Exhibit (h)(4)
15 August 2002
Lazard Retirement Series, Inc.
00 Xxxxxxxxxxx Xxxxx
Xxx Xxxx, Xxx Xxxx 00000
Dear Sir or Madam:
Lazard Retirement Series, Inc. (the "Fund") and Boston Financial Data Services,
Inc. (the "Transfer Agent") are parties to an agreement (the "Agreement") under
which the Transfer Agent performs certain transfer agency and/or recordkeeping
services for the Fund. In connection with the enactment of the Uniting and
Strengthening America by Providing Appropriate Tools Required to Intercept and
Obstruct Terrorism Act of 2001 and the regulations proposed and/or promulgated
thereunder (collectively, the "Patriot Act"), the Fund has requested and the
Transfer Agent has agreed to amend the Agreement as of the date hereof in the
manner set forth below:
WHEREAS, the Patriot Act imposes new anti-money laundering requirements on
financial institutions, including mutual funds;
WHEREAS, the Fund recognizes the importance of complying with the Patriot Act
and the Fund has developed and implemented a written anti-money laundering
program, which is designed to satisfy the requirements of the Patriot Act (the
"Fund's Program");
WHEREAS, the Patriot Act authorizes a mutual fund to delegate to a service
provider, including its transfer agent, the implementation and operation of
aspects of the Fund's Program; and
WHEREAS, the Fund desires to delegate to the Transfer Agent the implementation
and operation of certain aspects of the Fund's Program and the Transfer Agent
desires to accept such delegation.
NOW THEREFORE, in consideration of the foregoing and the mutual covenants and
agreements hereinafter contained, the parties hereby agree to amend the
Agreement, pursuant to the terms thereof, as follows
1. Delegation; Duties
1.1 Subject to the terms and conditions set forth in the Agreement, the
Fund hereby delegates to the Transfer Agent those aspects of the Fund's Program
that are set forth on Exhibit A, attached hereto. The duties set forth on
Exhibit A may be amended, from time to time, by mutual agreement of the parties
upon the execution by both parties of a revised Exhibit A bearing a later date
than the date hereof.
1.2 The Transfer Agent agrees to perform such delegated duties, with
respect to the ownership of and transactions in shares in the Fund for which the
Transfer Agent maintains the applicable shareholder information, subject to and
in accordance with the terms and conditions of the Agreement.
2. Consent to Examination
2.1 In connection with the performance by the Transfer Agent of the
above-delegated duties, the Transfer Agent understands and acknowledges that the
Fund remains responsible for assuring compliance with the Patriot Act and that
the records the Transfer Agent maintains for the Fund relating to the Fund's
Program may be subject, from time to time, to examination and/or inspection by
federal regulators in order that the regulators may evaluate such compliance.
The Transfer Agent hereby consents to such examination and/or inspection and
agrees to cooperate with such federal examiners in connection with their review.
For purposes of such examination and/or inspection, the Transfer Agent will use
its best efforts to make available, during normal business hours, all required
records and information for review by such examiners.
3. Limitation on Delegation
3.1 The Fund acknowledges and agrees that, in accepting the delegation
hereunder, the Transfer Agent is agreeing to perform only those aspects of the
Fund's Program that have been expressly delegated hereby and is not undertaking
and shall not be responsible for any other aspect of the Fund's Program or for
the overall compliance by the Fund with the Patriot Act other than as may be
otherwise provided in this Agreement. Additionally, the parties acknowledge and
agree that the Transfer Agent shall only be responsible for performing the
delegated duties with respect to the ownership of and transactions in shares in
the Fund for which the Transfer Agent maintains the applicable shareholder
information.
4. Miscellaneous
4.1 In all other regards, the terms and provisions of the Agreement shall
continue to apply with full force and effect.
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4.2. Each party represents to the other that the execution and delivery of
this Amendment has been duly authorized.
IN WITNESS WHEREOF, each of the parties has caused this Amendment to be
executed in its name and on its behalf by its duly authorized representative as
of the date first above written.
WITNESSED BY: Boston Financial Data Services, Inc.
/s/Xxxxxx Xxxxxxxx By: /s/Xxxxx Xxxxxxxxx
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Xxxxx Xxxxxxxxx
Vice Preseident
Lazard Retirement Series, Inc.
WITNESSED BY: By: /s/Xxxxxxx X. Xxxxxxx
---------------------------------
/s/Xxxxxxx St. Clair Xxxxxxx X. Xxxxxxx
Treasurer
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Exhibit A
DELEGATED DUTIES
With respect to the beneficial ownership of shares in the Fund for which the
Transfer Agent maintains the applicable shareholder information, the Transfer
Agent shall:
o Follow the Fund's third party check and cash equivalent policies (which
may change from time to time). In accordance with the Fund's current policy,
reject third party checks and cash equivalent for new accounts or for subsequent
purchases within the Fund.
o Submit all financial and non-financial transactions through the most
current Office of Foreign Asset Control ("OFAC") database, the Securities and
Exchange Commission ("SEC") Control Lists and any such other databases and lists
as may be required by applicable law or otherwise agreed to with the Fund and,
in the event that a matching account is found, freeze any such account as
required by applicable law.
o Review all maintenance transactions to shareholder registrations that
occur within thirty (30) days of an account being established.
o Review redemption transactions that occur within thirty (30) days of
account establishment or maintenance.
o Review wires sent to banking instructions other than those on file.
o Review a shareholder's account for unusual activity when purchases and
redemptions by the shareholder (based on social security number within the Fund)
hit the $100,000 threshold that has been set on the "Unusual Activity Warning
System."
o Review accounts to identify those established by known offenders
attempting fraud and once identified, freeze such accounts.
o File suspicious activity reports as required by applicable law or the
Fund's Program.
o Retain documentation of the foregoing activities to the extent required
by applicable law.
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Boston Financial Data Services, Inc. Lazard Retirement Series, Inc.
By: /s/Xxxxx Xxxxxxxxx By: /s/Xxxxxxx X. Xxxxxxx
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Name: Xxxxx Xxxxxxxxx Name: Xxxxxxx X. Xxxxxxx
Title: Vice President Title: Treasurer
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Date: August 27, 2002 Date: August 25, 2002
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