University of Virginia Library

A NON-FORFEITABLE ANNUITY CONTRACT FOR FACULTY AND STAFF

The Chancellor, with the assistance of the Bursar, reported on the need to take advantage for
the faculty and staff of a non-forfeitable annuity contract which has been made available under the
U. S. tax laws. In order to make this annuity contract effective, it would be necessary for the
Board to pass a resolution which would give each member of the faculty and staff an opportunity to
enter into the agreement

After discussion, the Board adopted the following resolution

WHEREAS the Board of Visitors of The Rector and Visitors of the University of Virginia has
determined that it is in the best interests of Mary Washington College that a non-forfeitable
annuity contract be made available to the faculty and staff, and

WHEREAS it is considered appropriate that the faculty and staff be given the election as to
whether to receive said annuity contract, and by exercising said election agree to accept a reduction
in salary equal to the contribution of Mary Washington College for the purchase of said annuity
contract,

NOW THEREFORE BE IT RESOLVED that each employee of Mary Washington College of the University of
Virginia be and is hereby given the privilege of entering into an amendment to his or her existing
salary contract reflecting a reduction in the salary of the member of the faculty or staff for the
remainder of the salary contract term, that for those members of the faculty and staff who elect to
accept such reduction in salary, Mary Washington College apply for a non-forfeitable annuity contract
and purchase same for the benefit of said member of faculty or staff, and that the contribution of
Mary Washington College for the purchase of said annuity contract from such company as may be agreed
upon by the faculty and staff, be in an amount equal to the reduction in salary voluntarily agreed to
by the member of the faculty or staff

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On motion the meeting was then adjourned at 1:55 p.m.