 | Board of Visitors minutes June 14, 1958 |  |
FACULTY ANNUITY PROGRAM
The President read to the Board the following letter from the Comptroller of the University
Charlottesville
26 March 1958
I should like to recommend two changes in the present TIAA-CREF annuity program, which
should be presented to the Board if you approve.
1 The present maximum basis for determining contributions is $10,000. This figure
was set in 1936. I should like to recommend that it be increased to $12,500, the present
maximum salary for regular session faculty members. In addition, it might be well to tie
the maximum to the maximum session salary so that future increases in the faculty salary
scale will be automatically reflected in the annuity program
2 For clinical professors in the Medical School, I should like to recommend the
same ceiling apply in so far as compulsory matching is concerned. In addition, should
a faculty member wish to contribute 5% of his salary up to a total of $20,000, that such
amount be matched from the departmental funds derived from private practice
President
The Board resolved that the proposed modifications in the Faculty annuity program, as set
forth above in the Comptroller's letter of 26 March 1958, be and they are hereby approved and
adopted
| Board of Visitors minutes June 14, 1958 | |