Title
Resolution - Approval of Appointment of Members to the Plan Administration Committee - N Fulmer/R Smith
Other Info
Submitted By: Ericca Klein on behalf of N Fulmer/R Smith
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 ("PAC"). The PAC has seven employees as members. The position of a Human Resources Manager and a Finance Manager are the only permanent members of the PAC. Five members of the PAC are regular members and require Board of Directors appointment.
The Board of Directors has approved criteria for service on the PAC. "The candidates should be a member of management (manager, director) or other FLSA-exempt employee, in good standing with the Cooperative, who have some experience, background, or strong interest in an area that relates to retirement plan administration. Each candidate will be ...
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