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’ 401(k) Savings Plan - B Arldt
Other Info
Submitted By: Don Ballard
Department: Human Resources
Financial Impact and Cost/Benefit Considerations: As discussed in Executive Session.
Discussion
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").
In December 2017, the Board appointed Charles Schwab Bank as the Trustee for the 401(k) Plan.
The Plan Sponsor wishes to reaffirm the appointment of Charles Schwab Bank as Trustee of the 401(k) Plan.
Body
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE COOPERATIVE that the Cooperative reaffirm the appointment of Charles Schwab Bank as the named trustee of the 401(k) Plan; and
BE IT FURTHER RESOLVED BY THE BOARD OF DIRECTORS OF THE COOPERATIVE, that the Chief Executive Officer, or designees, are authorized to take such actions as needed to implement this resolution.