A



PURPOSE

This Policy/Procedure establishes the administrative, accounting and funding processes performed by Metro-North to support the initiation, maintenance and distribution of employee pension accounts managed by the Vanguard Group Inc., as Trustee, investment manager and recordkeeper of the Defined Contribution Pension Plans.

II. SCOPE

This policy/procedure apples to all Metro-North Pension Plans – inclusive of:

Agreement Defined Contribution Pension Plan

Management Defined Contribution Pension Plan

III. Definitions

A. DOE Codes: Deductions and other Earnings (DOE) codes are used to separately identify every type of wage transaction processed through the MSA payroll system. The DOE accumulates and records both earnings and deductions by week and posts this information to employee’s year to date master file. DOEs are further used to generate flat amount and percentage calculations based on gross wages. The DOE for the employer portion of the Defined Contribution Pension Plan (DOE 87) applies 3% to the total Gross Weekly Wage exclusive of non-earnings amounts (i.e., uniform allowances, meal allowances, and tuition reimbursement). The other DOE codes relevant to this process are:

DOE 87 Employer Contribution/Agreement;

DOE 88 Employee Voluntary Contribution/Agreement

DOE 93 Employer Contribution/Management;

DOE 51 Railroad Retirement Supplementary Pension Employer Contribution.

B. Forfeiture Account: Whenever Metro-North Commuter Railroad is due funds from the Trustee, the money is credited to the forfeiture account. Monies in the forfeiture accounts are invested in the money market, prime portfolio. This account is managed and reconciled by the Benefits unit.

C. Vested: The condition an employee attains when five years of service (including past service with a designated predecessor railroad) have been completed with Metro-North. To be eligible for distribution in the Defined Contribution Pension Plans at retirement, an employee must be vested.

D. Effective Dates: The date when the Plan becomes available to participating labor organizations.

1. The Agreement Defined Contribution Pension Plan has an effective date by Union, as follows:

1/1/88 4/6/88 8/29/88 1/1/89 1/1/90 7/1/90

UTU – C&T (20) TWU (26) UTU-E (20) BLE (03) RPBA (35) IBT (05)

(hostler)

IAM (13) TCU (09)

IBEW (15) TCU-TIMECARD (19)

BRS (06) IBFO (16)

SMWIA (25) IBB (14)

2. Management Defined Contribution Pension Plan has an effective date of December 31, 1988. Contributions commenced on 1/1/89.

E. Additionally, definitions in Article I of the Agreement Employees, Management Employees Defined Contribution Pension Plans and Cash Balance Pension Plans apply to this Policy/Procedure.

POLICY

A. Guidelines.

1. Metro-North contributed 3% if an employee’s gross weekly earnings to one of two Defined Contribution Pension Plans. Agreement employees enrolled in the Defined Contribution Plan may elect to contribute from their net wages an additional amount not to exceed 3% of their gross weekly earnings to the Plan.

2. Metro-North maintains weekly earnings data, the associated employer contribution and employee contributions (where applicable) in the payroll MSA master file. This information is reconciled an consolidated quarterly culminating in a magnetic tape produced and sent to the Trustee by MIS.

3. The wire transfer of funds for the quarter to the Trustee is accomplished by the Treasury Department. The due date is 30 days after the end of the quarter.

4. All employee, employer and Trustee requirements are detailed in the Pension Plan documents.

B. Responsibilities and Administration

1. The following areas are responsible to administer and ensure effective implementation of the Pension Plan Procedures as defined herein:

Benefits: Enrollment and all administrative matters. Management and reconciliation of the Forfeiture Account and mistake of fact.

HRIS & Payroll: Validation of eligibility and wage basis used for pension calculations for every employee in the company covered by a Pension plan. Initiation and approval of funds to be wire transferred.

MIS: Generating pension tapes for transmission to the Trustee reflecting employer and employee contributions for all plans based on balances in the DOE codes and any adjustments furnished by HRIS and Payroll.

