Resolution 83-84-04

Estate Planning; Retirement Benefits

Whereas: It is a definite advantage in retirement and estate planning to be covered by an IRS 401 A qualified retirement plan. Recognizing that to be the case, the University Administration has arranged several new retirement plan options which are, in fact, 401 A qualified plans. However, the administration has specifically not authorized these plans to make available to faculty the major benefits they can provideB namely lump sum cash settlements (subject to favorable 10-year tax averaging) and/or Aroll-overs@ into personal IRA=s. Therefore, I Move That: The University Administration instruct the companies with which we now have 401 A qualified retirement plan options to provide all legally permissible retirement benefits under these plans, and that faculty not be limited to life annuity settlements exclusively.

Resolution Number: 83-84-04

Author: Donald Yett, seconded by Sol Golomb

Date: November 16, 1983

Action Taken: Passed