MASTER PLAN ADMINISTRATION SERVICES AGREEMENT
MASTER PLAN ADMINISTRATION SERVICES AGREEMENT ("Agreement") dated as of
December 1, 2006, by and among RiverSource Service Corporation, a Minnesota
corporation ("RiverSource Service Corporation"), and each of the registrants
(acting separately on behalf of their series) identified from time to time on
Exhibit A hereto (each a "Fund" and collectively the "Funds")
W I T N E S S E T H:
WHEREAS, the Funds desire to offer their Class E, Class R2, Class R3, Class R4
and Class Y shares as funding options to retirement plans and to qualified
tuition programs pursuant to Section 529 of the Internal Revenue Code ("529
plans") (retirement plans and 529 plans collectively referred to as "plans");
WHEREAS, plans are typically administered directly by financial institutions,
third party recordkeepers or administrators ("third party administrators") who
provide certain plan administration services including recordkeeping and
communication/educational services to plan sponsors, plans and plan
participants;
WHEREAS, the Funds desire that these plan administration services be provided
by RiverSource Service Corporation, through third party administrators, to
plan sponsors, plans and plan participants that invest in Class E, Class R2,
Class R3, Class R4 and Class Y shares;
WHEREAS, the Funds recognize that these plan administration services benefit
the plan participants with respect to their investment in the Funds, and
therefore benefit the Funds; and
WHEREAS, in consideration for the rendering of these plan administration
services, the Funds are willing to provide compensation to RiverSource Service
Corporation to pay third party administrators, as set forth in this Agreement.
NOW THEREFORE, in consideration of the mutual covenants and agreements of the
parties, the parties covenant and agree as follows:
1. PLAN ADMINISTRATION SERVICES. RiverSource Service Corporation shall enter
into agreements with third party administrators to provide the services
specified in Exhibit B, and such other services as are reflected in future
amendments to Exhibit B from time to time (the "Plan Administration
Services").
2. MAINTENANCE OF BOOKS AND RECORDS. RiverSource Service Corporation will
preserve for each Fund all records required to be maintained as prescribed by
the rules and regulations of the Securities and Exchange Commission in the
manner and for the time periods prescribed by such rules. In the event of
termination of this Agreement for any reason, all such records shall be
returned promptly, without charge, to the appropriate Fund, free from any
claim or retention of rights by RiverSource Service Corporation, except that
RiverSource Service Corporation may retain copies of such records.
Page 2
3. PLAN ADMINISTRATION SERVICES FEE. In consideration for the rendering of the
Plan Administration Services, each Fund shall pay RiverSource Service
Corporation with respect to Class E, Class R2, Class R3, Class R4 and Class Y
shares, on an annual basis, a fee equal to the percentage set forth on Exhibit
C attributable solely to the assets of the Fund's Class E, Class R2, Class R3,
Class R4 and Class Y shares (the "Plan Administration Fee"). In no event shall
the Plan Administration Fee be used for the purpose of distributing or
marketing fund shares, including but not limited to advertising, compensation
of underwriters, dealers and sales personnel, the printing and mailing of
prospectuses to other than current account holders and the printing and
mailing of sales literature. The parties to this Agreement expressly agree
that the services provided under this Agreement do not include, and the
amounts payable under this Agreement do not constitute, compensation for
services relating to transfer agency services for the Funds. The Plan
Administration Fee shall be accrued for each calendar day and the sum of the
daily fee accruals shall be paid quarterly to RiverSource Service Corporation
within five (5) calendar days of the last day of each quarter.
The Board of Directors/Trustees ("Board") of each Fund will, on an annual
basis, review the Plan Administration Services and the Plan Administration Fee
and such other information as such Board may reasonably request.
