Retirement Plan Advisory Committee
April 30, 2012
A special meeting of the Retirement Plan Advisory Committee (RPAC) was held telephonically on April 30, 2012.
Present: Michelle Kelley, Interim Chair, Benefits Manager BCN; Kent Ervin, UNR Faculty Representative; Pat LaPutt, Benefits Manager BCS; Carla Henson, Retiree Representative; and Mike Hardie, WCN faculty representative
Also Present: George Dombroski
The special meeting was called by the Interim Chair to discuss a request from UNLV on behalf of a former employee under age 55 for a compassion exception to the clauses in Article VII, Sections 7.1 (b) (v) and 7.2 (b) which restrict access to Institution Plan Contributions until age 55. Only five members were available for the meeting which was called on very short notice.
The members were sympathetic but did not think it prudent to make an exception in the case given that such an exception could put the Plan at risk of losing its qualified status under IRC Section 401(a). There was a discussion about the basis for the so-called “preservation clauses” and agreement that the May 14 meeting should include a discussion about the relevancy of these clauses.
The meeting was adjourned at 12:05.
Prepared by: George Dombroski, Retirement Plan Alternative Manager