HRIS: Recording on the MSA system the withholding of employee voluntary contributions.

General Accounting and Payroll: Accounting for employer and employee contributions for all plans. Accruing funds for employer’s contributions. Accounting for all distributions.

Treasury: Transfer of funds to the Trustee.

2. Any deviations in the administration of these Pension Plan Procedures should be approved by the Vice President, Finance and Administration, and the President of the Board of Managers for minor deviations.

PROCEDURES

Listed below are activities, responsible persons and actions taken.

A. Enrollment and Administration

These procedures address establishment and maintenance of the Pension Plan enrollment, supporting accounting processes, the funding process and all subsequent changes to Pension Plan participants, deductions and/or employment status. In all situations, employees must have a DOE code assigned on the employee master file to reflect the Pension Plan enrolled in. DOE codes drive the process to identify employee and employer contributions pertinent to a particular employee. It is mandatory that that these fields reflect accurate information regarding particular plan enrollment, contributions and any subsequent changes.

1. Enrollment of New Hires

Employee

1. Completes Defined Contribution Pension Plan Enrolment and Designation of beneficiary Forms during orientation. Return completed forms to Benefits.

Benefits

2. If completed forms are not returned by the employee, complete Enrollment Form, designate Money Market Federal Reserves as the investment option. Distribute copies of the enrolment forms to:

HRIS – Enrolment form only if employee has selected voluntary contributions

Trustee – original enrolment form (forwarded monthly)

Benefits– Copies of enrolment form & original designation of beneficiary for filing

HRIS

3. Receives New Hire Form from orientation. Activates DOE 87 (agreement) or DOE 93 (Management). This activates (Employer 3% contribution. For Agreement employees electing voluntary contributions, activate DOE electing voluntary contributions, activate DOE 88 with appropriate percentage or flat deduction (not to exceed 3% of employee’s earnings). Note: System edit identifies employees who have selected flat (fixed amount) contributions exceeding 3%, weekly, via an exception report, reviewed by Benefits.

Trustee

4 Enters all information from enrollment form, Sections I and II. Forwards enrollment log to Benefits, quarterly.

Benefits

5. Files copy of Enrollment form and Designation of Beneficiary form. Upon receipt of enrollment log from Trustee, verifies participant information.

2. Transfers

a. Transfers From Management to Agreement

HRIS

1. Receives HR-8 and HR-1 from Assistant Manager, Records and Policies and Procedures; deactivates DOE 93; activates DOE 87 (Employer Agreement 3% contribution). Generates weekly listing of transfers to participating unions and distributes to HRIS Production Unit, Benefits and ADP-PS.

Benefits

2. Forwards Agreement Pension communication package to employee with return date seven days after transmittal. If transfer is retroactive instructs Payroll to compute and transfer applicable company 3% contribution from DOE 93 to DOE 87.

Employee

3. Completes and returns Enrollment and Designation of Beneficiary form.

Benefits

4. If forms are not returned by return date, completes Enrollment date, completes Enrollment form with the Money Market Federal Reserve as the investment option and forwards original to Trustee monthly; forwards copy to HRIS if voluntary employee contribution is elected.

HRIS

5. If employee elects voluntary contribution, activates DOE 88, with appropriate percentage (1,2 or 3%) or flat deduction amount (not to exceed 3 % of gross earnings).

Trustee

6. Enters all information in Enrollment form Sections I and II.

Benefits

7. Files copy of Enrollment and Designation of Beneficiary forms. Upon receipt of enrollment log from Trustee, reviews participant information.

b. Transfers From Agreement to Management

HRIS

1. Receives HR-1 and HR-8 from Assistant Manager, Records, Policies and Procedures; deactivates DOE 87 (Employer Agreement 3% contribution); and DOE 88 (Employee Voluntary Contribution); activates DOE 93 (Employer Management 3% Contribution).

