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PROPOSED CHANGE IN THE TEACHERS' INSURANCE ANNUITY ASSOCIATION (TIAA) GROUP LIFE AND GROUP DISABILITY PROGRAMS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

PROPOSED CHANGE IN THE TEACHERS' INSURANCE ANNUITY ASSOCIATION (TIAA)
GROUP LIFE AND GROUP DISABILITY PROGRAMS

The President proposed certain improvements in the existing TIAA group life insurance and group disability programs. The following resolution was adopted:

  • RESOLVED by The Rector and Visitors of the University of Virginia that the existing TIAA group life insurance and group disability program shall be changed to provide (1) increased group life insurance coverage for each insured staff member under the age of 56 from $30,000 to $35,000, and for those above the age of 56 improved coverage on a decreasing basis ranging from $32,900 at age 56 to $7,700 at age 68 and over, and (2) increased disability benefits from a monthly income benefit of 60% of the covered monthly salary up to $1,000 plus 40% of the covered monthly salary in excess of $1,000 (not to exceed $1,000), to a monthly income benefit of 60% of the covered monthly salary (not to exceed $1,200).