University of Virginia Library

QUALIFIED DEFINED CONTRIBUTION RETIREMENT PLAN FOR COMMUNITY MEDICINE, LLC PHYSICIANS

WHEREAS, the University of Virginia wishes to jointly employ physicians with Community Medicine, a wholly-owned corporate subsidiary of the University; and

WHEREAS, the University wishes the physicians so employed to enjoy retirement benefits that are substantially similar to those offered to physicians who are employed by the Health Services Foundation; and

WHEREAS, the Medical Center has the authority to establish a retirement plan for certain of its employees under Virginia Code Section 51.1-126.3 of the Code of Virginia; and

WHEREAS, Section 51.1-126.3 requires that the Board of Visitors establish the effective date and contribution rate for such a plan;

WHEREAS, it is anticipated that in the future Community Medicine will fully fund the costs of a retirement plan for its employees.

RESOLVED that the Board of Visitors approves a qualified defined contribution retirement plan for Community Medicine physicians, effective July 1, 2001; and

RESOLVED FURTHER that contributions to the plan shall equal the greater of $12,500 or 11.9 percent of salary annually; and

RESOLVED FURTHER that the Executive Vice President, with the concurrence of the General Counsel, has the authority to execute any documents relating to the establishment of this plan, as well as any amendments that must be made to existing plans in order to accommodate the intentions set forth in this resolution.