Board of Visitors minutes January 27, 1989 | ||
INCLUSION OF SUMMER INCOME IN DETERMINING BASE SALARY FOR TIAA DISABILITY
The Faculty Benefits Committee further proposes that 9-month faculty should be insured for summer income that is paid through the University payroll system exclusive of overload payments. Payroll statistics indicate that approximately 57% of the 9-month faculty earn summer income. They proposed that the median salary of the last three summers serve as the formula for determining summer income. Summer salaries are not included in determining base salary at this time since the costs associated with modifying the TIAA retirement formulas to comply with the requirements of the Tax Reform Act of 1986 are as yet undetermined.
Board of Visitors minutes January 27, 1989 | ||