2003 Committee Charter : ECL

Qualified Funded Plans
With respect to the Corporation's domestic employee benefit plans regulated by the Employee Retirement Income Security Act of 1974 ("ERISA"), as amended, which are funded through a trust, the Benefits Finance Committee ("Committee") shall have such functions and duties as are specifically conferred upon it by the Plans or the trust agreements thereunder (as such Plans or trust agreements may be amended from time to time), if any, or as are specifically conferred upon the Corporation by the Plans or the related trust agreements and as may be delegated to the Committee pursuant to this or any other valid delegation. Such functions and responsibilities shall include, but are not limited to, the following:
  • Establishing and carrying out a funding policy for each Plan including:
    - establishing investment objectives and guidelines
    - establishing asset mix (or range of asset mix) to achieve objectives and to ensure adequate liquidity and asset diversification.
    - establishing funding guidelines.
  • Determine (upon the recommendation of the Plan actuaries) actuarial standards applicable to Plan funding and select and remove Plan actuaries.
  • Determine investment authority and proxy voting authority among trustees, investment managers and investments directed on behalf of the Corporation by the Committee.
  • Appoint and remove trustees and investment managers of Plans.
  • Monitor and evaluate the investment performance of trustees, investment managers and Committee-directed investments.
  • In the case of Plans which permit participants to exercise investment control over their individual accounts (i) to establish, add or remove investment funds, which funds may include funds that are managed by the trustee or an investment manager, as well as securities of an investment company or a similar investment fund and (ii) consider the appropriateness of complying with Section 404(c) of ERISA.
  • Oversee compliance with ERISA in the areas of responsibility delegated to the Committee.
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  • Employ, monitor and evaluate such clerical, legal, accounting, investment or other assistance as it deems necessary or appropriate for carrying out its responsibilities.
  • Execute or cause the execution and delivery of all documents, trust documents, appointments, instructions, certifications or undertakings deemed necessary or appropriate by the Committee to carry out its duties.
  • Provide liaison as needed to Management and plan administrators with regard to matters which fall within or relate to the duties of this Committee in order to assist this Committee and such persons in the discharge of their duties with regard to the Plans.
    General Authority
    The Committee is authorized to delegate to other parties, including to a subcommittee or employees of the Corporation or subsidiary plan sponsor, any of the foregoing authorities.
    The Committee or any subcommittee may select a secretary, who need not be a Committee member. The Committee/subcommittee shall hold its meetings at such times and places as it may determine, may adopt and amend rules for the conduct of its business and except as may otherwise be provided by rules adopted by the Committee/subcommittee, make decisions and determinations by a majority of its members, including a writing signed by a majority of the Committee/subcommittee members which shall be as fully effective as if it had been made by a majority vote at a meeting duly called and held.
    The Secretary or any Assistant Secretary or the Treasurer or any Assistant Treasurer of the Corporation may (i) certify the number and names of the Committee/subcommittee members to the trustee(s) under the Plans or to any other person, and the trustee(s) or such other person may rely upon such certification until it receives written notice from the Corporation as to a change in the membership of the Committee/subcommittee and (ii) certify any resolutions or actions of the Committee/subcommittee as being the act of the Committee/subcommittee.
    The Committee shall report to the Finance Committee of the Board of Directors periodically on the status of matters delegated to this Committee and upon this Committee's discharge of its duties.