Committee approves small eligibility change to deferred compensation committee rules
Summary
The committee approved a revision allowing the retired employee member of the deferred compensation committee to be a past (rather than only current) plan participant, broadening the candidate pool; active-member eligibility remains unchanged.
Dan Ferguson, accounting manager, told the committee the proposed change is "a minor change to the awarding to the eligibility requirements for the retired employee participant member," intended to broaden the pool of eligible retired-member candidates to include past participants who may have rolled funds out or taken withdrawals.
Ferguson said the change targets only the retired participant slot; active member representation would still require current plan participation. Committee members asked clarifying questions about the wording and membership composition and then moved, seconded and approved the resolution by voice vote (5-0).
The change will permit retired-member candidates who are not current plan participants but who bring relevant experience to serve on the deferred compensation committee.
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