4. SCOPE OF PLAN ADMINISTRATION SERVICES; REGULATORY AND BUSINESS AND INDUSTRY
PRACTICE DEVELOPMENTS. The Plan Administration Services to be furnished by
RiverSource Service Corporation include only those services described on
Exhibit B. In the event that, because of regulatory developments, or new or
modified business or industry practices, the Funds require services in
addition to the Plan Administration Services, RiverSource Service Corporation
will consider furnishing such additional services, with compensation for such
additional services to be agreed upon with respect to each such occasion as it
arises.
5. NON-EXCLUSIVITY. The services of RiverSource Service Corporation to the
Funds hereunder are not to be deemed exclusive and RiverSource Service
Corporation shall be free to render similar services to others.
6. STANDARD OF CARE. Neither RiverSource Service Corporation or any of its
affiliates, nor directors, officers, stockholders, agents or employees of
RiverSource Service Corporation or any of its affiliates, shall be liable or
responsible to any Fund or its shareholders for any error of judgment, mistake
of law or any loss arising out of any act or omission in the performance by
RiverSource Service Corporation of its duties under this Agreement, except for
liability resulting from willful misfeasance, bad faith, negligence or
reckless disregard by RiverSource Service Corporation of its obligations and
duties under this Agreement.
7. TERM, TERMINATION, AMENDMENT AND ASSIGNMENT. This Agreement shall begin on
the date first written above and shall continue indefinitely. The Agreement
may be terminated with respect to any Fund at any time, without payment of any
penalty, by the Board
Page 3
which oversees the Fund upon 30 days' written notice to RiverSource Service
Corporation. This Agreement may be terminated by RiverSource Service
Corporation with respect to any Fund at any time upon 30 days' written notice
to the Fund. This Agreement may be amended at any time by a written agreement
executed by each party hereto and may be assigned with respect to any Fund
only with the written consent of the Fund and RiverSource Service Corporation.
8. GOVERNING LAW. The provisions of this Agreement shall be construed and
interpreted in accordance with the domestic substantive laws of the State of
Minnesota, without giving effect to any conflicts or choice of laws rule or
provision that would result in the application of the domestic substantive
laws of any other jurisdiction.
9. SCOPE OF FUND'S OBLIGATIONS. A copy of the Declaration of Trust of each
Fund (or trust of which the Fund is a series) organized as a Massachusetts
business trust (each a "Trust"), is on file with the Secretary of State of The
Commonwealth of Massachusetts. RiverSource Service Corporation acknowledges
that the obligations of or arising out of this Agreement are not binding upon
any of a Trust's trustees, officers, employees, agents or shareholders
individually, but are binding solely upon the assets and property of the Trust
in accordance with its proportionate interest thereunder. If this Agreement is
executed by the Trust on behalf of one or more series of the Trust,
RiverSource Service Corporation further acknowledges that the assets and
liabilities of each series of the Trust are separate and distinct and that the
obligations of or arising out of this Agreement are binding solely upon the
assets or property of the series on whose behalf the Trust has executed this
Agreement. RiverSource Service Corporation also agrees that obligations of
each Fund hereunder shall be several and not joint, in accordance with its
proportionate interest hereunder, and agrees not to proceed (by way of claim,
set-off or otherwise) against any Fund for the obligations of another Fund.
Page 4
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed by their respective officers as of the day and year written above.
RiverSource Bond Series, Inc.
RiverSource California Tax-Exempt Trust
RiverSource Dimensions Series, Inc.
RiverSource Diversified Income Series, Inc.
RiverSource Equity Series, Inc.
RiverSource Global Series, Inc.
RiverSource Government Income Series, Inc.
RiverSource High Yield Income Series, Inc.
RiverSource Income Series, Inc.
RiverSource International Managers Series, Inc.
RiverSource International Series, Inc.
RiverSource Investment Series, Inc.
RiverSource Large Cap Series, Inc.
RiverSource Managers Series, Inc.
RiverSource Market Advantage Series, Inc.
RiverSource Money Market Series, Inc.
RiverSource Retirement Series Trust
RiverSource Sector Series, Inc.
RiverSource Selected Series, Inc.
