GEORGE MASON COLLEGE RETIREMENT PLAN
The following resolution was adopted:
- RESOLVED by The Rector and Visitors of the University of
Virginia that the following retirement plan for George Mason
College be and it is hereby approved:
- 1. Participation. A retirement plan is hereby established
for all regular full-time faculty members and administrative officers
of George Mason College of the University of Virginia holding the
rank of Assistant Professor and above. Eligible staff members shall
be required to participate in either the Virginia Supplemental
Retirement System or this plan.
- 2. Retirement Age. Except as provided in Section III,
all participants in this retirement plan shall retire at the end
of the academic year in which they attain age 65, herein called
normal retirement age.
- 3. Extension of Service. By special vote
of the Board of Visitors, extensions of service beyond normal
retirement age may be made for definite periods not to exceed
one year each, but no such extensions shall postpone retirement
beyond the end of the academic year in which age 70 is attained.
- 4. Contributions. Contributions to this
retirement plan shall be made in accordance with one of the following
schedules:
- Schedule A. For eligible members who are participating in the
plan during Academic Year 1970-1971:
|
Contributions as Percent of Salary |
| Base |
By the Participant |
By the Institution |
Total |
| On the first $7,000 of Annual Salary |
5% |
0 |
5% |
| On Salary above $7,000 |
5% |
15% |
20% |
- The base figure ($7,000) will be changed as the Social Security base
changes and as the College finds it necessary to keep the retirement
plan solvent.
- On September 1, 1971 the base figure will change to $7,800.
Consistent with proposed changes to the Social Security base it is
probable that the base figure for this plan will change to $9,000
on September 1, 1972.
- Under Schedule A of the plan no contributions will be made by the
College on salaries above $17,500.
- Schedule B. For members whose eligibility and employment commences
on or after September 1, 1971:
|
Contributions as Percent of Salary |
| Base |
By the Participant |
By the Institution |
Total |
| Annual Salary |
5% |
5% |
10% |
- George Mason College shall forward the combined sum under either
schedule to Teachers Insurance and Annuity Association for the
purchase of retirement benefits for the participant as follows:
- (a) At the election of the participant, either
100 percent, 75 percent, 50 percent, or
25 percent of such combined sum will be
applied as a premium for a TIAA retirement
annuity contract on the participant's life.
- (b) The balance, if any, of such combined sum
will be applied as a premium for a CREF
retirement annuity certificate on the
participant's life.
- 5. In the above Schedules the George Mason
College contribution applies only to the session salary or the
total salary of those holding 12 months appointments, and only
to that portion of such salaries payable from State appropriations.
- 6. Change in Contribution Plan. Those members
participating under Schedule A may elect to change to Schedule
B. The decision to change must be made within sixty calendar
days after the approval of this resolution and the change in
plan will be effective as of September 1, 1971.
- 7. Leave of Absence. During leave of absence
on part pay, the George Mason College contribution will be limited
to the amount appropriate to the adjusted pay rate.
- 8. Contracts. Each TIAA retirement annuity
contract and CREF certificate issued in accordance with Section
IV of this plan is for the sole purpose of providing a retirement
and/or death benefit and is the property of the individual participant.
- 9. Repurchase. In the event a participant in
TIAA or TIAA-CREF leaves the employ of George Mason College for
reasons other than retirement or disability and requests repurchase
of his annuity, George Mason College will approve such repurchase
provided it meets the conditions under which TIAA-CREF will
repurchase annuities automatically, and provided that the participant
consents, and that the portion of the repurchase value attributable
to George Mason College contributions shall be paid to the College
by TIAA-CREF.
- 10. Amendment. While it isthat this
plan will continue indefinitely, George Mason College reserves
the right to modify or discontinue it at any time.
- 11. Effective Date. The effective date of this
retirement plan shall be February 1, 1971.