2. Generates weekly listing of transfers to participating unions and distributes to HRIS Production Unit, Benefits and ADP-PS.

Benefits

3. Distributes Management Defined Contribution Pension Plan communication package at orientation, to employees.

4. If transfer is retroactive, instructs Payroll to compute and transfer applicable company 3% contribution from DOE 87 to DOE 93.

Trustee

5. Enters information in Sections I and II of Enrollment Form.

Benefits

4. Files copy of Enrollment form and Designation of Beneficiary form. Upon receipt of enrollment log from Trustee, reviews participant information.

c. Transfers from Part-time to Agreement Full-time

HRIS

1. Receives HR-1 from Assistant Manager, Records, Policies and Procedures; activates DOE 87 (Employer Agreement 3% contribution); deactivates DOE 51. Generates weekly listing of transfers to Full-time and distributes to HRIS production unit, benefits, and ADP-PS.

Benefits

2. Forwards pension communication package to employee with return date seven days after transmittal. If transfer is retroactive, instructs Payroll to compute 3% contribution due on previous earnings.

Employee

3. Completes and returns Enrollment and Designation of Beneficiary forms.

Benefits

4. If the Enrollment Form is not returned by return date, completes Enrollment form with the Money Market Federal Reserve as the investment option; forwards original to Trustee monthly; forwards copy to HRIS if voluntary employee contribution is elected.

HRIS

5. If employee elects a voluntary contribution, activates DOE 88 (Employee Contribution) with appropriate percentage (1,2 or 3 percent) or flat deduction amount (not to exceed three percent of gross earnings).

Trustee

6. Enters all information in Enrollment form Sections I and II.

Benefits

7. Files copy of Enrollment form and Designation of Beneficiary form. Upon Receipt of enrollment log from Trustee, reviews participant information.

d. Transfers from Agreement Full-time to Part-time

HRIS

1. Receives HR-8 and HR-1 from Assistant Manager, Records, Policies and Procedures, deactivates DOE87 and activates DOE51.

2. Generates weekly listing of Transfers to part-time and distributes to HRIS production Unit, Benefits and ADP-PS.

Benefits

3. If transfer is retroactive, asks Payroll to compute and subtract company 3% contribution on earnings as part-time employee.

4. Notifies employee in writing of change in status.

e. Transfer Part-time to Management Full-time

HRIS

1. Receives HR-1 from Assistant Manager, Records, Policies and Procedures, activates DOE 93 (Employer Agreement 3% contribution); deactivated DOE 51. Generates weekly listing of transfers to full-time and distributes to HRIS production Unit, Benefits, and ADP-PS.

Benefits

2. Forwards pension communication package to employee with return date seven days after transmittal. If transfer is retroactive, instructs Payroll to compute 3% contribution due on previous earnings.

Employee

3. Completes and returns Enrollment and Designation of Beneficiary forms.

Benefits

4. If the Enrollment form is not returned by return date, completes Enrollment form with the Money Market Federal Reserve investment option, forwards original to Trustee monthly, forwards copy to HRIS if voluntary employee contribution is elected.

Trustee

5. Enters all information in Enrollment form Section I and II.

Benefits

6. Files copy of Enrollment and Designation of Beneficiary forms. Upon receipt of Enrollment logo from Trustee, reviews participant information.

f. Transfers from Management Full-time to Part-time

HRIS

1. Receives HR-8 and HR-1 from Assistant Manager, Records, Policies and Procedures; deactivates DOE 93 and activates DOE 51.

2. Generates weekly listing of Transfers to part-time and distributes to HRIS production unit, Benefits and ADP-PS.

Benefits

3. If transfer is retroactive, asks Payroll to compute and subtract company 3% contribution on earnings as part-time employee.

4. Notifies employee in writing of change in status.

3. Change in Investment Allocations (Change Permitted Quarterly)

Employee

1. Completes Investment Change form and submits to Benefits or calls Trustee directly for changes in investment allocations.