RiverSource Special Tax-Exempt Series Trust
RiverSource Strategic Allocation Series, Inc.
RiverSource Strategy Series, Inc.
RiverSource Tax-Exempt Income Series, Inc.
RiverSource Tax-Exempt Series, Inc.
RiverSource Tax-Exempt Money Market Series, Inc.
By: /s/ Xxxxxxx X. Xxxxxxxx
-------------------------------------
Xxxxxxx X. Xxxxxxxx
President
RIVERSOURCE SERVICE CORPORATION
By: /s/ Xxx Xxxxxxx-Strong
-------------------------------------
Xxx Xxxxxxx-Strong
Vice President
As of 12/11/2006
EXHIBIT A
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FUNDS CLASSES
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E R2 R3 R4 Y
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RiverSource Bond Series, Inc.
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RiverSource Core Bond -- R2 R3 R4 --
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RiverSource Floating Rate -- -- -- R4 --
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RiverSource Income Opportunities -- -- -- R4 --
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RiverSource Inflation Protected Securities -- -- -- R4 --
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RiverSource Limited Duration Bond -- -- -- R4 --
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RiverSource California Tax-Exempt Trust
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RiverSource California Tax-Exempt -- -- -- -- --
--------------------------------------------------------------------------------------------------------------
RiverSource Dimensions Series, Inc.
--------------------------------------------------------------------------------------------------------------
RiverSource Disciplined Small and Mid Cap Equity -- -- -- R4 --
--------------------------------------------------------------------------------------------------------------
RiverSource Disciplined Small Cap Value -- R2 R3 R4 --
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RiverSource Diversified Income Series, Inc.
--------------------------------------------------------------------------------------------------------------
RiverSource Diversified Bond -- R2 R3 R4 --
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RiverSource Equity Series, Inc.
--------------------------------------------------------------------------------------------------------------
RiverSource Mid Cap Growth -- -- -- R4 --
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RiverSource Global Series, Inc.
--------------------------------------------------------------------------------------------------------------
RiverSource Absolute Return Currency and Income -- -- -- R4 --
--------------------------------------------------------------------------------------------------------------
RiverSource Emerging Markets -- -- -- R4 --
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RiverSource Emerging Markets Bond -- -- -- R4 --
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RiverSource Global Bond -- -- -- R4 --
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RiverSource Global Equity -- R2 R3 R4 --
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RiverSource Global Technology -- -- -- R4 --
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RiverSource Government Income Series, Inc.
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RiverSource Short Duration U.S. Government -- -- -- R4 --
--------------------------------------------------------------------------------------------------------------
RiverSource U.S. Government Mortgage -- -- -- R4 --
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RiverSource High Yield Income Series, Inc.
--------------------------------------------------------------------------------------------------------------
RiverSource High Yield Bond -- R2 R3 R4 --
--------------------------------------------------------------------------------------------------------------
RiverSource Income Series, Inc.
--------------------------------------------------------------------------------------------------------------
RiverSource Income Builder - Basic Income -- -- -- R4 --
--------------------------------------------------------------------------------------------------------------
RiverSource Income Builder - Moderate Income -- -- -- R4 --
--------------------------------------------------------------------------------------------------------------
RiverSource Income Builder - Enhanced Income -- -- -- R4 --
--------------------------------------------------------------------------------------------------------------
RiverSource International Series, Inc.
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RiverSource Disciplined International Equity -- -- -- R4 --
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RiverSource European Equity -- -- -- R4 --
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RiverSource International Opportunity -- R2 R3 R4 --
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RiverSource International Managers Series, Inc.
-------------------------------------------------------------------------------------------------------------
RiverSource International Aggressive Growth -- -- -- R4 --
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RiverSource International Equity -- -- -- R4 --
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RiverSource International Select Value -- -- -- R4 --
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RiverSource International Small Cap -- -- -- R4 --
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RiverSource Investment Series, Inc. -- --
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RiverSource Balanced -- -- -- R4 --
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RiverSource Diversified Equity Income -- R2 R3 R4 --
--------------------------------------------------------------------------------------------------------------
RiverSource Mid Cap Value -- R2 R3 R4 --
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FUNDS CLASSES
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E R2 R3 R4 Y
--------------------------------------------------------------------------------------------------------------
RiverSource Large Cap Series, Inc.
