Repository: UIHistories Project: Board of Trustees Minutes - 1926 [PAGE 132]

EXTRACTED TEXT FROM PAGE:

1924]

U N I V E R S I T Y O F ILLINOIS

129

(a) A member of said faculty or staff shall retire at the age of 68 years, unless upon his request and upon the recommendation of the President of the University, the Board of Trustees shall permit him to continue in active service. Such extension of the period of active service shall be for one year only, but m a y be renewed at the end of any extension. Retirement at the age of 68 shall in general mean retirement upon thefirstday of September following the 68th birthday anniversary. In exceptional cases and for substantial cause, retirement hereunder m a y be permitted by the Board at any time after a member reaches 6j years of age. (b) Upon retirement there shall be paid to the member retiring, during his life, an amount equal to 2 5 % of the average cash portion of compensation which has been paid to him during the lastfiveyears prior to retirement, together with 1 % of such average amount additional for each year of his service at the University of Illinois; the m a x i m u m payment, however, not to exceed one-half of such average amount. Provided, however, that no retiring allowance shall be paid in excess of $6,000 per year to a President of the University, $4,000 to a dean, and $3,000 to other members. (c) All members of the staff retired hereunder shall be subject to call by the Board of Trustees for the performance of such specific duties for the University as shall be assigned to them by the President of the University. 4. As the additional compensation in death benefits and retiring allowances herein provided is to be paid to secure the stability and permanency of said faculty and staff; therefore, all rights and claims of any member of said faculty and staff in or to death and disability benefits and retiring allowances, are forfeited, and shall cease, with the termination of service of such member for the University, whether such termination is voluntary or otherwise. 5. The Board of Trustees reserves the right to alter, modify, or annul all or any part of the provisions for compensation to members, of the staff as provided herein, at the end of any academic year, without liability; all claims and rights of members hereunder shall be subject to such modifications, alterations, or termination. On motion of Mrs. Blake, these recommendations were adopted. BROWN-KN1PP PATENT Mr. Trimble made a report of progress in the negotiations for the sale of the Brown-Knipp patent. REPORTS OF BOARD FUND O n motion of Mrs. Blake, the Comptroller was asked to send to the members of the Board quarterly reports of the expenditures from the Board of Trustees expense and equipment fund. INVESTMENT OF TRUST FUNDS Mr. Trimble presented the following resolution, which was passed: In order to clear any ambiguity in the report on the policy governing the investment of Trust funds, be it resolved that the report be construed to mean that the Committee named therein should recommend investments to the Board before committing themselves thereon. Mr. Trimble reported, in the matter of the investment of the proceeds of the proposed sale of Southern Pacific stock (page 118), that in his opinion the general policy adopted on October 25, 1924, covers this case. CONTRACT FOR ROOFING RESIDENCE HALL O n motion of Mr. Trimble, the Executive Committee was authorized to award the contract for roofing and sheet metal work on the West Residence Hall.