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APPROVAL OF REVISED RETIREMENT CONTRIBUTION FORMULA
 
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APPROVAL OF REVISED RETIREMENT CONTRIBUTION FORMULA

The following resolution was adopted:


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  • WHEREAS, House Bill No. 1935 reduced the contribution rate to optional retirement programs at institutions of higher education from 12.57 percent to 10.4 percent of salary effective July 1, 1991; and
  • WHEREAS, House Bill No. 1935 permits an institution of higher education to adopt a supplementation program for participants who, before January 1, 1991, have exercised the election to participate in the optional retirement program. Under such supplementation program, the institution may supplement such contribution up to an additional 2.17 percent of salary;
  • NOW THEREFORE BE IT RESOLVED that the optional retirement formula be 11.5 percent of salary up to $100,000 or 10.4 percent of total salary whichever is greater, effective July 1, 1991 (the beginning of the University's Plan Year) for those employees who are members of an optional retirement program prior to January 1, 1991. The formula for employees who elect to participate in an optional retirement program on or after January 1, 1991 will be 10.4 percent of total salary effective July 1, 1991.