Title
Resolution - Approval of Appointment of Members to Plan Administration Committee
Other Info
Submitted By: Julie Beggs
Department: Corporate Services
Financial Impact and Cost/Benefit Considerations: None
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, 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 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 appointed persons to serve as members of the Pedernales Electric Cooperative, Inc. Plan Administration Committee ("Committee"). The Committee has seven employees as members.
The term of one member of the Committee will expire as of December 31, 2017. The Plan Sponsor wishes to re-appoint the member to the Committee and to fix his term of service. The term of another member of the Committee will expire as of December 31, 2017 and the Plan Sponsor wishes to appoint a new member to the Committee and to fix his term of service.
The Plan Sponsor has determined that any person appointed to the Committee shall signify acceptance of such duties by filing a written acceptance with the Plan Sponsor.
Body
NOW, THEREFORE, BE IT RESOLVED B...
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