--------------------------------------------------------------------------------------------------------------
RiverSource Disciplined Equity -- R2 R3 R4 --
--------------------------------------------------------------------------------------------------------------
RiverSource Growth -- R2 R3 R4 --
--------------------------------------------------------------------------------------------------------------
RiverSource Large Cap Equity -- R2 R3 R4 --
--------------------------------------------------------------------------------------------------------------
RiverSource Large Cap Value -- R2 R3 R4 --
--------------------------------------------------------------------------------------------------------------
RiverSource Managers Series, Inc.
--------------------------------------------------------------------------------------------------------------
RiverSource Aggressive Growth -- R2 R3 R4 --
--------------------------------------------------------------------------------------------------------------
RiverSource Fundamental Growth -- -- -- R4 --
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RiverSource Fundamental Value -- -- -- R4 --
--------------------------------------------------------------------------------------------------------------
RiverSource Select Value -- -- -- R4 --
--------------------------------------------------------------------------------------------------------------
RiverSource Small Cap Equity -- -- -- R4 --
--------------------------------------------------------------------------------------------------------------
RiverSource Small Cap Value -- R2 R3 R4 --
--------------------------------------------------------------------------------------------------------------
RiverSource Value -- -- -- R4 --
--------------------------------------------------------------------------------------------------------------
RiverSource Market Advantage Series, Inc. -- --
--------------------------------------------------------------------------------------------------------------
RiverSource Portfolio Builder - Conservative -- -- -- R4 --
--------------------------------------------------------------------------------------------------------------
RiverSource Portfolio Builder - Moderate Conservative -- -- -- R4 --
--------------------------------------------------------------------------------------------------------------
RiverSource Portfolio Builder - Moderate -- -- -- R4 --
--------------------------------------------------------------------------------------------------------------
RiverSource Portfolio Builder - Moderate Aggressive -- -- -- R4 --
--------------------------------------------------------------------------------------------------------------
RiverSource Portfolio Builder - Aggressive -- -- -- R4 --
--------------------------------------------------------------------------------------------------------------
RiverSource Portfolio Builder - Total Equity -- -- -- R4 --
--------------------------------------------------------------------------------------------------------------
RiverSource S&P 500 Index E -- -- -- --
--------------------------------------------------------------------------------------------------------------
RiverSource Small Company Index -- -- -- R4 --
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RiverSource Money Market Series, Inc.
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RiverSource Cash Management -- -- -- -- Y
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RiverSource Retirement Series Trust
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RiverSource Retirement Plus 2010 -- R2 R3 R4 Y
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RiverSource Retirement Plus 2015 -- R2 R3 R4 Y
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RiverSource Retirement Plus 2020 -- R2 R3 R4 Y
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RiverSource Retirement Plus 2025 -- R2 R3 R4 Y
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RiverSource Retirement Plus 2030 -- R2 R3 R4 Y
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RiverSource Retirement Plus 2035 -- R2 R3 R4 Y
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RiverSource Retirement Plus 2040 -- R2 R3 R4 Y
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RiverSource Retirement Plus 2045 -- R2 R3 R4 Y
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RiverSource Sector Series, Inc.
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RiverSource Dividend Opportunity -- -- -- R4 --
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RiverSource Real Estate -- -- -- R4 --
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RiverSource Selected Series, Inc.
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RiverSource Precious Metals -- -- -- R4 --
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RiverSource Special Tax-Exempt Series Trust
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RiverSource Massachusetts Tax-Exempt -- -- -- -- --
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RiverSource Michigan Tax-Exempt -- -- -- -- --
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RiverSource Minnesota Tax-Exempt -- -- -- -- --
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RiverSource New York Tax-Exempt -- -- -- -- --
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RiverSource Ohio Tax-Exempt -- -- -- -- --
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RiverSource Strategic Allocation Series, Inc.
