Equity Concentrated Portfolio | 1.20% | 0.95% |
| Lazard Retirement International Equity Portfolio | 1.10% | 0.85% |
| Lazard Retirement International Equity Select Portfolio | 1.15% | 0.90% |
| Lazard Retirement International Small Cap Equity Portfolio | 1.38% | 1.13% |
| Lazard Retirement International Strategic Equity Portfolio | 1.30% | 1.05% |
| Lazard Retirement Managed Equity Volatility Portfolio | 1.00% | 0.75% |
| Lazard Retirement Opportunistic Strategies Portfolio | 1.27% | 1.02% |
| Lazard Retirement Real Assets and Pricing Opportunities Portfolio | 1.15% | 0.90% |
| Lazard Retirement US Equity Concentrated Portfolio | 1.15% | 0.90% |
| Lazard Retirement US Equity Select Portfolio | 1.00% | 0.75% |
| Lazard Retirement US Small-Mid Cap Equity Portfolio | 1.15% | 1.00% |
| Until May 1, 2021 | ||
| Lazard Retirement International Equity Value Portfolio | 1.20% | 0.95% |
| Lazard Retirement International Quality Growth Portfolio | 1.10% | 0.85% |
