Title
Plan Administration Committee (PAC) Update - Bernie Dawson, Drew McCorkle, CAPTRUST Advisors
Other Info
Submitted By: Bernie Dawson
Department: Human Resources
Financial Impact and Cost/Benefit Considerations: N/A
Discussion
The Plan Administration Committee (“PAC”) of Pedernales Electric Cooperative, Inc. (“PEC”) has been delegated by the Board of Directors to make “fiduciary” administrative and investment decisions for the plans of PEC including the Employees Defined Benefit Retirement Plan and the Employees’ 401(k) Savings Plan (collectively, the “Plans”) and administers the implementation, strategies and objectives of the PEC Plans’ investments, providers and operations.
In May 2020, the Board approved the “Responsibilities of and Guidelines for Appointment of Members of the Pedernales Electric Cooperative, Inc. Plan Administration Committee” and included a requirement that annually the PAC will report “to the Board on its work for the Board’s overall monitoring of the operation of the PAC and the Plans.”