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RiverSource Strategic Allocation -- R2 R3 R4 --
--------------------------------------------------------------------------------------------------------------
RiverSource Strategy Series, Inc.
--------------------------------------------------------------------------------------------------------------
RiverSource Equity Value -- R2 R3 R4 --
--------------------------------------------------------------------------------------------------------------
RiverSource Small Cap Advantage -- R2 R3 R4 --
--------------------------------------------------------------------------------------------------------------
RiverSource Small Cap Growth -- R2 R3 R4 --
--------------------------------------------------------------------------------------------------------------
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FUNDS CLASSES
--------------------------------------------------------------------------------------------------------------
E R2 R3 R4 Y
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RiverSource Tax-Exempt Income Series, Inc.
--------------------------------------------------------------------------------------------------------------
RiverSource Tax-Exempt High Income -- -- -- -- --
--------------------------------------------------------------------------------------------------------------
RiverSource Tax-Exempt Series, Inc.
--------------------------------------------------------------------------------------------------------------
RiverSource Intermediate Tax-Exempt -- -- -- -- --
--------------------------------------------------------------------------------------------------------------
RiverSource Tax-Exempt Bond -- -- -- -- --
--------------------------------------------------------------------------------------------------------------
RiverSource Tax-Exempt Money Market Series, Inc.
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RiverSource Tax-Exempt Money Market -- -- -- -- --
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-- -- -- -- --
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EXHIBIT B
PLAN ADMINISTRATION SERVICES
In exchange for the Plan Administration Fee payable on the share classes of
the Funds, as set forth on Exhibit C, RiverSource Service Corporation shall
enter into agreements with third party administrators to provide Plan
Administration Services that may include, but are not limited to, the
following:
Plan Implementation and Conversion Services such as:
Design, provide, prepare or amend plan documents
Collect historical data
Set-up plan on recordkeeping system
Coordinate transfer of assets
Prepare and submit plan Internal Revenue Service filings
Prepare summary plan description and summaries of material modification
Prepare participant enrollment kits
Conduct plan education and enrollment meetings
Recordkeeping Services such as:
Administer participant contributions
Administer employer contributions
Administer participant forfeitures
Administer participant withdrawals
Administer dividends, capital gains and interest payments
Administer investment net asset value fluctuations
Administer investment allocations
Balance or reconcile transactions
Administer vesting schedules
Plan Maintenance Services such as:
Review employee and participant data
Conduct or administer discrimination testing
Conduct or administer top heavy testing
Monitor section 402(g) compliance
Monitor section 415 compliance
Prepare or provide data for annual reports and Form 5500s
Conduct compliance consulting
Plan and Participant Reports such as:
Periodic participant statements
Participant activity reports
Periodic plan or trust statements
Administrative Services such as:
Provide distribution options
Provide and administer forms
Administer qualified domestic relations orders
Administer loans Administer rollovers
Withhold taxes
Prepare and transmit tax forms
Issue checks
Administer asset transfers
Education Activities such as:
Create or make available plan education material
Develop or provide programs designed to increase plan participation
Help participants consider investment/retirement goals
Provide general or customized plan education programs
Provide retirement readiness education material
Provide personalized statements
Support retirement education software, such as Morningstar Clear Future
Offer face to face education seminars
Create or distribute participant educational newsletters
Create or provide plan signage or posters
Plan Sponsor Education Services such as:
Provide plan or investment option information to plan sponsors
Website and Inter-active Voice Response (IVR) System Maintenance Services
such as:
Establish, maintain or improve plan website and IVR systems
As of 12/11/2006
EXHIBIT C
SHARE CLASS FEE
Class E 0.15%
Class R2 0.25%
Class R3 0.25%
Class R4 0.25%
Class Y 0.15%
