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ATTACHMENT C — AMENDMENT TO THE DEFINED CONTRIBUTION RETIREMENT PLAN FOR THE GENERAL FACULTY OF THE UNIVERSITY OF VIRGINIA
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ATTACHMENT C — AMENDMENT TO THE DEFINED CONTRIBUTION RETIREMENT PLAN FOR THE GENERAL FACULTY OF THE UNIVERSITY OF VIRGINIA

1. Plan section 1.7 is amended to read as follows effective January 1, 1999:

Eligible Employee

An Employee who a) is a member of the "General Faculty of the University," as that term is described in the Faculty Handbook of the University; b) is a "Senior Scientist" or "Principal Scientist" as determined by the University in its sole and absolute discretion; c) worked for Agency 209 of the University of Virginia Medical Center and was a Participant in this Plan as of December 31, 1998; or, d) effective September 1, 1998, is a member of the Clinch Valley College faculty. Notwithstanding the foregoing, an Employee shall not be an Eligible Employee if he or she is one of the following:

  • (a) a visiting faculty member, as that designation is determined by the Employer at the commencement of employment;
  • (b) a part-time faculty member, as that status may be determined by the Employer from time to time;
  • (c) a faculty member with an appointment of less than six (6) months; or
  • (d) an Employee who participates in the Defined Contribution Retirement Plan for Employees of the University of Virginia Medical Center.

2. Plan section 1.9 is amended to read as follows effective September 1, 1998:

Employer

The University and Clinch Valley College.

3. The heading of Plan section 2.1(b) is amended to read as follows effective January 1, 1999:

Current Employees Who Become Eligible Employees


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4. New Plan section 2.1(c) is added to read as follows:

  • (c) Transition Provision for Certain Clinch Valley College Faculty In the case of an Employee who was participating in the Optional Retirement Plan offered through Clinch Valley College at the time he or she becomes an Eligible Employee, such person may make an irrevocable election to participate in the Plan any time on or after becoming an Eligible Employee by completing the Plan's application form prescribed by the Administrator. Such Employee shall become a Participant in the Plan on the first day of the month on or immediately following the date of receipt by the Administrator of such election.

5. The following sections are amended to replace the term "University" with the term "Employer" wherever found within the section:

1.6, 1.10, 1.11, 2.3, 3.1, 3.3, 5.1, 6.2, 7.2, 7.3, 9.6, 11.2, 12.1, 12.3(a), and 12.4.

6. Plan Section 2.3 is amended to read as follows effective January 1, 1999:

2.3 Termination of Participation

  • (a) General Rule: Participation in the Plan continues until a Participant is no longer an Eligible Employee.
  • (b) Participants in the Plan onDecember 31, 1998 Notwithstanding (a) above, any Participant in the Plan on December 31, 1998, who might not otherwise have met the definition of Eligible Employee at that time shall continue to participate in the Plan until employment with the Employer terminates.
  • (c) Disabled Participants: Notwithstanding (a) above, a Participant who is no longer an Eligible Employee but who is receiving benefits from the University's long term disability plan shall continue to participate in the Plan until he or she ceases to receive benefits from the long term disability plan

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  • (d) Participants Transferred to Other Entities Controlled by the Board Notwithstanding (a) above, where a Participant is transferred to another entity controlled by the Board, the University through its Executive Vice President and Chief Financial Officer, may, in its sole and absolute discretion, declare that the affected Participant will not terminate participation in the Plan as a result of the transfer and will remain a Participant in the Plan regardless of the fact that he is no longer an Eligible Employee.

7. The first sentence of Plan section 6.2(a) is hereby amended to read as follows:

A Participant no longer employed by the Employer or any other entity controlled by the Board may elect to receive his or her benefits any time on or after the day he or she separates from service.


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