Benefits

2. Forwards original Investment Change form to Trustee, files copy in participant’s file.

4. Change in Employee Voluntary Contribution for Agreement Employees Only (Changes Permitted Semiannually)

Employee

1. Completes Deferral Change Form and returns to Benefits in December for January 1 effective date or June for a July 1 effective date.

Benefits

2. Forwards a copy to HRIS and files original.

HRIS

3. Changes DOE 88 to desired percentage (1,2 or 3%) or flat deduction amount (not to exceed three percent of gross earnings) or deactivates DOE 88, as requested by employee.

5. Return From Leave of Absence or Reinstatements Beginning Prior to Pension Plan Start Date

HRIS

1. Receives HR-1 (Agreement Employee) or HR-8 (Management Employee) from Assistant Manager, Records, Policies and Procedures.

2. Generates weekly listings of status changes and distributes to HRIS Production Unit, Benefits and ADP-PS.

Benefits

3. Forwards applicable Defined Contribution Pension Plan communication package to employee, with return date seven days after transmittal. If return is retroactive, asks Payroll to compute company 3% contribution due on previous earnings.

Employee

4. Completes and returns Enrollment and Designation of Beneficiary forms to Benefits within seven days.

Benefits

5. If Pension Enrollment form is not returned by return date, completes Enrollment form with Money Market Federal Reserve as the investment option.

6. Distributes copies to: HRIS (Enrollment form only, only if Voluntary Employee contribution is elected; original to Trustee (Enrollment form only); and Benefits files.

HRIS

7. If agreement employee elects Voluntary Contribution, activates DOE 88 (employee contribution) with appropriate percentage (1,2 or 3%) or flat deduction amount (not to exceed 3% of gross earnings).

Trustee

8. Enters all information in Enrollment form Sections I and II.

Benefits

9. Forwards original Enrollment form to Trustee. Files copy of Enrollment and Designation of Beneficiary form. Upon receipt of enrollment log from Trustee, reviews participant information.

Benefits/HRIS

10. Calculates Prior Service Recognition contribution for employee. After employee has been back to work for 90 days, activates DOE 95 and enters transaction to load Prior Service Recognition contribution amount.

6. Forfeiture Accounts

a. Monthly Procedures (Agreement and Management Employees)

HRIS

1. Provides monthly reports of non-vested Management and Agreement terminations to Benefits.

Labor Relations

2. Reviews all non-vested Agreement terminations and advises Benefits if account balance can be transferred to the Forfeiture account.

Benefits

3. Forwards list of non-vested terminations to Trustee to close out participant accounts.

Trustee

4. Distributes Voluntary Employee Contributions to non-vested agreement terminated employees with authorization from Metro-North.

5. Deposits contributions made by Metro-North into a Forfeiture Account for the management plan and a Forfeiture Account for the agreement plan. Monies in the Forfeiture Accounts are invested in the Money Market/Prime Portfolio, with a statement of application and amounts applied.

b. Quarterly Procedures (Agreement and Management Employees)

HRIS

1. Provides Benefits with a listing of all non-vested terminations for the quarter. This listing includes name, affiliation (management or agreement), date of hire, date of termination and date of birth.

Benefits

2. Provides the Trustee with a list of all non-vested terminations requesting a detailed breakdown of the participant’s account by fund for agreement and management.

HRIS

3. Lists the account balances for all non-vested terminations by fund and sends information to Benefits.

Benefits

4. Reviews data sent by the Trustee and instructs the Trustee to transfer the amount of each non-vested terminated participant’s account balance to the forfeiture account to be used to offset future contributions.

Trustee

5. Provides Benefits with a register by individual and affiliation (agreement or management) and indicates the amounts that were transferred to the Forfeiture account.

