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Trustee Resolution
April 1, 2016 – Approving two Amendments to the IU Retirement and Savings Plan

WHEREAS, the IU Retirement and Savings Plan, a 401(a) plan, currently defines “Vested” as attainment of Retirement Age, Disability, Death or completion of three (3) full years of employment with the University as a Participant in this Plan, or completion of three (3) full years of employment with the University as a participant in the IU Retirement Plan, or completion of three (3) full years of employment with the University as a participant in the Indiana Public Employees’ Retirement Fund (PERF).

NOW, THERFORE, BE IT RESOLVED that The Board of Trustees approves an amendment to the IU Retirement and Savings Plan, a 401(a) plan, that will define “Vested” as attainment of Retirement Age, Disability, Death or completion of three (3) full years of employment with the University. This amendment will be effective April 1, 2016.

WHEREAS, the IU Retirement and Savings Plan, a 401(a) plan, currently defines “Eligible Employee” as an employee who:

  1. is hired on or after July 1, 2013, or transfers from a position covered by the IU Retirement Plan to Support Staff, Service Staff, or Part-Time position on or after July 1, 2013;
  2. is in one of the following University-designated employee categories:
    Support Staff , Service Staff, or Part-Time position; and
  3. has at least 50% full-time employee status for Support or Service Staff positions, or is scheduled to work at least 1,000 hours in a calendar year for Part-Time positions.

NOW, THERFORE, BE IT RESOLVED that The Board of Trustees approves an amendment to the IU Retirement and Savings Plan, a 401(a) plan, that will define “Eligible Employee” as an employee who:

  1. is hired on or after July 1, 2013, or transfers from a position covered by the IU Retirement Plan to Support Staff, Service Staff or Part-Time position on or after July 1, 2013;
  2. is in one of the following University-designated employee categories:
    Support Staff , Service Staff, or Part-Time position.; and
  3. has at least 50% full-time employee status for Support Staff and Service Staff positions, or has worked at least 900 hours in a calendar year for Part-Time positions.

This amendment will be effective April 1, 2016.

BE IT FURTHER RESOLVED that the Board of Trustees approves adding a provision that if a Part-Time Employee completes 900 hours in a calendar year they will become an Eligible Employee, and be covered by this Plan as soon as administratively possible, and in any event, within 45 days of becoming an Eligible Employee. This amendment will be effective as of April 1, 2016.

Questions?

For questions about this resolution contact IU Human Resources at or 812-856-6047.