University of Virginia Library

APPROVAL OF PROPOSED CHANGES IN OPTIONAL RETIREMENT
PLANS

The following resolution was adopted:

• WHEREAS, the optional retirement plans provided by the Teachers Insurance Annuity Association and the College Retirement Equities Fund (TIAA/CREF), Fidelity, T. Rowe Price, Variable Life Insurance Company (VALIC), and the Great West Life Insurance Company are the principal providers of retirement plans for the University of Virginia faculty; and
• WHEREAS, these providers, in accordance with the Internal Revenue Service regulations, provide an option permitting full or partial withdrawals for participants prior to full retirement; and
• WHEREAS, the University has a phased retirement plan which permits faculty to partially retire over a five-year period; and
• WHEREAS, the University desires to offer its participating faculty flexibility in using their retirement accumulations when they have signed a phase retirement contract;
• RESOLVED that the Executive Vice President and Chief Financial Officer is authorized to amend the University of Virginia's contracts with the optional retirement carriers to provide that, effective January 1, 1996, current and prospective University faculty who participate in an optional retirement plan, who are at least age 59 1/2, and who have begun a phased retirement under a signed contract with the University in which they commit to retire completely by a specific date, may elect to withdraw from their accounts any or all funds eligible for withdrawal that have accumulated during University employment.