Common use of Plan Description Clause in Contracts

Plan Description. The System sponsors a frozen, noncontributory, single-employer, defined-benefit plan retirement plan (the CCMC Plan), administered by a committee appointed by the System. Under the provisions of the CCMC Plan, the System has the authority to make amendments. There have been no new members of the CCMC Plan since the date the CCMC Plan was frozen. The CCMC Plan provides life-only annuity benefits to plan members and beneficiaries. An actuarial report is prepared each year effective June 30 and is available from the System. The funding policy of the System is to contribute an amount at least equal to the Annual Required Contribution (ARC) prescribed by GASB and determined by the actuary. For the years ended September 30, 2023 and 2022, respectively, the ARC was $1.0 and $1.2 million.