II.R. – Retirement Plan Committee – 06-2026
II.R. – Retirement Plan Committee
1. The Retirement Plan Committee is a special committee of the Board. The Committee provides stewardship of the retirement plans sponsored by the Board for the exclusive benefit of participants and their beneficiaries. The Committee may establish necessary procedures to carry out its responsibilities. Such procedures must be consistent with the Board’s Governing Policies and Procedures.
2. The Committee shall consist of five or more members appointed by, and serving at the pleasure of, the Board. The chair of the Committee shall be appointed by the Board President and shall be a Board member. Other members of the Committee shall include at least two participants in the sponsored plans: at least one representative from a public four-year institution and at least one representative from a community or technical college. At least two members shall be private sector members who are knowledgeable about financial markets. All committee members should have investment, legal or benefits management expertise sufficient to evaluate the risks associated with the Committee’s purpose. A quorum of any meeting of the Committee shall consist of a majority of the members. Committee members shall not be compensated for their service on the Committee. The Committee will meet as needed, but not less than semi-annually. The Committee is supported by the Board’s Chief Fiscal Officer and by the Board’s outside tax counsel.
3. Board-sponsored plans include the 401(a) Optional Retirement Plan (ORP), and the 403(b) and 457(b) voluntary deferred compensation plans (collectively referred to hereinafter as “Plan” or “Plans”). The Board has authority to manage and control the Plans’ operation and administration. The Board retains exclusive authority to amend the Plans and select trustees/custodians.
4. The governance, fiduciary responsibilities, delegation of authority, reporting requirements, and administrative procedures of the Committee are further detailed in the Retirement Plan Governance Charter, which is incorporated by reference into this Policy. The Retirement Plan Governance Charter shall be approved by the Board and may be amended by the Board. In the event of any conflict between this Policy and the Charter, this policy shall control.