RESOLUTION ADOPTING TECHNICAL AMENDMENTS TO THE PHILADELPHIA BAR ASSOCIATION PENSION PLAN

WHEREAS, the Philadelphia Bar Association maintains a pension plan known as the Philadelphia Bar Association Pension Plan (the "Plan");

WHEREAS the Plan was last submitted to the Internal Revenue Service’s Determination Letter Program On January 31, 2008;

WHEREAS, a favorable letter of determination was received on September 4, 2008;

WHEREAS that letter of determination may only be relied on until January 31, 2013;

WHEREAS in order to continue to have an IRS determination letter on which the Association may rely, the Bar Association Plan must be submitted to the IRS for a new determination letter no later than January 31, 2013;

WHEREAS as part of the determination letter program, the IRS requires that a plan must be restated, incorporating all existing amendments into one document, prior to submitting it for review;

NOW THEREFORE, in accordance with the authority granted to them under the Plan, the Board of Governors hereby takes the following actions:

RESOLVED, that the Association hereby amends the Plan as follows:

  1. Change various Internal Revenue Code dollar limits (e.g., includable compensation, maximum annual contributions) which have been updated for 2013 cost-of-living adjustments issued by the IRS;
  2. Delete outdated provisions which are no longer required (e.g., incorporation of Code section 415 limits by reference, waiver of 2009 required minimum distributions);
  3. Add additional defined terms to Article I; and
  4. Include miscellaneous revisions to eliminate redundancies and promote consistency.

FURTHER RESOLVED, that, in order to carry out the intent of the foregoing Resolution, the Association hereby approves and adopts the Plan, as amended and restated effective January 1, 2013, substantially in the form attached hereto; and,

FURTHER RESOLVED, that the Association hereby authorizes and directs the Executive Director to execute and file with the Internal Revenue Service an application for a favorable determination letter to the effect that the amended and restated Plan does not adversely affect the prior favorable determination received by the Plan under section 401(a) of the Code, or the tax exempt status of the trust under the Plan under section 501(c) of the Code, and to take such other and further actions as they deem necessary or appropriate, at the direction of the Pension Committee, including making further amendments to the Plan and its trust, to effectuate the intent of the foregoing resolutions.

PHILADELPHIA BAR ASSOCIATION
BOARD OF GOVERNORS
ADOPTED: JANUARY 24, 2013