University of Virginia Library

SECTION 2 — PARTICIPATION

2.1 Election to Participate

• (a) Employees Who Are Not Participants in Other Plans In the case of an Employee who is not a participant in the VRS or the Defined Contribution Retirement Plan for the General Faculty of the University of Virginia at the time he or she becomes an Eligible Employee, such person shall choose within ninety (90) days of becoming an Eligible Employee to participate in either the Plan or the VRS. The Employee shall make the choice by completing the corresponding application of the retirement program in which he or she elects to participate. If an Eligible Employee fails to choose a plan, pursuant to the policy of the Commonwealth he or she shall be required to participate` in the VRS and be ever precluded from participating in the Plan. An Eligible Employee who elects to participate in the Plan shall become a Participant in the Plan as of the day he or she becomes an Eligible Employee.
• (b) Current Employees Who Become Eligible Employees In the case of an Employee who is a participant in the VRS or the Defined Contribution Retirement Plan for the General Faculty of the University of Virginia-at the time he or she becomes an Eligible Employee, such person may make an irrevocable election Ito participate in the Plan any time on or after becoming an Eligible Employee by completing the Plan 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.

2.2 Obligation of Participant

When an Employee becomes eligible to participate, and thereafter from time to time, the Administrator may require the Employee to furnish such information and fill out, sign and file such forms and documents as may be reasonably required for the administration of the Plan, including beneficiary designation forms, evidence of age and marital status, etc. If a Participant does not comply with any

such reasonable requirements neither the Administrator, Trustees, nor any other person, shall be obligated to administer the Plan for such Participant until such information is properly furnished, and no such person shall incur liability to such Participant or his or her beneficiary to the extent that any intended Plan benefit has not been obtained or is not available because of the Participant's or beneficiary's failure to furnish such information and fill out, sign and file such documents.

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 on December 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) 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.

2.4 Reinstatement as an Eligible Employee: A former Eligible Employee who subsequently becomes an Eligible Employee again shall have the right to elect to participate in the Plan as described in Section 2.1 above.

2.5 Prohibition Against Simultaneous Participation: A Participant in this Plan may not at the same time participate in the VRS or the Defined Contribution Retirement Plan for the General Faculty of the University of Virginia.