University of Virginia Library

CHANGES IN TIAA PLAN

The Board on 11 December 1965 provided that the base for TIAA was to go from $5,300 to $5,500 on 1 January 1969, based on 1965 changes in the Social Security Act.

Congress on 7 December 1967 approved a change in the base for Social Security, effective 1 January 1968, which will result in an increase from $6,600 to $7,800 with the rate remaining at 4.4 percent.

The President recommended a change in the University's base for TIAA contributions to $5,500, effective 1 January 1968, and to $5,800, effective 1 January 1969 when the Social Security rate increases to 4.8 percent on $7,800.

The following resolution was adopted:

• RESOLVED by 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 $5,300 to $5,500 on 1 January 1968, and to $5,800 on 1 January 1969.