University of Virginia Library

CHANGE IN TIAA ANNUITY PLAN

The President presented for the Board's consideration a proposed change in the TIAA Annuity
Plan for faculty members. Under the program now existing, the President explained, the University
and the faculty member each contributes 5 per cent of the annual salary. Under the proposed plan,
the University would contribute 15 per cent of each faculty member's salary in excess of the first
$4,800. The faculty member's contribution would remain unchanged at 5 per cent. The President
further noted that the proposed change would not affect the annuity plan now in existence for
the Clinical Medical faculty as approved by the Board at its meeting on 13 June 1959 (Minutes,
Board of Visitors, University of Virginia, No. 12, 13 June 1959, page 157). The net additional
cost would amount to $65,000 per year. The necessary action, the President concluded, was an
amendment to a resolution adopted by the Board at its meeting in February 1938 (Minutes, Board of
Visitors, University of Virginia, No. 10, 22 February 1938, page 289).

After discussion, the President proposed and the Board adopted the following resolution

RESOLVED by The Rector and Visitors of the University of Virginia that beginning with the
session of 1938-1939 it shall be compulsory for all administrative officers of the University and
all professors of every grade to pay respectively five per cent (5%) of their salary as received
to the       Teachers Insurance and Annuity Association of America, until he reaches his sixty-fifth
birthday, each such payment to be matched by an amount to be paid by the University equal
to fifteen per cent (15%) of the salary in excess of $4,800. The salary shall not include salaries
received for summer teaching nor payments made in excess of the regular faculty salary
schedule for administrative duties.

Nothing in this resolution shall be construed (1) to modify the actions taken by this Board
at its meetings on 14 June 1958 and 13 June 1959, or (2) to deprive any faculty member of the
rights available to him under the provisions of the Virginia Supplemental Retirement Act as set
forth in Article 3, Chapter 3.2, Title 51, of the Code of Virginia, 1950, as amended