FLORIDA INTERNATIONAL UNIVERSITY 403(B) PLANCOMMITTEE MEETING MINUTESLOCATION:

Via Zoom as described in the meeting posting

DATE:

May 8, 2020Time:

3:30 P.M.

Attendees:
Kenneth Jessell, Senior Vice President & Chief Financial Officer (Chair)
Benjamin Jarrell, University Treasurer (Committee Member)
Patricia Hartwell, Director of Compensation and Benefits (Committee Member)
Carlos B. Castillo, General Counsel (Committee Member)
Carlos Flores, Assistant Vice President of Operations, Compensation & Systems(Committee Member)Janik Collin, Assistant Director, Benefits (Presenter)El pagnier Hudson, Vice President of Human Resources (Attendee)
Liz Marston, Deputy General Counsel (Facilitator)
Absent: None1.

Call to Order and Chair Remarks

At 3:35 p.m., Dr. Jessell called the meeting to order with a welcome for the second
meeting of the Florida International University 403(b) Plan Committee meeting. Given
that all of the Committee members were present, a quorum was established.
2.

Approval of the Minutes from the January 23, 2020 Meeting

There was no discussion on the minutes from the January 23, 2002 meeting.
The Committee approved the minutes from the January 23, 2020 meeting.
3.
Discussion of Roles and Responsibilities of the 403(b) Committee and theCompensation and Benefits Department staff and Recommended Changes to theComposition of the 403(b) Committee
Ms. Hartwell and Ms. Marston provided an overview of the document entitled, Roles andResponsibilities for Maintaining FIU’s 403(b) Plan. The document provides a delineationof duties between the 403(b) Plan Committee and that of the Compensation and Benefits
Department. The document proposes that the day-to-day activities of managing the403(b) would reside with the Compensation and Benefits Department and would includesuch items as supervision of the Retirement Manager (for third party loan adjudication),communication to participants and providers and drafting of changes to the plan.
There was a recommendation from Dr. Jessell that the document be amended to remove
the names of Patricia Hartwell and Janik Collin and retain the titles only.
The Committee approved the adoption of the Roles and Responsibilities for Maintaining
FIU’s 403(b) Plan with the amendment as noted above with regard to titles.
The Committee also discussed the proposed change which will allow Ms. Hartwell tocontinue the day-to-day administration of the 403(b) Plan and which will allow Ms.
Hudson to provide strategic human resources vision to the 403(b) Committee. The item
recommends the approval of removing Patricia M. Hartwell, Director of Compensationand Benefits from the Committee and adding El pagnier K. Hudson, Vice President of
Human Resources to the Committee.
The Committee approved the removal of the Director, Compensation & Benefits fromthe Committee and the additional of Vice-President, Human Resources to theCommittee.
4.
A. Ratification of the two (2) changes to the FIU 403(b) that was done to address
scrivener’s errors.
Ms. Hartwell presented two changes to the 403(b) Plan Document due to scrivener’serrors. The first was found on page 1 of the Plan Document - the Plan Administrator waschanged from Dr. Kenneth Jessell, Senior Vice-President & Chief Financial Officer to Florida
International University Board of Trustees. The second was to correct item #31 on page
20 of the Plan Document to change the designation to “Not Applicable” for thedesignation of the in-plan Roth rollover contribution.
The Committee approved the changes to the 403(b) Plan Document as detailed above.
4.

B. Recommendation of CARES Act Amendments

The Committee reviewed the memorandum dated April 14, 2020 which outlined theparameters of the CARES Act, signed into law by the President on March 27, 2020. Under
the provisions of the CARES Act, maximum loan amounts increase for eligible 403(b)participants to the lesser of: (i) $100,000, or (ii) 100% of the participants vested accountbalance. In addition, any loan repayment dates scheduled from March 27, 2020 throughDecember 31, 2020 may be delayed one year. The Act also provides that coronavirus
distributions to qualified individuals on or after January 1, 2020 and before December 31,
2020 in an amount up to $100,000 may be done so without imposition of the 10% early
distribution penalty.

There was a general discussion about the provisions of the Act and the requirement tomake changes to Plan Documents by January 2022 (or the end of 2024 plan years for
Governmental plan sponsors).
The Committee approved the amendment of the 403(b) Plan to include all benefits
delineated in the CARES Act relating to the increase in the maximum loan amount,extension of loan repayment, coronavirus distributions to qualified participants, and thewaiver of the funding rules for the period of time permitted under the CARES Act5.
Delegation of Signature Authority to Vice-President Human Resources, El pagnier
Hudson to Sign Routine Documents
Ms. Marsten presented the agenda item related to the delegation of authority to the VicePresident, Human Resources to sign routine agreements that are required for the 403(b)Plan administration. Such documents would include, for example, the Retirement
Manager Agreement and Information Sharing Agreements).
The Committee approved the delegation of authority to the Vice President of Human
Resources to sign routine agreements.
6. Designation of Committee Secretary
The Committee discussed the Charter as it relates to the appointment of a Secretary. The
Charter specifies that the Secretary would be a member of the Committee.
The Committee approved Carlos Castillo, FIU General Counsel as the Secretary of the403(b) Committee.
7.

Status Report from the Compensation and Benefits Department

Ms. Collin reviewed the current statistics with regard to the participation in the FIU
vendors as well as the ROTH participation rates. Ms. Collin also reported that Retirement
Manager is in place to deal with CARES Act requests with a current go-live date of June 1,2020.
8.

Future Meetings and Scope

There was a general discussion about the requirement to meet with vendors withestablished investment criteria. It was determined that late January, 2021 would be thetimeframe of the Committee meeting with vendors. It was also determined that theworking team of Benjamin Jarrell, Elizabeth Marsten, Janik Collin and Patricia Hartwell will
establish the investment criteria and meeting protocol for the meetings with the vendors.
9.

New BusinessDr. Jessell will discuss with Dean of the College of Business, Dr. Li to identify a faculty
member to join the 403(b). The intent is to increase the diversification of the membershipof the Committee while infusing an additional subject-matter expert in 403(b) plans.
10.

Concluding Remarks and Adjournment

Dr. Jessell concluded the meeting at 4:45 p.m.