President Song called the meeting to order at 6:34 p.m.
President Song clarified for those interested in running for a position on the AADL Board of Trustees applications are to be filed by July 16, 2020 for the November election.
20-117 II. ATTENDANCE
Board Present: Dharma Akmon, Victoria Green, Molly Kleinman, Jim Leija, S. Kerene Moore, Linh Song, Jamie Vander Broek
Board Absent: None
Staff: Josie Parker, Eli Neiburger
Others Present: Amy Christen, Dykema
20-118 III. APPROVAL OF AGENDA
(Item of action)
Roll call vote
Secretary Leija, supported by Trustee Kleinman, moved to approve the agenda as presented.
20-120 A.RESOLUTION TO AMEND AND RESTATE THE ANN ARBOR DISTRICT LIBRARY 403(B) TAX SHELTERED ANNUITY PLAN
Amy Christen, Dykema
(Item of action)
Roll call vote
Trustee Kleinman, supported by Treasurer Akmon, moved NOW THEREFORE, BE IT RESOLVED, that the amended and restated Plan is approved and adopted retroactively effective as of January 1, 2010 as permitted by the IRS, except as otherwise specifically provided in the Adoption Agreement or Basic Plan Document.
FURTHER RESOLVED,the undersigned hereby delegates to the Executive Director the full and discretionary authority, power and duty to:
Act as the Plan Administrator and Named Fiduciary of the Plan with the full and discretionary power to administer the Plan.
Amend, modify, restate or otherwise alter the terms of the Plan as required to comply with law, collective bargaining agreements or otherwise reflect plan design changes.
Appoint and remove trustees, custodians, payroll slot vendors and other third party administrators for the Plan.
Manage and invest the assets of the Plan, including the power to:
▪ Adopt and maintain an Investment Policy for the investment of Plan assets;
▪ Select and monitor the investment choices, including those that are available for Participant-directed investments under the Plan; and
▪ Appoint one or more investment advisors to assist in evaluating the investment performance of Plan assets or educating and advising plan participants regarding their self-directed investment choices under the Plan.
RESOLVED FURTHER,notwithstanding the Executive Director’s amendment authority granted hereunder, the Employer, through the Board of Trustees, reserves and retains the right, at any time, to amend, modify or otherwise alter this delegation of authority and/or the Plan, as well as the exclusive power to terminate the Plan.
RESOLVED FURTHER, the Executive Director shall be indemnified by the Employer, to the extent permitted by state law, against any and all liabilities arising by reason of any act or failure to act made in good faith pursuant to the provisions of the Plan, including expenses reasonably incurred in the defense of any claim relating thereto.
RESOLVED FURTHER, that any actions taken previously by the Executive Director, Employer’s Human Resources Department in implementing the benefit design, administrative or other changes necessary to comply with recent law changes for the Plan are hereby ratified, confirmed, and approved.
RESOLVED FURTHER, that the Executive Director is authorized and directed to execute the Plan, and take such other action as may be necessary or appropriate to implement the Plan or these resolutions.
RESOLVED FURTHER, that all resolutions and parts of resolutions that conflict with the provisions of this resolution are rescinded.
Director Parker noted that the Board originally authorized her in 2014 to execute and restate the 403(b) plan. With a completely new Board since that time she felt it was appropriate to make the Board aware of the process.
Amy Christen from Dykema was introduced. Ms. Christen reported that the IRS has opened up adoption of IRS pre-approved plan documents. The use of a pre-approved plan document allows for the Library’s vendor to maintain 403(b) changes made by the IRS within the Library’s plan. This does not affect the union negotiated documents.
I am really enjoying the Bizarre We There Yet badge series. My all-time favorite codes were the Goblin codes. Will there be a version of Goblin riddle codes this year in July? Will the summer game shop open? I love the summer game. Thank you.