 | Board of Visitors minutes January 29, 1999 |  |
APPROVAL OF AMENDMENT TO MEDICAL CENTER RETIREMENT PLAN
- The following resolution was adopted:
- WHEREAS, the University offers its Medical Center employees the opportunity to save for retirement through a University-sponsored defined contribution plan; and
- WHEREAS, under the terms of the Universitys Defined Contribution Plan, the Board of Visitors has the sole authority to amend the Plan as attached (see Attachment B); and
- WHEREAS, the Board of Visitors finds that the Plan document reflects Internal Revenue Code requirements and state law to create a trust to hold funds in the Plan, to appoint a trustee to monitor the funds investment, and to reflect accurately: (1) current practice regarding Medical Center employees right to elect the Plan, and (2) the formula used to calculate the Plans contributions; and
- WHEREAS, the Executive Vice President and Chief Financial Officer, with the assistance of appropriate University officers and appointed counsel, has prepared a plan document incorporating the above-described provisions; and
- WHEREAS, the Board of Visitors finds it desirable to engage corporate trustees for the retirement plan trust with responsibilities of custodianship and safeguarding investment assets; and
- WHEREAS, the Board of Visitors finds that its own Board of the University of Virginia Investment Management Company is the appropriate body to serve as the monitor of the Plans administration; and
- WHEREAS, the Board of Visitors delegates authority to administer the Plan to the appropriate University officials who, because of their various duties and responsibilities, are in the best position to oversee and administer the Plans operations;
- RESOLVED that the Executive Vice President and Chief Financial Officer is authorized and directed to execute the amended and restated defined contribution plan; and
- RESOLVED FURTHER that the Executive Vice President and Chief Financial Officer is authorized and directed to take such actions as may be necessary to secure from the Internal Revenue Service a favorable letter of determination that the amended and restated plan providing for the trust satisfies the requirements of the Internal Revenue Code, and to make such further amendments as may be necessary to secure such approval from the Internal Revenue Service; and
- RESOLVED FURTHER that the Board of the University of Virginia Investment Management Company is delegated authority to monitor the administration of the Plan on behalf of the Board of Visitors, including reviewing the funds included in the Plan; and
- RESOLVED FURTHER that the Executive Vice President and Chief Financial Officer is authorized and directed to contract for the services of a corporate trustee or trustees in accordance with the provisions of this resolution; and
- RESOLVED FURTHER that the Executive Vice President and Chief Financial Officer is authorized to (1) form an administrative committee to assist the Board of the University of Virginia Investment Management Company in carrying out the duties above and (2) engage outside consultants as needed to assist with the University's responsibilities as Plan Administrator and Named Fiduciary; and
- RESOLVED FURTHER, subject to the Presidents continuing administrative powers and authority, the Chief Human Resource Officer is delegated the authority and responsibility to oversee and administer the Plan.
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| Board of Visitors minutes January 29, 1999 | |