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TIN:
SCHEDULE O
(Form 990 or 990-EZ)
Department of the Treasury
Internal Revenue Service
(Form 990 or 990-EZ)
Department of the Treasury
Internal Revenue Service
Supplemental Information to Form 990 or 990-EZ
Complete to provide information for responses to specific questions on
Form 990 or 990-EZ or to provide any additional information.
Attach to Form 990 or 990-EZ.
Information about Schedule O (Form 990 or 990-EZ) and its instructions is atwww.irs.gov/form990.
OMB No. 1545-0047
2014
Open to Public
Inspection
Inspection
Name of the organization
THE ERISA INDUSTRY COMMITTEE
Employer identification number
52-1077961
52-1077961
| Return Reference | Explanation |
|---|---|
| FORM 990, PART VI, SECTION A, LINE 4 | THE ORGANIZATION UPDATED ITS BYLAWS DURING THE YEAR TO COMPLY WITH THE DC NONPROFIT CORPORATION ACT OF 2010 AND MAKE OTHER LEGAL CHANGES. BELOW IS A SUMMARY OF THE SIGNIFICANT CHANGES: - ADDED PROVISION FOR EMERGENCY POWERS OF THE BOARD IN THE EVENT OF A CATASTROPHIC EVENT IN ACCORDANCE WITH THE DC NONPROFIT CORPORATION ACT: "IN ADDITION, IN THE EVENT A QUORUM OF THE DIRECTORS CANNOT READILY BE ASSEMBLED BECAUSE OF A CATASTROPHIC EVENT, THE BOARD OF DIRECTORS MAY EXERCISE THE EMERGENCY POWERS SET FORTH IN SECTION 29-403.03 OF THE ACT." - ADDED A NEW SECTION TO DEFINE THE DUTIES OF DIRECTORS IN ACCORDANCE WITH DC NONPROFIT CORPORATION ACT: "EACH DIRECTOR PERFORMS THE DUTIES OF A DIRECTOR, INCLUDING THE DUTIES AS A MEMBER OF ANY COMMITTEE OF THE BOARD OF DIRECTORS UPON WHICH THE DIRECTOR MAY SERVE, IN GOOD FAITH, IN A MANNER THAT SUCH DIRECTOR REASONABLY BELIEVES TO BE IN THE BEST INTERESTS OF THE CORPORATION, AND WITH SUCH CARE, INCLUDING REASONABLE INQUIRY, AS A PERSON IN A LIKE POSITION WOULD REASONABLY BELIEVE APPROPRIATE UNDER SIMILAR CIRCUMSTANCES. IN DISCHARGING BOARD OR COMMITTEE DUTIES, A DIRECTOR DISCLOSES, OR CAUSE TO BE DISCLOSED, TO THE OTHER BOARD OR COMMITTEE MEMBERS INFORMATION NOT ALREADY KNOWN BY THEM BUT KNOWN BY THE DIRECTOR TO BE MATERIAL TO THE DISCHARGE OF THEIR DECISION-MAKING OR OVERSIGHT FUNCTIONS, EXCEPT AS PROVIDED BY LAW." - ADDED A GENERAL NOMINATIONS PROCESS "IN ORDER TO FACILITATE AN EFFICIENT AND INFORMED ANNUAL ELECTION, MEMBERS ARE ENCOURAGED TO SUBMIT THE NAMES OF POTENTIAL DIRECTOR CANDIDATES TO THE SECRETARY OF THE CORPORATION AT LEAST 60 DAYS IN ADVANCE OF ANY MEETING IN WHICH A DIRECTOR WILL BE ELECTED. THE SECRETARY WILL, IN A TIMELY MANNER, TRANSMIT THE NAMES OF POTENTIAL DIRECTOR CANDIDATES TO THE NOMINATING COMMITTEE." - ADDED NEW SECTION 6.10 FOR GOVERNANCE OF COMMITTEES IN ACCORDANCE WITH DC NONPROFIT CORPORATION ACT: "THE BOARD OF DIRECTORS MAY FROM TIME TO TIME CREATE BY RESOLUTION ONE OR MORE COMMITTEES OF THE BOARD, EACH OF WHICH (I) CONSIST SOLELY OF ONE OR MORE DIRECTORS; (II) BE GOVERNED BY THE SAME RULES REGARDING MEETINGS, ACTION WITHOUT MEETINGS, NOTICE AND WAIVER OF NOTICE, AND QUORUM AND VOTING REQUIREMENTS AS APPLY TO THE BOARD OF DIRECTORS; AND (III) TO THE EXTENT PROVIDED IN SAID RESOLUTION, HAVE AND MAY EXERCISE THE AUTHORITY OF THE BOARD OF DIRECTORS IN THE MANAGEMENT OF THE CORPORATION (EXCEPT AS PROHIBITED BY LAW)." - REVISED THE NUMBER OF DIRECTORS TO BE NO LESS THAN 5 AND NO MORE THAN 28. -AUTHORIZED THE PRESIDENT TO ACCEPT NEW MEMBERS WITH THE RIGHT OF THE EXECUTIVE COMMITTEE TO OBJECT. THE PRESIDENT, IN A TIMELY MANNER, NOTIFIES THE BOARD OF ANY NEW MEMBERS. - REQUIRED MEMBERS GIVE NOTICE OF THEIR RESIGNATION TO ERIC WITHIN SIXTY DAYS FROM THE BEGINNING OF THE FISCAL YEAR. - CHANGED THE PERCENTAGE FROM 20% TO 25% OF DIRECTORS "ARE