Board of Governors - APPENDIX VII - November 30, 2000
FOR APPROVAL
Over the past several years, the University has implemented a number of ad hoc improvements to retirees designed to ensure the pensions are maintained at a 70% purchasing power level. Attached is a summary of the historical improvements made. The last increase [BG.99-180] was effective January 1, 1999, and was financed from the surpluses in the pension plans.
Pension Improvements for Retirees under the Administrative Staff Pension Plan
Recommended: That the Board of Governors authorize an ad hoc improvement, effective January 1, 2001, to all retirees under the Administrative Staff Pension Plan who retired on or before December 31, 1985, as Special Members of the Pension Plan, and surviving spouses, to be funded from the surplus funds in the Administrative Staff Pension Plan. The schedule for the increases would be:
Maintain 70% Purchasing Power:
For those who retired in 1984 or earlier, 4.65%
For those who retired in 1985, 2.71%
The projected costs for these improvements total $65,000.
The Administrative Staff Pension Board has approved the funding of these improvements by use of surplus funds in the Administrative Staff Pension Plan.
Pension Improvements for Retirees under the Academic Staff Pension Plan
Recommended: That the Board of Governors authorize an ad hoc improvement, effective January 1, 2001, to all retirees under the Academic Staff Pension Plan who retired on or before December 31, 1985, as Special Members of the Pension Plan, and surviving spouses, to be funded from the surplus funds in the Academic Staff Pension Plan. The schedule for the increases would be:
Maintain 70% Purchasing Power:
For those who retired in 1984 or earlier, 4.65%
For those who retired in 1985, 2.71%
The projected costs for these improvements total $270,000.
The Academic Pension Board has approved the funding of these improvements by using the surplus funds in the Academic Staff Pension Plan.