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Employee Benefit Plans Committee Charter
Overall Responsibility
The Employee Benefit Plans Committee provides oversight of the administration of all Company retirement and welfare plan programs. These programs include all defined benefit plans, defined contribution plans, nonqualified deferred compensation plans, and any other retirement programs. Welfare plans include health care, dental, life and disability insurances and flexible spending accounts.
Committee Members
The Employee Benefit Plans Committee provides oversight of the administration of all Company retirement and welfare plan programs. These programs include all defined benefit plans, defined contribution plans, nonqualified deferred compensation plans, and any other retirement programs. Welfare plans include health care, dental, life and disability insurances and flexible spending accounts.
Meetings
The Employee Benefit Plans Committee will meet at least semiannually and at such other times as shall be determined by the Chair of the Committee. A simple majority of the Committee shall constitute a quorum for the transaction of business.
Duties and Responsibilities
The duties and responsibilities of the Employee Benefit Plans Committee shall be:
1. Select and provide oversight and guidance to investment manager or consultant of the defined benefit pension plans and defined contribution plan
2. Advise management on the appropriate funding level and size of contributions to the pension plan
3. Establish criteria to review and monitor pension plan and defined contribution investment performance
4. Approve plan amendments for qualified and nonqualified plans
5. Appoint benefit plan trustees as required
6. Review pension actuarial reports and monitor plan assumptions
7. Review administration of benefit plans
Reporting
The Employee Benefit Plans Committee will have the minutes of the Committee’s meetings prepared and submitted to the Board of Directors following each Committee meeting. The minutes will contain recommendations for appropriate Board actions if required.
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