Item Description:
title
Approve the establishment of the Hennepin Healthcare System (HHS) Retirement Assets Committee (RAC)
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Resolution:
body
BE IT RESOLVED, that the Hennepin Healthcare Systems, Inc. (HHS) Governing Board approves the establishment of the HHS Retirement Assets Committee to advise the HHS Finance and Operations Committee; and
BE IT FURTHER RESOLVED, that the membership of the Retirement Assets Committee, in accordance with the Retirement Assets Committee Charter, be as follows:
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Required: |
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The following ex-officio members - |
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HHS Chief Human Resource Officer (Chair) |
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HHS Chief Administrative Officer |
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HHS Chief Financial Officer |
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HHF | HHRI Vice-President of Finance (Vice-Chair) |
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HHS Director of Benefits |
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HHS County Attorney Representative |
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Background:
HHS, in accordance with healthcare industry IRS 501(c)3 best practices, as well as for consistency in fiduciary oversight of the retirement assets of Hennepin Healthcare and its subsidiaries; Hennepin Healthcare Foundation (HHF) and Hennepin Healthcare Research Institute (HHRI), wishes to establish the Retirement Assets Committee to oversee and recommend the implementation of investment strategies for ERISA and Non-Qualified plans (Plans). In accordance with the provisions of the Plans, the RAC is established to monitor and recommend investment decisions for the Plan in accordance with the Retirement Assets Committee Charter.
Current Request: Approve the establishment of the HHS Retirement Assets Committee and its membership.
recommendation
Recommendation from County Administrator: Recommend Approval