University of Virginia Library

APPROVAL OF THE FINANCE COMMITTEE AS MONITOR OF
THE DEFINED CONTRIBUTION RETIREMENT PLANS,
AUTHORIZATION FOR THE EXECUTIVE VICE PRESIDENT AND
CHIEF OPERATING OFFICER TO UNDERTAKE CERTAIN
ACTIONS, AUTHORIZATION OF A CHANGE IN THE FUNDS
AVAILABLE IN THE DEFINED CONTRIBUTION RETIREMENT
PLANS, AND AUTHORIZATION OF A CHANGE IN THE DEFAULT
INVESTMENT FOR EMPLOYEES

WHEREAS, the University is the plan sponsor of a number of defined contribution retirement plans; and

WHEREAS, on June 13, 1997, the Board delegated the authority to monitor the administration of the defined contribution retirement plans to the Investment Subcommittee of the Finance Committee; and

WHEREAS, subsequent to the June 13, 1997 meeting of the Board, the Investment Subcommittee of the Finance Committee became the University of Virginia Investment Management Company (UVIMCO), which then became a separate related foundation on July 1, 2004; and

WHEREAS, because UVIMCO is separate from the University, it is necessary to designate a Board entity to undertake the duties delegated to the Investment Subcommittee in the June 13, 1997 resolution; and

WHEREAS, at the June 13, 1997 meeting of the Board, the Executive Vice President and Chief Financial Officer was authorized to contract for the services of a corporate trustee or trustees, appoint an administrative committee to assist the Board in carrying out its duties with respect to the defined contribution retirement plans, and to engage outside consultants as needed; and

WHEREAS, the Executive Vice President and Chief Financial Officer became the Executive Vice President and Chief Operating Officer in 1999; and

WHEREAS, the Executive Vice President and Chief Operating Officer has contracted for the services of corporate trustees, appointed the Retirement Administrative Committee to assist the Board in carrying out its duties with respect to the retirement plans, and engaged the firm of Palmer & Cay as outside consultants on retirement plan issues; and

WHEREAS, under the Investment Policy Statement adopted by the Board on December 12, 2002, the entity charged with monitoring the retirement plans is required annually to review the investment performance and make changes to the investment funds as necessary; and

WHEREAS, the University shall remain Plan Administrator, Plan Sponsor and Named Fiduciary of the defined contribution retirement plans, with responsibility for day-to-day operations delegated to the Chief Human Resources Officer;

RESOLVED that the Finance Committee is delegated the authority to monitor the administration of the defined contribution retirement plans on behalf of the Board, including reviewing the fund families and the funds included in the plans; and

RESOLVED FURTHER that the Board affirms the authority of the Executive Vice President and Chief Operating Officer to contract for the services of a corporate trustee or trustees; to form an administrative committee to assist the Finance Committee in carrying out its duties; and to engage outside consultants as needed to assist with the University's responsibilities as Plan Administrator and Named Fiduciary; and

RESOLVED FURTHER that the following changes to the existing investment lineup of the defined contribution retirement plans shall be made as soon as practicable:

     

Action	Fidelity	TIAA-CREF	Vanguard
Additions	American Beacon Small Cap Value Index American Century Large Cap Value	TIAA-CREF Small Cap Equity TIAA-CREF International Equity	Small Cap Value Plan Developed Markets Index
Deletions	Janus Mid-Cap Value Fidelity Growth & Income

• RESOLVED FURTHER that the default investment for University-sponsored retirement plans shall be changed from the TIAA-CREF Money Market Fund to the Fidelity Freedom Fund appropriate for the employee's age and years to retirement.