University of Virginia Library

AMENDMENT TO TIAA/CREF RETIREMENT PLAN

• The following resolution was adopted:
  RESOLVED by The Rector and Visitors of the University of Virginia that the following amendment to the TIAA/CREF Retirement Plan be and it is hereby approved, effective July 1, 1977:

Plan A

For those enrolled prior to July 1, 1974, who have elected to change to Plan B.

The University will contribute an amount equal to 15 percent of the member's regular salary above the TIAA salary base ($13,500 for 1977-78 and $14,500 for 1978-79) up to a salary ceiling in effect for the fiscal year. The salary ceiling is established at $31,000 for 1977-78 and $32,000 for 1978-79.

Plan B

For those enrolled in the 5/10 step funding plan.

The University will contribute an amount equal to 5 percent of the member's regular salary up to the established earnings base and 10 percent of a member's regular salary above the earnings base up to the salary ceiling in effect for the fiscal year. The earnings base is established for 1977-78 at $14,500 and the salary ceiling is established at $31,000 for 1977-78 and $32,000 for 1978-79.

• Members of Plan A who wish to do so may elect to change to the alternate plan (Plan B) not later than August 31, 1977. Such election will become effective for 1977-1978 and, once made, is irrevocable.
• The Board of Visitors of the University of Virginia reserves the right to modify the Teacher's Insurance and Annuity retirement plans as may be appropriate and necessary in light of future changes in the Social Security Law.
• Nothing in this resolution shall be construed to modify the annuity plan now in existence for the Clinical Medical faculty as approved by the Board at its meeting on June 13, 1959, except that the salary ceiling is established at $31,000 for 1977-78 and $32,000 for 1978-79.