Benefits

6. Reconciles the data by comparing the amounts that Benefits instructed the Trustee to transfer to the Forfeiture Accounts and the actual amount of the transfer. Provides General Accounting with forfeiture account reconciliation balances.

7. Mistake of Fact

MIS

1. Provides a listing of all plan participants from the Agreement Plan and Management Plan to Payroll, HRIS and Benefits.

Payroll/HRIS

2. Reviews listing to determine if 3% contributions were made correctly to each employee’s account.

Payroll

3. If Payroll determines that an employee received an over contribution as a result of a change of status (i.e., transfer from agreement to management), Payroll will advise Benefits of the amount that is to be recovered. Excess contributions that are discovered more than one year after the contribution is made are not recoverable, and will remain in the employee’s account.

Benefits

4. Advises the employee in writing that the incorrect contribution will be deducted from their account.

Employee

5. Has 30 days to advise Benefits in writing from which investment fund(s) the over contribution is to be deducted. If the employee does not respond, the over contribution will be deducted proportionately from his/her current investment allocations.

Benefits

6. Notifies the Trustee of the amount to be deducted from each employee’s account and from which fund(s) the deduction will be taken.

Trustee

7. Issues a check to Metro-North for the amount of the deductions, along with a confirmation report.

Benefits

8. Reconciles amounts provided by Trustee against amounts reported by Payroll.

Treasury

9. Deposits Trustee’s check into Metro-North’s company funds.

8. Distributions

a. Distribution on Death Prior to Retirement

HRIS

1. Provides monthly report of deceased Management and Agreement employees to Benefits.

Benefits

2. Sends Distribution form to the beneficiary of the participant for a lump sum or annuity payment.

Beneficiary

3. Returns the completed Distribution form to Benefits.

Benefits

4. Forwards Distribution form and authorization for payment to Trustee.

Trustee

5. Values participant’s account and forwards lump sum payment or annuity payment to the beneficiary. Provides summary report of distributions to Benefits.

6. Forwards 1099 to beneficiary at the end of the calendar year.

b. Distribution for Vested Management/Agreement Retirees

HRIS

1. Receives HR-8/HR-1; provides monthly report to Benefits of vested retirees.

Benefits

2. Forwards letter, Retirement Distribution form, WP-4 and Trustee Annuity Form (if applicable) to retiree.

Retiree

3. Completes forms and returns to Benefits.

Benefits

4. Reviews information and forwards Distribution forms to Trustee.

Trustee

5. Distributes, with authorization from Metro-North, the account balance as a lump sum payment or as an annuity, whichever is applicable. Sends summary report of distributions to Benefits.

c. Distribution for Terminated Non-Vested Management or Agreement Employees

HRIS

1. Provides monthly report, non-vested terminations to Benefits.

Benefits

2. Forwards list of terminated non-vested participants to Trustee, indicating employees with voluntary contributions, and authorization to distribute employee voluntary contribution.

Trustee

3. Distributes total amount of employee voluntary contribution and interest to terminated non-vested participant. Contributions made by Metro-North and any interest earned there are deposited in the applicable Forfeiture Account.

4. Forwards detailed report of non-vested termination accounts to Benefits.

B. Accounting and Payroll

These procedures include the accounting for both employer and employee contributions and cover the recording of the accrual of the employer’s contributions, the withholding of voluntary employee contributions and the payments of these contributions to the Trustee. They also establish the controls required to validate the pension liability amount, both accrued and withheld. General pension liability amount, both accrued and withheld. General Accounting and Payroll areas are responsible for these procedures.

1. Accounting for Employer’s Contribution

HRIS

1. Activates DOE87 or 93 to capture the 3% company contribution of each eligible employee’s gross W2 earnings on a weekly basis effective with the applicable pension plan starting date for each union or management. Where applicable, activates DOE 94 or 95, to capture a onetime pump-sum contribution for service credi5t prior to Pension Plan Start date. All employees’ earnings are subject to the Metro-North 3% contribution, except meal and cleaning allowances, tuition refunds and expense re8imbursements. Note: retroactive wage payments are included in the 3% calculation if the wages were earned after the Pension Plan Start Date. (See Section III for implementation dates by union.)

