University of Virginia Library

CHANGE IN TIAA PLAN

The President stated that, under the present retirement plan for the faculty, the University pays to the Teachers Insurance and Annuity Association 15 per cent of each faculty member's salary above $4,800, the present maximum for Social Security payments. Effective 1 January 1966 the Social Security maximum increases to $6,600, with a rate of 4.4 per cent contributed by the University, and in 1969 the rate increases again to 4.9 per cent. If the University moved its base for determining its contribution to TIAA from $4,800 to $6,600, its overall contribution to the retirement of a faculty member would decrease. In order to prevent such a decrease the President proposed that the base be increased to $5,300 on 1 January 1966 and to $5,500 on 1 January 1969 and the Board adopted the following resolution:

RESOLVED by the Board of Visitors of The Rector and Visitors of the University of Virginia that the base for contributions by the University to the Teachers Insurance and Annuity Association retirement plan for faculty members be increased from $4,800 to $5,300 on 1 January 1966, and to $5,500 on 1 January 1969.