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APPROVAL OF PROPOSED CHANGES IN TIAA/CREF RETIREMENT PLAN
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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3941

APPROVAL OF PROPOSED CHANGES IN TIAA/CREF RETIREMENT PLAN

  • The following resolution was adopted:
  • WHEREAS, the Teachers Insurance Annuity Association and the College Retirement Equities Fund (TIAA/CREF) is the principal provider of retirement plans for University of Virginia faculty; and
  • WHEREAS, the College Retirement Equities Fund (CREF) has recently announced a new option for permitting full or partial cash out of CREF retirement accumulations for participants; and
  • WHEREAS, the University desires to offer its participating faculty the flexibility in using their retirement accumulations;
  • RESOLVED that the Vice President for Business and Finance is authorized to amend the University of Virginia's TIAA/ CREF Retirement Plan to provide, that, effective July 1, 1990, current and prospective University faculty who participate in CREF, as well as former University faculty who have not settled their retirement account with CREF, may elect to receive in a lump sum upon termination of employment, including retirement, all CREF funds that have accumulated during University employment.