2. Pension Plan Accrual Recording

General Accounting

1. Accrues pension plan expense for the month. Three percent accrual for the employer’s contribution is included in the fringe rate. On a monthly basis, after the Payroll has been posted, the fringe program is applied and the following system-generated entry is recorded to first level Management Centers:

DR 6198 T & E Fringe – Direct

DR 6199 OT & E Fringe – Direct

DR 7199 OT & E Fringe – Indirect

DR 8199 OT & E Fringe – Administrative

Check Register 2299 Fringe Liability – Pension

To accrue Pension Plan expense for the month of (current month. Subsidy Accounting is responsible for the development and review of the fringe rate. (See API 1021, Section A-2A.)

3. Pension Tape Reconciliation and Processing

HRIS/Payroll

1. HRIS validates individual employees inclusion in the MIS-generated quarterly pension magnetic tapes and Payroll reconciles any differences between the magnetic tapes and DOE 87,88 or DOE 93. (MIS should furnish a report listing the source detail from the tape to Payroll no later than the sixth working day of the month, subsequent to the end of the quarter).

HRIS/Benefits

2. Validates employees’ inclusion and reconciles any differences between the data tapes and DOE 94 or DOE 95.

MIS/Payroll

3. After the data on the tape is approved by Benefits and Payroll, the tape is sent to the Trustee by MIS by the twelfth work day of the month following the end of the quarter. The Payroll department advises the Treasurer with a memorandum of the total amount to be wire transferred to the Trustee.

HRIS/Benefits

4. A reconciliation of the tape is completed within two working days of Trustee’s receipt and processing of the tape. Benefits notifies Payroll and Treasury of the amount to be wire transferred.

Payroll

5. Notifies Treasury in writing, three days before due date, of the specific amounts to be wire transferred for each plan.

General Accounting

6. The following accounting entry is recorded to reflect pension contribution payment:

DR 2218 – Employer Management Pension Contribution

DR 2217 – Employer Agreement Pension Contribution

Check Register 11xx – Cash

To record the payment of employer contributions to the Defined Contribution Pension Plans for the quarter ended____ .

Payroll

7. Payroll analyzes Ledger account 2217 and 2218 and reconciles any differences between actual payments and the Trustee statements. At year end, Ledger Account 2217 and 2218 is included in semi-annual fringe consolidation. (See API 1021, Section A-2C).

4. Forfeiture of Accounts

Trustee

1. If an employee leaves Metro-North prior to vesting (5 years), Metro-North will receive a credit for any contribution made. The agreement employee will receive a refund for their voluntary contributions made prior to vesting from the Trustee. (See Item A-6 in Section VI above, pertaining to forfeited accounts.) Trustee will issue a 1099 (IRS form indicating the amount that has been reported to Internal Revenue Service).

General Accounting

2. The following accounting entry is recorded to reflect the Trustee’s quarterly payment to Metro-North for forfeited funds.

Debit: 11xx – Cash

Credit: 2217 - Employer Agreement Pension Contribution

2218 - Employer Management Pension Contribution

To record the receipt of the Trustee’s deposit to the forfeiture account to cover forfeitures in the Defined Contribution Pension Plans for the quarter ended (as dated).

5. Retirement Income Pension Plan – Management Employees Retired Prior to December 31, 1988

General Accounting

1. This plan provides benefits to 24 former management employees of Metro-North. Metro-North provides the entire costs on a pay-as-you-go basis. As of December 31. 1988, Metro-North has accrued $1,131,000 for these 24 retirees. That accrual is adjusted annually and represents the actuarial value of credited projected benefits.

