University of Virginia Library

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5093

AMENDMENT TO THE UNIVERSITY OF VIRGINIA'S OPTIONAL
RETIREMENT PLAN DOCUMENT

The following resolution was adopted:

• WHEREAS, the Federal Omnibus Budget Reconciliation Act (OBRA) of 1993, imposed a cap on the amount of salary that may be considered for determining employer contributions for retirement plans; and
• WHEREAS, a transition rule for governmental plans permitted an extension of the implementation date until January 1, 1996; and
• WHEREAS, the University's Optional Retirement Plan Document does not currently contain a contribution limit based on a salary maximum and the plan may continue the current provisions for all participants who are plan members on December 31, 1995; and
• WHEREAS, participants whose effective date is on or following January 1, 1996, will be subject to the $150,000 salary maximum on employer contribution for retirement plans;
• RESOLVED that the University's Optional Retirement Program Plan Document, as amended to reflect the Internal Revenue Service language pertaining to OBRA 93, be approved, effective January 1, 1996.