VCOM Institutional Policy and Procedure Manual

5. C HANGES TO THE R ETIREMENT P LAN The elective contribution Plan may change from time to time by direction of the Plan Administrator. However, the elective plan will not decrease from those currently stated in the Plan. The non-elective contribution Plan may change from time to time by direction of the President and Dean and Executive Vice President according to the performance of the institution. Changes to the non elective contribution require affirmation by VCOM’s Board of Directors. Employee funds that are vested at the time of the change are not subject to the change and remain an asset of the employee. The Retirement Plan may also change from time to time to be consistent with any change in the law. If the Plan provisions are not consistent with any new change in the law at any given time, the Plan will be administered according to the new law, regardless of the terms of the Plan. Changes will be taken to the next Board of Directors meeting for approval. The Summary Plan Description will be posted on the VCOM website under Employee Resources. The Human Resources Director is responsible for making all employees aware of the posting and any changes to the benefits. The Human Resources Director will hold an annual benefits meeting at which time all employees will be directed to the resources available for evaluating their retirement plan and financing advising. L OCATION OF R ETIREMENT P LAN The current Retirement Plan will be kept in a policies and procedure manual maintained in the Office of Human Resources, with the Chief Financial Officer and with the Dean and Executive Vice President. D URATION OF P OLICY The Policy Governing the VCOM Retirement Plan established by Administration, the Business Office and Office of Human Resources, and is effective as of the date above and shall remain effective until amended or terminated by the Board of Directors. 6. 7. 5.1 Notification of Changes Employees will be notified in a timely manner of any changes in the Retirement Plan.