Board of Visitors minutes March 31, 1989 | ||
ADVANTAGES OF PROPOSED FORMULA:
- ◦The formula is easy to explain and understand.
- ◦All faculty up to the contribution cap are treated equitably.
- ◦The majority of faculty whose salaries are adjusted will have the opportunity to tax-shelter these dollars through the University's tax-deferred annuity program.
- ◦The retirement contribution cap is increased to a more competitive level.
- ◦The formula will accommodate the Health Sciences Foundation.
- ◦The increased costs are minimal for the University.
- ◦The objective of providing a retirement annuity of at least 66% of final salary plus social security can be realized.
Board of Visitors minutes March 31, 1989 | ||