Miami Retirement Advisory Committee

FUNCTION

The purpose of the Miami Retirement Advisory Committee is two-fold:

  1. The Miami Retirement Committee is responsible for making recommendations to the Senior VP for Finance and Business Services regarding the investment of all assets held under the Plans, consistent with the fiduciary responsibilities imposed by the IRS Code and state law.
  2. The Miami Retirement Advisory Committee is responsible for making recommendations to the Senior VP for Finance and Business Services regarding certain administrative duties under the Plans, as each may be amended from time to time, in accordance with the IRS Code and state law.

In performing its duties, the decisions and determinations of the Miami Retirement Advisory Committee (“Committee”) shall be for the exclusive benefit of participants and beneficiaries in the Plans.  Inasmuch as the members of the Committee are responsible for exercising discretionary authority or control over the assets held under the Plans, the members of the Committee constitute fiduciaries of those Plans.

PURPOSE

By resolution on December 8, 2017, the Board of Trustees ("Board") of Miami University ("University") delegated specific administrative and investment duties with respect to the following plans to the Senior Vice President for Finance and Business Services and Treasurer ("Senior VP for Finance"): 

  • Miami University Alternative Retirement Plan ("ARP"), a defined contribution plan under section 401(a) of the Internal Revenue Code ("Code"), most recently restated effective January 1, 2016;
  • Miami University Supplemental Qualified Retirement Plan ("SQRP"), a defined contribution plan under Code Section 401(a), most recently restated effective January 1, 2016, and amended once thereafter;
  • Miami University 403(b) Tax Sheltered Annuity Program Plan ("403(b) Plan"), a defined contribution plan under Code Section 403(b), most recently restated effective January 1, 2009; and
  • Miami University Supplemental 415(m) Retirement Plan ("415(m) Plan"), a defined contribution plan under Code Section 415(m), established effective January 31, 2008, and amended once thereafter.

COMPOSITION OF COMMITTEE

The Committee shall consist of an odd number of three (3) to seven (7) employees of the University. The Committee members shall each serve on the Committee without compensation. The persons in the following employment positions shall serve on the Committee:

Chief Treasury Officer, who shall serve as chair of the Committee

Director of Benefits, who shall serve as Secretary of the Committee

Member of the University Senate Benefits Committee

(1) Faculty member
(1) Unclassified Staff member

The remainder of the Committee members, if any, shall be appointed in writing by the Senior VP for Finance in his or her sole discretion.  All members shall accept their appointment to the Committee, and their responsibilities under this Charter, in writing.

COMMITTEE MEMBERSHIP as of JANUARY 1, 2018

Chair, Bruce Guiot (Chief Treasury Officer), guiotba@miamioh.edu

Secretary, Karen Wilson (Director, Benefits & Wellness), wilso305@miamioh.edu

Senate Benefits Committee, Mike Curme (Farmer School of Business), curmema@MiamiOH.edu

Faculty Member, Tyler Henry (Farmer School of Business), henrytr3@miamioh.edu

Staff Member, Beverly Thomas (College of Creative Arts), thomasbh@miamioh.edu

POWERS, DUTIES, AND RESPONSIBILITIES OF COMMITTEE

I. Plan Investment Responsibilities

The Committee shall be responsible for evaluating and monitoring the investment of all assets held under the Plans. These responsibilities shall include, but not be limited to, advising the Senior VP for Finance and Business Services regarding the following:

  1. Monitoring and evaluating the performance and compliance of investment advisors, investment managers, custodians, insurers, and trustees of the Plans, and any other third-party providing services to the Plans, under the applicable agreements and investment policy statement, and determining whether such parties should be retained or terminated.
  2. Evaluating the method by which Plan assets are held and invested.
  3. Evaluating the types of investments to be made under each Plan, including the default investment under each Plan, that reflect a blend of investment options that offer adequate diversification with respect to the Plans.
  4. Evaluating and monitoring the type of investment advisory and management services which will be used by the Plans, if any.
  5. Monitoring the investment performance of Plan assets against selected benchmarks not less frequently than quarterly, and determining whether any changes should be made with respect to the investment options available under the Plans.
  6. Monitoring and evaluating the level of expenses paid by the University, the Plans, and the participants in the Plans, including investment-related expenses, not less frequently than annually, in order to determine whether such expenses are necessary and reasonable.
  7. Approving the expenses paid from Plan assets, if any, to ensure compliance with the Code and other guidance.
  8. Developing, implementing, and reviewing periodically an investment policy statement for the Plans.
  9. Selecting and monitoring any education program to be provided to Plan participants. The Committee is authorized to use the assistance of an investment advisor or manager in meeting its above responsibilities.

II. Plan Administration Responsibilities

The Committee shall also be responsible for advising the Senior VP for Finance and Business Services regarding the following administrative responsibilities with respect to the Plans:

  1. Exercising all powers and duties specifically conferred upon the Plan Administrator under the terms of the Plans and trust, custodial or annuity contracts.
  2. Making any discretionary administrative decisions required to be made under the terms of the Plans. Interpreting, with discretionary authority, the provisions of the Plans; and resolving, with discretionary authority, all disputed questions of the interpretation of the eligibility for benefits and the amounts thereof, including eligibility to participate, rights, and status of participants and beneficiaries under the Plans.
  3. Keeping appropriate books and records, including minutes of the meetings of the Committee.
  4. Taking such actions and making such decisions from time to time as may be allowed or required by the Committee as the plan administrator of the Plans.
  5. Determining whether to engage, retain, or replace record keepers or third-party administrators for the Plans and any other person that the Committee deems necessary or appropriate to carry out the functions subject to the Committee's authority, and monitoring and evaluating their performance and the reasonableness of their fees.
  6. Retaining actuaries, legal counsel, auditors, consultants, and other experts or advisors to furnish advice and assistance with respect to its responsibilities and functions as deemed appropriate at the discretion of the Committee, and monitoring the performance of such persons.
  7. Monitoring and ensuring compliance with the claims procedures of the Plans.
  8. Monitoring compliance with the provisions of the Code and all other applicable laws, regulations, and rulings that may apply to the Plans.
  9. Reviewing and reassessing the adequacy of this Charter annually.
  10. Discussing with the University's outside counsel any legal matters brought to the Committee's attention as it deems appropriate that could reasonably be expected to have a material impact on the University.
  11. Performing such other duties or responsibilities as may be assigned or expressly delegated from time to time to the Committee by the Senior VP for Finance and as generally authorized under the Plans and/or trust, custodial or annuity agreements to the Plans.
  12. Taking such other actions as shall be necessary or appropriate to carry out its responsibilities and implement its duties, including delegating authority and assigning duties to officers or employees of the University or to third parties as the Committee deems appropriate.
  13. Amending the Plans, including any amendment necessary to maintain the Plan’s qualified status under applicable provisions of the Code or to comply with applicable law.