EMPLOYED BY MEMBERS THAT ARE ENGAGED, TO A SUBSTANTIAL EXTENT (AS DETERMINED BY THE BOARD OF DIRECTORS), IN THE BUSINESS OF PROVIDING CONSULTING, ACTUARIAL, ADMINISTRATIVE, INVESTMENT MANAGEMENT, FINANCIAL, OR OTHER SERVICES OR PRODUCTS TO EMPLOYEE BENEFIT PLANS SPONSORED BY UNRELATED COMPANIES." - LIMITS THE POWERS OF NON-BOARD COMMITTEES SO THAT SUCH COMMITTEES WHICH INCLUDE NON-DIRECTOR MEMBERS DO NOT HAVE AUTHORITY TO EXERCISE ANY POWERS OF THE BOARD. - ADDED PROCEDURES AND VOTING REQUIREMENTS IN THE EVENT OF A MERGER BETWEEN ERIC AND "ONE OR MORE OTHER CORPORATIONS" OR ANY PROPOSED AMENDMENTS REQUIRING APPROVAL OF AT LEAST TWO-THIRDS OF THE VOTES CAST BY MEMBERS, PROVIDED THAT THE NUMBER OF SUCH VOTES CAST IN THE AFFIRMATIVE EQUALS OR EXCEEDS THE NUMBER OF VOTES THAT WOULD BE REQUIRED TO APPROVE THE MERGER (OR THE BY-LAW AMENDMENT) AT A MEETING OF MEMBERS AT WHICH A QUORUM WAS PRESENT." - ADDED NEW DEFINITION OF THE OFFICERS AS: "CHAIR, UP TO THREE VICE CHAIR(S), A PRESIDENT, A SECRETARY, AND A TREASURER" AND ELIMINATES THE ESTABLISHMENT OF "ONE OR MORE VICE PRESIDENTS AND FOR ASSISTANT SECRETARIES AND ASSISTANT TREASURERS" AS OFFICERS. - ENTITLED PRESIDENT, AS EX-OFFICIO, TO ATTEND ALL MEETINGS OF THE BOARD "OF WHICH THE PRESIDENT IS NOT A REGULAR MEMBER." - CLARIFIED THAT THE PRESIDENT'S AUTHORITY TO SUPERVISE, HIRE AND DISMISS OFFICERS APPLIED ONLY TO OFFICERS WHO ARE EMPLOYEES OF THE CORPORATION. |
| FORM 990, PART VI, SECTION A, LINE 6 | THE ERISA INDUSTRY COMMITTEE HAS ONE CLASS OF MEMBERSHIP. |
| FORM 990, PART VI, SECTION A, LINE 7A | THE ERISA INDUSTRY BY-LAWS STATE THAT, AT EACH ANNUAL MEETING, EACH MEMBER IS ENTITLED TO ONE VOTE FOR EACH DIRECTOR TO BE ELECTED AT THAT MEETING. |
| FORM 990, PART VI, SECTION B, LINE 11 | THE 990 WAS PREPARED BY THE OUTSIDE ACCOUNTANTS AND REVIEWED BY SENIOR MANAGEMENT. THE ERISA INDUSTRY COMMITTEE E-MAILED A COPY OF THE FINAL 990 TO ITS GOVERNING BODY FOR REVIEW AND COMMENT. AFTER THE REVIEW AND COMMENT PERIOD, THE FORM 990 WAS FILED WITH THE IRS. |
| FORM 990, PART VI, SECTION B, LINE 12C | THE ERIC CONFLICT OF INTEREST DOCUMENTS ARE DISSEMINATED TO ALL MEMBERS OF ERIC'S GOVERNING BODY ANNUALLY. EACH DIRECTOR, OFFICER, AND KEY EMPLOYEE IS REQUIRED TO AFFIRM IN WRITING THAT HE/SHE HAS READ THE CONFLICT OF INTEREST POLICY AND AGREES TO DISCLOSE CURRENT OR POTENTIAL CONFLICTS, IF ANY. IF THE CHAIR OR THE PRESIDENT, AS THE CASE MAY BE, FINDS AN ARRANGEMENT TO BE HARMFUL OR POTENTIALLY HARMFUL TO ERIC, THE INDIVIDUAL IS INFORMED THAT THE ARRANGEMENT IS NOT APPROVED AND THE INDIVIDUAL DOES NOT ENTER INTO THE ARRANGEMENT (OR, IF THE ARRANGEMENT IS ALREADY IN EFFECT, THE INDIVIDUAL TERMINATES THE ARRANGEMENT). |
| FORM 990, PART VI, SECTION B, LINE 15 | USING SALARY SURVEYS, FORMS 990, AND OTHER EMPLOYEE COMPENSATION AND BENEFIT DATA, THE ERISA INDUSTRY COMMITTEE'S FINANCE COMMITTEE REVIEWS SALARY DATA OF COMPARABLE POSITIONS IN SIMILAR ORGANIZATIONS AND MAKES A RECOMMENDATION TO ERIC'S EXECUTIVE COMMITTEE, WHICH APPROVES THE COMPENSATION OF ERIC'S PRESIDENT/CEO AND KEY EMPLOYEES. ERIC'S FINANCE COMMITTEE AND EXECUTIVE COMMITTEE ARE COMPRISED OF REPRESENTATIVES OF MEMBER COMPANIES AND ARE INDEPENDENT OF ANY PAID STAFF. THE COMPENSATION PROCESS IS DOCUMENTED IN THE MEETING MINUTES AND THE LAST SALARY REVIEW TOOK PLACE IN OCTOBER 2014. |
| FORM 990, PART VI, SECTION C, LINE 19 | THE ERISA INDUSTRY COMMITTEE MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. |
For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.
Cat. No. 51056K
Schedule O (Form 990 or 990-EZ) 2014
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