6. Employee Voluntary Contributions (Agreement Employees Only)

HRIS/Payroll

1. If the employee elects voluntary contributions, HRIS activates DOE 88 with the appropriate percentage (1,2 or 3 %) or a flat deduction amount not to exceed 3% of gross earnings (on a year-to-date basis).

2. Payroll deducts the voluntary contribution from each eligible employee’s earnings. DOE 88 will accumulate the amounts to be withheld. The payroll deduction will be made on a weekly basis and credited to Ledger Account 2323.

3. On a weekly basis, Payroll will notify Benefits of any case in which an employee’s year-to-date flat amount deduction exceeds the 3% maximum. Benefits will monitor this over deduction, and if over deductions occur consistently for an employee, Benefits will contact the employee and request that she/he reduce the flat amount deduction, or change to a percentage deduction. Benefits will monitor any over deductions throughout the year, and if an over deduction exists at year-end, Benefits will ask the Trustee to refund any amount exceeding 3% of gross earnings, and to issue a 1099. (IRS form indicating interest earned and reported to IRS.)

4. On a quarterly basis, MIS will calculate the quarter-to-date amount accrued in DOE 88. HRIS will validate the pension eligibility of all employees with quarterly balances in DOE 88 and Payroll will reconcile the DOE 88 amounts to MIS’s calculations. The reconciled database will be written to tape for transmittal to the Trustee.

5. On a quarterly basis, the system generates a payment and provides supporting details to the Trustee. The procedure used to generate the employer contribution is to generate the employee contribution as well.

General Accounting

6. When the payment is processed, the following entry is recorded:

DR 2323 – Employee Withholding Supplemental Retirement Plan – Agreement Employees

Check Register – 11xx Cash

To record the payment of employee contributions to the Pension Plan for the quarter ended (as dated).

Payroll

7. Payroll analyzes Ledger Account 2323 on a monthly basis. The timely and accurate analysis of all Pension Plan Accounts is essential.

C. Funds Transfer

The purpose of these procedures is to provide a mechanism for the transfer of funds from the Metro-North General Disbursement Account to the Trustee.

Trustee

1. Receives completed Pension Wire Transfer form from Payroll Personnel Systems approved by Manager, Payroll, Controller and Director, Personnel authorizing the transfer of funds to the Trustee’s bank account. Note: Pension wire transfer form must be received by Treasury three days prior to the wire transfer due date at the Trustee. The due date is 30 days after the end of the quarter.

Treasury

2. Calls the Trustee one working day before transfer and informs them of amounts on current tapes, and date of transfer.

3. Ensures funds are available the morning of transfer date.

4. Documents transfer by including it on Treasury’s daily internal Confirmation of “Routine” Telephone Wire Transfers form for Treasurer’s approval.

5. Directs Chemical Bank via Chemlink System to transfer the funds. Transfer is accomplished via the Chemlink system in accordance with Treasury Practice Instructions. Attaches the Chemlink certification data to the transfer form.

6. Completes bottom portion of pension wire transfer form including wire transfer reference number generated by the bank verifying the transfer of funds.

7. Distributes completed copy of form to:

a. Vice President, Finance and Administration

b. Vice President, Human Resources

c. Controller,

d. Director, Labor Relations

e. Director, Personnel

f. Director, Audit

g. Assistant Director, Benefits

h. Manager, Payroll

i. Manager, General Accounting

8. The completed original Pension Wire Transfer form, including a copy of the bank’s debit advice, is placed in a Treasure binder marked “Pension Transfers.”

Internal Audit

9. Performs periodic audits of the pension funds transfers, propriety of payments and appropriateness of accounting.

This procedure sets forth only guidelines and does not constitute a contract, express or implied. Metro-North expressly reserves the right to change or cancel this procedure at its sole discretion at any time.

Approved: Signed by G. Firnhaber, Vice President, Finance and Administration, on 1/24/91

Signed by P. Stangl, President, on 1/28/91

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