University of Virginia Library

APPROVAL OF THE FACULTY RETIREMENT PLAN

The following resolution was adopted:

• WHEREAS, at the November 9, 1996 meeting, the Board of Visitors and the Finance Committee authorized the Executive Vice President and Chief Financial Officer to amend the faculty defined contribution retirement plan to create a trust to hold funds in the plan to ensure compliance with IRS regulations; and
• WHEREAS, at the November 9, 1996 meeting, the Board of Visitors and the Finance Committee appointed the Investment Subcommittee as the Trustee of the faculty defined contribution retirement plan trust; and
• WHEREAS, the University is named Plan Administrator of the faculty defined contribution retirement plan, with responsibility for day-to-day operations delegated to the Chief Human Resources Officer;
• RESOLVED that the November 9, 1996 resolution is hereby amended removing the Investment Subcommittee as the trustee of the faculty 401(a) defined contribution retirement plan (the Plan) trust; the Investment Subcommittee is hereby delegated the authority to monitor the administration of the Plan on behalf of the Board of Visitors, including reviewing the fund families and the funds included in the Plan;
• RESOLVED FURTHER that the University is Plan Sponsor, Plan Administrator and Named Fiduciary of the plan;
• 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; the Executive Vice President and Chief Financial Officer is further authorized to (1) form an administrative committee to assist the Investment Subcommittee 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;
• RESOLVED FURTHER that the resolution delegating authority to the Chief Human Resources Officer to oversee and administer the Plan is hereby affirmed, with responsibility for the day-to-day operations of the Plan, including recordkeeping.