Board of Visitors minutes :: November 8, 1996 :: University of Virginia Library

WHEREAS the University offers its faculty members the opportunity to save for retirement through a University-sponsored defined contribution plan; and
WHEREAS under the terms of the University's defined contribution plan, the Board of Visitors has the sole authority to amend the plan; and
WHEREAS the Board of Visitors finds that the plan document should be amended, in compliance with Internal Revenue Code requirements and state law, to create a trust to hold funds in the plan, with appointment of a trustee to monitor the funds' investment, and to reflect accurately:
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(1) current practice regarding faculty members' right to elect the plan, and (2) the formula used to calculate plan contributions; and
WHEREAS the Executive Vice President and Chief Financial Officer, with the assistance of appropriate University officers and appointed counsel, has prepared a restated plan document incorporating the above-described amendments; and
WHEREAS the Board of Visitors finds that its own Investment Subcommittee is an appropriate body to serve as trustee of the trust established under the amended and restated plan; and
WHEREAS the Board of Visitors also finds that it would be appropriate to delegate authority to administer the plan to the appropriate University officials who, because of their various duties and responsibilities, are in the best position to oversee and administer the plan's operations;
RESOLVED that the Executive Vice President and Chief Financial Officer is authorized and directed to execute an amended and restated defined contribution plan which shall be substantially similar in all material respects to the draft attached hereto (Attachment E);
RESOLVED FURTHER that the Executive Vice President and Chief Financial Officer is authorized and directed to take such actions as may be necessary to secure from the Internal Revenue Service a favorable letter of determination that the amended and restated plan providing for the trust satisfies the requirements of the Internal Revenue Code, and to make such further amendments as may be necessary to secure such approval from the Internal Revenue Service;
RESOLVED FURTHER that the Investment Subcommittee of the Finance Committee of the Board of Visitors is appointed as trustee of the trust created under the amended and restated plan;

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RESOLVED FURTHER that subject to the President's continuing administrative powers and authority, the Chief Human Resource Officer is delegated the authority and responsibility to oversee and administer the plan.