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APPROVAL OF CHANGES TO MEDICAL CENTER RETIREMENT BENEFITS
 
 
 
 
 
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APPROVAL OF CHANGES TO MEDICAL CENTER RETIREMENT BENEFITS

WHEREAS, the Medical Center desires to amend the Medical Center's retirement plan benefits on a prospective basis; and

WHEREAS, the Medical Center Operating Board after careful review believes it is in the best interest of the Medical Center to amend the retirement plan benefits;

RESOLVED that the Medical Center is authorized to amend the retirement plan benefits to provide for (i) a 4% employer contribution, (ii) an employer matching contribution of 50% on 403(b) contributions of up to 4% of pay and (iii) a vesting period of two years for the employer contributions; and

RESOLVED FURTHER that such amendment shall become effective no earlier than October 1, 2002, and shall apply to Medical Center employees hired on or after such effective date; and

RESOLVED FURTHER that the Vice President and Chief Executive Officer of the Medical Center, with the concurrence of the Chair of the Medical Center Operating Board and the Executive Vice President and Chief Operating Officer of the University, and in consultation with the General Counsel, is authorized to execute appropriate amendments and other legal documents to effectuate these changes to the Medical Center retirement plan.