Title
Resolution - Approval of Appointment of Members to Plan Administration Committee - W Burns
Other Info
Submitted By: Audri Nelson on behalf of W Burns
Department: Human Resources
Financial Impact and Cost/Benefit Considerations: No additional costs anticipated
Discussion
Effective January 1, 1964, Pedernales Electric Cooperative, Inc. (“Plan Sponsor”), established, for the exclusive benefit of its employees and their beneficiaries, the Pedernales Electric Cooperative, Inc. Employees Defined Benefit Retirement Plan, a defined benefit pension plan intended to qualify under Sections 401(a) and 501(a) of the Internal Revenue Code (“DB Plan”);
Effective January 1, 1968, Plan Sponsor established, for the exclusive benefit of its employees and their beneficiaries, the Pedernales Electric Cooperative, Inc. Employees Defined Contribution Savings Plan, a profit-sharing plan intended to qualify under Sections 401(a) and 501(a) of the Internal Revenue Code, and now known as the Pedernales Electric Cooperative, Inc. Employees’ 401(k) Savings Plan ("401(k) Plan");
Under the terms of the DB Plan and of the 401(k) Plan, the Plan Sponsor has the authority to appoint a person or committee to serve in the capacity of Plan Administrator, and has previously appointed persons to serve as members of the Pedernales Electric Cooperative, Inc. Plan Administration Committee ("Committee"). The Committee has seven employees as members. Five members of the Committee are currently regular members. The position of a Human Resources Manager and a Finance Manager are the only permanent members of the Committee.
The Plan Sponsor also now wishes to appoint two new members of the Committee as described in greater detail below.
Body
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE COOPERATIVE that the Plan Sponsor hereby appoints the following persons to the Pedernales Electric Cooperative, Inc. Plan Administration Committee ("Committee"):
DiAnn Hamilton, Electrical Distribution Design & Planning Manager (Operations), and
John Tillery, GIS Manager, Mapping (Engineering).
Each appointee shall commence service on the Committee effective as of the date he or she submits written acceptance of such appointment to the Chair of the Committee. Each appointee shall serve as a regular member of the Committee for the term of the appointment as outlined by the Board’s Delegation of Authority, Composition, and Role of PEC Plan Administration Committee.