Summary

Board approves 401(k) Plan Committee formalization.

Text

Whereas, the ICANN Retirement Savings Plan (Plan) was introduced in 2000 for United States based staff.

Whereas, in light of the increasing number of participants and resulting assets of the Plan, best practices suggest that a plan committee be formed to manage plan administration, choosing plan vendors, identifying investment options from which employees can select, and other fiduciary responsibilities.

Whereas, the BFC has recommended that the Board approve the formalization of the 401(k) Plan Committee and authorize the CEO to staff and oversee the Plan Committee activities.

RESOLVED (2011.04.21.07), the Board approves the formalization of the 401(k) Plan Committee and authorizes the CEO to staff and oversee the Plan Committee activities.

Implementation Actions

  •   Staff a 401(k) Plan Committee
    • Entity Responsible: CEO
    • Due Date: None stated
    • Completion Date: May 2011

Rationale

Employees in the United States participate in the ICANN Retirement Savings Plan (also known as the 401(k) Plan) (the "Plan") in which the Company makes contributions to the Plan on behalf of employees, and employees may make contributions, on a tax deferred basis, to the Plan on their own behalf. Until recently, the Plan has been relatively small and did not call for a formal Plan Committee. Recently, however, the Plan has grown to over 100 active participants and to an asset level for which best practices indicate that a plan committee be formed to oversee various aspects of the Plan.

Other Related Resolutions

  •  Other resolutions TBD.

Additional Information

Explanatory text does not modify or override Resolutions.  See Board Resolutions Page for more information.

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