How will decisions about plan design be made?
- Plan partners will present a final plan partner agreement to the Board of Trustees by Spring 2021.
- The agreement must be by consensus with all plan partners agreeing to the proposed changes.
- The board will review the partners’ final agreement to ensure the provisions comply with law and with the board’s fiduciary responsibilities and to ensure the plan continues to follow funding requirements. If the final agreement meets these criteria, the board will implement the provisions.
- The board will begin implementation in Spring 2021 and the changes will be effective January 1, 2022.