Title
Resolution - Approval of Appointment of Members to Plan Administration Committee - W Burns
Other Info
Submitted By: W Burns
Department: Human Resources
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. Six members of the Committee are currently regular members. The position of Comptroller is the only permanent member of the Committee. The Plan Sponsor also now wishes to confirm the position of Human Resources Benefits Manager as a permanent member of the Committee and designate the current vacancy on the Committee to the Human Resources Benefits Manager as a permanent member of the Committee.
In addition, the term of one regular member of the Committee will expire as of December 31, 2018. The Plan Sponsor wishes to re-appoint the member to the Committee an...
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