Title
Resolution - Approval of Engagement of Trustee and Acknowledgment and Approval of Plan Administrator's Engagement of Third Party Administrator/Actuary of Pedernales Electric Cooperative, Inc. Employees Defined Benefit Retirement Plan and Pedernales Electric Cooperative, Inc. Employees' 401(k) Savings Plan
Other Info
Submitted By: Julie Beggs
Department: Corporate Services
Financial Impact and Cost/Benefit Considerations: As previously provided to the Board of Directors.
Discussion
Effective January 1, 1964, Pedernales Electric Cooperative, Inc. ("Plan Sponsor" or "Cooperative"), 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, Pedernales Electric Cooperative, Inc. ("Plan Sponsor"), established, for the exclusive benefit of its employees and their beneficiaries, the Pedernales Electric Cooperative, Inc. Employees Defined Contribution Savings Plan, a money purchase pension plan intended to qualify under Sections 401(a) and 501(a) of the Internal Revenue Code, and effective December 31, 2001, the Plan Sponsor amended the Pedernales Electric Cooperative, Inc. Employees Defined Contribution Savings Plan to add a qualified cash or deferred arrangement to the Plan as permitted to a "rural cooperative plan" under Section 401(k)(7)(A) of the Internal Revenue Code and rename the plan, now known as the Pedernales Electric Cooperative, Inc. Employees' 401(k) Savings Plan ("401(k) Plan").
The Pedernales Electric Cooperative, Inc. Plan Administration Committee ("Committee"), members of which have been appointed by the Plan Sponsor, serves as Plan Administrator of both the DB Plan and the 401(k) Plan, and has undertaken a benchmarking comparison of costs, fees and expenses and services offered with ...
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