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Lincoln University, PA
AMENDMENT TO LINCOLN UNIVERSITY DEFINED CONTRIBUTION RETIREMENT PLAN (PLAN 001)
A meeting of the Executive Committee of the Board of Trustees of Lincoln University of the Commonwealth System of Higher Education was held on the 15th day of December, 2011, in accordance with the University’s By-Laws.
W I T N E S S E T H
WHEREAS, it has been reported by the Administration that due to certain unique circumstances relating to the terms of employment and work arrangements of adjunct faculty members of the University, it is administratively impracticable to determine based on records of actual hours worked whether individuals in such job classification fall within an excluded class of employees for the purposes of Section 2, Part C of the Adoption Agreement and Plan Document of the Lincoln University Defined Contribution Retirement Plan (Plan 001), as last comprehensively restated effective January 1, 2009, and as amended (“Plan Document”); and
WHEREAS, the Board, through the Executive Committee, consistent with the recommendations of the Administration, has determined that it would be appropriate to adopt a clarifying amendment to the Plan Document as set forth herein confirming the use of the 190 hour/month equivalency method, done consistently with federal regulation 29 C.F.R. §2530.200b-3(e)(iv), or any successor regulation, as the means for calculating service solely for employees in the adjunct faculty job classification to determine whether such individuals are in an excluded category classification; and
WHEREAS, the Board, through the Executive Committee, has further determined it to be appropriate to amend the Plan Document, effective retroactive to January 1, 2009, to clarify that all employees, other than excluded students performing services described in Section 3121(b)(10) of the Internal Revenue Code, have been eligible to participate in the Plan for the purpose of making Elective Deferrals beginning with the first entry date following the date of employment, and to make certain amendments to the Plan required at this time by the Worker, Retiree, and Employer Recovery Act (WRERA).
The following resolutions were offered, seconded and duly adopted:
RESOLVED, that the current “Other Plan Information” rider to the Adoption Agreement and Plan Document of the Lincoln University Defined Contribution Retirement be, and by this resolution hereby is, amended, effective retroactive to January 1, 2009, to clarify and confirm that the exclusion classification for employees normally working fewer than twenty (20) hours per week, as defined therein, applies only to Matching Contributions and Employer Contributions pursuant to Section Two (eligibility), Part C(2) of the Adoption Agreement to the Plan Document, and not to Elective Deferrals as provided for in Section Two, Part C(1) thereof, and that the 190 hour/month equivalency method provided for in 29 C.F.R. §2530.200b-3(e)(iv), or any successor regulation, shall be used for calculating service solely with respect to employees in the adjunct faculty job classification in determining the applicability of such exclusion classification, and in furtherance thereof that the said existing “Other Plan Information” rider be, and hereby is, deleted in its entirety from the Adoption Agreement and Plan Document and replaced with the “Other Plan Information” rider attached hereto as “Exhibit 1,” and incorporated herein by reference.
FURTHER RESOLVED, that the amendments to the Lincoln University Defined Contribution Retirement Plan (Plan 001) set forth in the Worker, Retiree and Employer Recovery Act of 2008 (WRERA) Adoption Agreement Amendment document attached hereto as “Exhibit 2” and incorporated herein by reference be, and by this resolution hereby are, adopted effective January 1, 2009, as set forth therein.
FURTHER RESOLVED that the President of the University or his designee be, and by this resolution is, authorized to do or cause to be done, any and all acts and things, or to execute on behalf of the University any documents, including but not limited to the said Worker, Retiree and Employer Recovery Act Adoption Agreement Amendment document, that he or his designee may deem necessary, advisable or appropriate in order to carry out the intent of the foregoing resolutions and Plan amendments, and to make appropriate arrangements on behalf of the University with TIAA-CREF or other service providers of the Lincoln University Defined Contribution Retirement Plan to carry out or administer the intent of such Plan amendments.
I, the undersigned Secretary of the University Board of Trustees, do certify that the foregoing is a true, exact, and correct copy of a resolution adopted at a meeting of the Executive Committee of the Board of Trustees on the ______ day of _________, 2011.
Lincoln University Board of Trustees
Secretary of the Board
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