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Resolutions of
The Board of Trustees
Lincoln University, PA
RESOLUTION 310
November 15, 2008
| DELEGATION OF AUTHORITY TO PRESIDENT OR RES310_111508 DESIGNEES TO EXECUTE RESTATED TIAA-CREF PLAN DOCUMENTS |
WHEREAS, Lincoln University’s retirement plan administrator, TIAA-CREF, has reported to the University of the need to comprehensively restate and update its Plan Documents for the University’s Retirement Plans that are provided through TIAA-CREF, including the University’s Defined Contribution Retirement Plan, Tax Deferred Annuity Plan, and Section 457 Plan, in order to reflect changes in legislative and regulatory requirements, including certain changes that will become effective for 2009, and to ensure that such documents are accurate and up-to-date; and
WHEREAS, In order to accommodate the logistical needs for comprehensively revising, restating, and executing on behalf of the University such updated Plan Documents in accordance with a program being undertaken by TIAA-CREF to amend and update Plan Documents of participating institutions prior to January 1, 2009, it is deemed to be in the best interest of Lincoln University to delegate to the President, or his designees, in accordance with the suggestion of TIAA-CREF, the authority to execute on behalf of the University, in its capacity as Plan Sponsor, such documents as are needed to accomplish such comprehensive restatement and amendment; now therefore be it
RESOLVED, That the President and his designees, as authorized by the President in writing, shall have the power on behalf of Lincoln University to approve and execute restated and amended Plan Documents relating to the University’s retirement plans offered through TIAA-CREF, to be effective by no later than January 2009, in order to update such documents and ensure compliance with regulatory and legislative changes, including those to be effective in 2009, and to implement recommendations of TIAA-CREF determined by the President, or his authorized designees, to be in the best interest of Lincoln University; and further
RESOLVED, That such actions of the President or his authorized designees to approve and execute restated and amended Plan Documents with respect to the TIAA-CREF retirement plans pursuant to this delegation of authority are intended to be done on behalf of the University in its capacity as Plan Sponsor, and not as a fiduciary, of such retirement plans.
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