Resolution 85-86-21

Mandatory Retirement Policy

Whereas: On July 1, 1982 the compulsory retirement age for tenured faculty was raised from age 65 to age 70 by federal law; and At the same time it became USC administration=s policy not to contribute to retirement accounts for faculty over age 65; Beginning July 1, 1985 the USC administration started making employer contributions to retirement accounts for faculty over age 65. The question of retroactive retirement contributions by USC for continuing faculty over age 65 during the period July 1, 1982 to July 1, 1985 was not addressed at that time. Therefore Be It Resolved That: The Faculty Senate urge the USC administration to make a one-time retroactive payment to the retirement accounts of faculty who remained at the University past age 65 during the period of July 1, 1982 to July 1, 1985. The payment should be equal to the dollar amount of the retirement plan contribution, plus reasonable interest for all faculty who would have received such contributions had it not been for their age. (Financial Implication: About $1.2 millionBestimate supplied by Jack Schneider)

Resolution Number: 85-86-21

Author: Don Yett, seconded by Henry Slucki

Date: February 19, 1986

Action Taken: Passed