University of Virginia Library

COMPTROLLER'S SUPPLEMENTARY RETIREMENT ANNUITY

Upon the unanimous recommendation of the Finance Committee made at its meeting on 19 April 1963,
the President presented a proposal to provide a supplementary retirement annuity for the Comptroller,
Mr. Vincent Shea, following his retirement under University regulations at the age of 65

After full discussion, the following resolution was adopted

RESOLVED by the Board of Visitors of The Rector and Visitors of the University of Virginia that
a supplementary retirement annuity for the Comptroller of the University, Mr. Vincent Shea, be and
it is hereby established, effective 1 July 1963, to be administered according to the following
provisions (1) the amount of the annual supplementary retirement benefit shall be $5,000 payable
in monthly installments for the remainder of the life of the Comptroller after he retires at the
age of 65, (2) upon the death of the Comptroller after retirement, one-half of the annual annuity
shall be paid in monthly installments to his widow for the remainder of her life, and (3) if the
Comptroller should die prior to retirement at the age of 65, the widow of the Comptroller shall be

paid the full annual amount of the annuity in monthly installments until she reaches the age of 65,
and, thereafter, she shall receive one-half the annual amount of the annuity in monthly installments
for the remainder of her life,

RESOLVED that the monies for this purpose shall be paid from the endowment funds of the University,
and

RESOLVED FURTHER that should the Comptroller leave the employment of the University voluntarily
for any reason other than health or incapacity prior to his retirement at the age of 65, the above
resolutions shall be null and void and the University shall have no obligation thereunder