OCR Text |
Show intljeCttpofJtogork Provisions for Retirement Extract from the Statutes of the University as adopted by the Trustees on April 7, 1919, and amended April 7, 1930, October 3, 1938, October 1, 1945, October 6, 1947, February 7, 1949, October 2, 1950, October 1, 1951, October 6, 1952, and March 2, 1953. §72. OFFICERS ENTERING SERVICE ON OR AFTER JANUARY I, 1946. Participation in the retirement annuity plan shall be required of all full-time officers of professorial grade, including administrative officers having a salary equal to the minimum salary of an assistant professor, whose terms of service begin on or after January 1, 1946; and participation in such plan shall also be required of all full-time instructors, lectures, and associates, including administrative officers designated as such by or by authority of the Trustees having an annual salary of $2,400 or more, w h o on or after January 1, 1946, shall have completed three years of full-time service in the University. The officer's contribution under the plan shall be 714% of his salary, to be deducted from his stated salary payments and paid on his behalf, together with an equal amount provided by the University, to the Teachers Insurance and Annuity Association of America. Individual adjustments m a y be made in agreement with an authorized University officer, to take account of any provision for retirement already made or of attained age at time of appointment. §73. C O L L E G E RETIREMENT EQUITIES F U N D . Participation in College Retirement Equities Fund on a voluntary basis by officers of instruction and administration otherwise eligible under §71 or §72 for participation in the retirement annuity plan became effective on July 1, 1952. The officers' contribution for retirement purposes shall continue to be in accordance with provisions of those sections. At the option of the officer, either 25 %, 33 XA%, or 5 0 % of such combined contribution, adjusted for Social Security as provided in §74, will be forwarded to College Retirement Equities Fund as a premium for an Equities Fund Annuity Certificate. The balance of such combined contribution, adjusted for Social Security, will be forwarded to the Teachers Insurance and Annuity Association of America, as a premium for a retirement annuity contract. §74. RESERVED P O W E R OF A D J U S T M E N T . All arrangements for participation in the retirement annuity plan under Section 71c and Section 72 shall be subject to adjustment if the Old-Age and Survivors provisions of the Social Security Act become applicable to the University. §75. LIMITATION O N R E Q U I R E D CONTRIBUTIONS. In the case of officers of instruction or administration whose salaries fall within the following brackets, the required contributions shall not exceed the percentage of salary indicated for each bracket: Up to $3,600 inclusive 3M% $3,601-$4,000 inclusive 5% $4,001-$4,400 inclusive 6% $4,401-$4,800 inclusive 7% The contributions by the University, however, shall be the same as they would have been in the absence of the foregoing limitation. Power to alter or revoke the limitation is reserved. §76. T E R M I N A T I O N O F CONTRIBUTIONS. W h e n provision shall have been made for a retirement annuity of $6,000 at age sixty-five, as a result of the joint contributions made by the University and the individual officer of administration or instruction to the Teachers Insurance and Annuity Association of America, all further obligation of the University and the officer shall cease. If the officer elected at any time to participate in College Retirement Equities Fund, the termination of contributions by the University and the individual officer shall take effect when a retirement annuity from Teachers Insurance and Annuity Association of America of $6,000 at age sixty-five would have resulted had all premiums been paid to TIAA. §77. PROVISION FOR P A Y M E N T S . In the case of an officer described in Section 71 or Section 72 whose salary is paid in whole or in part by Barnard College, Teachers College, the College of Pharmacy, or other affiliated institution, the funds for the payments to the Teachers Insurance and Annuity Association, or a proportionate part thereof, shall be provided by that [0VER] |