 | Board of Visitors minutes March 31, 1989 |  |
APPROVAL OF REVISED RETIREMENT CONTRIBUTION FORMULA
- The following resolution was adopted:
- WHEREAS, the Tax Reform Act of 1986 necessitates that the University modify its current TIAA-CREF retirement contribution formulas; and
- WHEREAS, the Tax Reform Act requires that the changes be effective not later than the beginning of the Plan Year following January 1, 1989;
- NOW THEREFORE BE IT RESOLVED that the TIAA-CREF retirement formula be 12.5% of salary up to $100,000, effective July 1, 1989 (the beginning of the University's Plan Year). (See Attachment A)
On motion, the meeting adjourned at 2:57 p.m.
Respectfully submitted,
Raymond C. Bice, Jr.
Secretary
RCB:jb
| Board of Visitors minutes March 31, 1989 | |