A massively-revised pension plan for all University appointees will be presented to the Corporation for "routine approval," Hale Champion, vice president for Financial Affairs, announced yesterday.
The University Benefits Committee developed the new program to conform to last year's sweeping revision of the Social Security Act. The new act lifted the pension floor, increased the salary base on which both employers and employees were being assessed and provided a cost of living clause for all beneficiaries.
"The new program integrates previous University retirement efforts, tax benefits and University benefits," Champion said. "Our goal is to provide every University employee with 75 to 80 per cent of his pre-retirement income in the post-retirement period, based on 25 years' service with the University," he said.
The new pension plan will include both Corporation appointees and non-appointed staff. Hourly employees of the University are unionized, and the revised plan has already been accepted by most of their agents.
Certain refinements remain to be incorporated into the program's application to non-teaching faculty, among them the definition of a "faculty member" for purposes of pension evaluation.
For Corporation appointees, a compromise has been effected permitting a graduated scale of pension payments depending on the age of the appointee.
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