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Defined Benefit Plans
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A well-defined governance structure with employer-selected
representatives provides direction and oversight to the corporation and
its products and services. Farm Credit Foundations governing bodies
Board of Directors
Plan Sponsor Committee
Coordinating Committees, a subset of the Plan Sponsor Committee
Client Advisory Council
The Board of Director provides the governance and oversight of
Farm Credit Foundations. The Board is made up of six managers and six
elected/appointed directors from among the owners of Foundations, and
provides strategic oversight and direction for Farm Credit Foundations.
When the Board was established, it was determined that the same owner
representatives who were elected to serve on the Plan Sponsor Committee
will also serve on the Board. These are distinct roles, held separate
and apart from one another. Utilizing the same incumbents creates
efficiencies and cost effectiveness from a time and administration,
travel and meeting expenses, etc.
The Plan Sponsor Committee (PSC) governs the employee benefits. The PSC wears the employer hat
and determines what benefits are to be offered, who is eligible, under
what conditions, etc. The PSC membership has six managers and six
elected/appointed directors from among the owners of Foundations. PSC
members also serve on the Board of Directors.
There are two Coordinating Committees which are subsets of the PSC membership, each corresponding with a group of employers:
AgriBank and Affiliated Employers Coordinating Committee
Former Ninth and Former Eleventh District Employers Coordinating Committee
The Coordinating Committees have accountability for their
respective retirement and pension restoration plans, and take action on
those plans based on the direction set by their employer groups. This
governance structure ensures that only employers who are participants
in these plans have decision-making authority over them.
The eight-member Trust Committee wears the employee hat
and serves as the fiduciary for the benefits plans and trust assets,
hires and monitors the performance of the fund managers, and oversees
the administration of the plans. The Trust Committee is made up of
eight manager Trustees chosen by employer groups across Foundations.
The Client Advisory Council is made up of eight HR leaders elected to
represent participating employers on day-to-day operational issues and
to ensure effective two-way communication between the employers’ HR
staffs and the Foundations team. The Council helps align operations
with client expectations, and provides valuable perspective on key
issues that shape the delivery of products and services.