Board of Visitors minutes January 19, 2001 | ||
QUALIFIED DEFINED CONTRIBUTION RETIREMENT PLANS FOR EXECUTIVE EMPLOYEES OF THE UNIVERSITY OF VIRGINIA AND FOR UNIVERSITY OF VIRGINIA INVESTMENT MANAGEMENT COMPANY EMPLOYEES
The following resolution was adopted:
RESOLVED that the Board of Visitors adopts a qualified pension plan, effective January 9, 2001, that provides benefits in the form of quarterly contributions to retirement accounts on behalf of employees designated by the Board or its designees, the President and the Executive Vice President and Chief Operating Officer, in an annual amount to be designated by the Board or its above-referenced designees that is not less than $10,000 nor more than 50 percent of the participant's annual salary; and
FURTHER RESOLVED that the Board of Visitors adopts a qualified pension plan, effective July 1, 2001, that provides tax-deferred retirement contributions to University of Virginia Investment Management Company employees designated by the Board or its designees, the President and the Executive Vice President and Chief Operating Officer, in an amount that is based on job performance and designed to be an incentive to continue excellent performance; to be invested, if possible, in the Pooled Endowment Fund; and
FURTHER RESOLVED that the Executive Vice President and Chief Operating Officer, with the concurrence of the General Counsel, shall have authority to execute the plan documents; and
FURTHER RESOLVED that nothing herein or provided in the plan documents shall be interpreted as obligating the University to any future payment which has not been authorized as above provided and nothing herein or in the plan documents is intended to establish any contracted right in any employee to any future payments hereunder. Payments hereunder are subject each year to the University identifying a proper funding source and approving payment amounts for designated personnel as authorized above.
Board of Visitors minutes January 19, 2001 | ||