University of Virginia Library

TIAA ANNUITY PLAN CHANGE

The Comptroller of the University, Mr. Shea, appeared before the Board at the President's
request and joined in a discussion of a proposed change in the TIAA program for faculty retirement
annuities. The change, as presented by the President and the Comptroller, will enable the
faculty to take advantage of the Technical Amendment Act of 1958, Public Law 85-866, and will
result in exempting from current federal income taxes the 5 per cent contribution which each
professor under TIAA is now required to make.

The Board adopted the following resolution

RESOLVED by the Board of Visitors of The Rector and Visitors of the University of Virginia
that the resolution concerning a Teachers Insurance and Annuity Association annuity plan adopted
by this Board on 22 February 1938 as amended on 10 June 1960 be further amended to delete the
following

RESOLVED by the Board of Visitors of 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.

and substitute therefor the following

RESOLVED by the Board of Visitors of The Rector and Visitors of the University of Virginia
that, beginning 1 January 1961, all professors of every grade and all administrative officers shall
receive gross compensation as prescribed by the appropriate schedules, of which five per cent (5%)
will be contributed directly by the University to the Teachers Insurance and Annuity Association of
America and the balance paid to the individual. In addition, the University, from its endowment
funds, will contribute for each such individual, an amount equal to fifteen per cent (15%) of the
gross compensation in excess of $4,800. The gross compensation shall not include compensation
received for summer teaching or payments made for administrative duties in excess of the regular
schedules

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 except for the Clinical Medical Faculty which is
included under the provisions as set forth above, 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