Board of Visitors minutes February 1, 1991 | ||
4088
APPROVAL OF PROPOSED CHANGES IN THE VOLUNTARY INCENTIVE
RETIREMENT PROGRAM FOR FACULTY OF THE UNIVERSITY OF
VIRGINIA
The following resolution was adopted:
- WHEREAS, the Board of Visitors of the University of Virgini has approved an Incentive Retirement Plan for faculty which has been approved by the State; and
- WHEREAS, minor modifications to the Plan are needed to make it more responsive to University needs and to comply with Federal tax regulations;
- NOW THEREFORE BE IT RESOLVED that the following changes related to the Retirement Decision Contract shall be incorporated into the Plan and submitted to the State for approval:
- II.C. 2. At its discretion in order to meet management needs, the University may reduce or waive the requirement that an eligible faculty member continue full-time employment for a period of at least 24 months from the date that the retirement decision contract is signed until actual retirement.
- II.D. 1. Except as provided in paragraph 2, the Retirement Payment will be paid in two installments; the first by June 30 of the fiscal year in which retirement occurs and the second by September 30 of the succeeding fiscal year.
Board of Visitors minutes February 1, 1991 | ||