 | Board of Visitors minutes February 1, 1991 |  |
4088
APPROVAL OF PROPOSED CHANGES IN THE VOLUNTARY INCENTIVE
RETIREMENT PROGRAM FOR FACULTY OF THE UNIVERSITY OF
VIRGINIA
The following resolution was adopted:
- WHEREAS, the Board of Visitors of the University of Virgini has approved an Incentive Retirement Plan for faculty which has been approved by the State; and
- WHEREAS, minor modifications to the Plan are needed to make it more responsive to University needs and to comply with Federal tax regulations;
- NOW THEREFORE BE IT RESOLVED that the following changes related to the Retirement Decision Contract shall be incorporated into the Plan and submitted to the State for approval:
- II.C. 2. At its discretion in order to meet management needs, the University may reduce or waive the requirement that an eligible faculty member continue full-time employment for a period of at least 24 months from the date that the retirement decision contract is signed until actual retirement.
- II.D. 1. Except as provided in paragraph 2, the Retirement Payment will be paid in two installments; the first by June 30 of the fiscal year in which retirement occurs and the second by September 30 of the succeeding fiscal year.
| Board of Visitors minutes February 1, 1991 | |