 | Board of Visitors minutes January 22, 1977 |  |
AMENDMENT TO THE UNIVERSITY'S TIAA/CREF RETIREMENT PLAN
- The following resolution was adopted:
RESOLVED by The Rector and Visitors of the University of Virginia that the resolution regarding the University's TIAA-CREF retirement plan adopted by the Board of Visitors on October 14, 1976, be and it is hereby rescinded, and replaced by the following resolution: - RESOLVED by The Rector and Visitors of the University of Virginia that effective January 1, 1977, any member of the faculty who participates in the University's TIAA-CREF Retirement Program may, after five years of covered service and after attaining age 60, elect to reduce his or her duties to one-half time and continue to participate in the TIAA-CREF Retirement Program for a maximum of five years at which time retirement shall be mandatory. Once a faculty member elects to participate in this program it will not be possible to return to full time service except in unusual circumstances and only by special action of the Board of Visitors. Retirement shall not be later than at age 70, except for faculty elected on or after July 1, 1977, who must retire at age 65.
- During participation in this program of one-half time duty at one-half salary, the University will continue contributions to TIAA-CREF at the same dollar amount after this reduction in service as was paid the last year of full time salary, except for contributions paid from private practice earnings by medical departments for clinical medical faculty. Such contributions will be continued only with the approval of the department chairman and the Dean of the School of Medicine.
- Administrative procedures for implementing the program shall be promulgated by the President.
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| Board of Visitors minutes January 22, 1977 | |