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Caption: Board of Trustees Minutes - 1920
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1919] UNIVERSITY OF ILLINOIS 233 comparable with it. The exact reverse is true. The first figures refer to a policy beginning one month after the maturity, the others to a cheaper form of policy paid annually and beginning one year after maturity. The straightforward and obvious procedure would have been to quote from the various handbooks the rates on these policies on a common basis. When this is done the comparison stands as follows (monthly annuity): The Annuity (male) Purchased by $1000 at 65: Teachers Insurance and Annuity Association $114.24 Prudential 108.84 Metropolitan 111.00 Travelers not stated in monthly form It remains to point out that these figures do not indicate the full advantages enjoyed by the holder of a deferred annuity contract in the Teachers Insurance and Annuity Association due to the fact that the policy is free of all cost of overhead expense. HENRY S. PRITCHETT MEMORANDUM CONCERNING PARTICIPATION in the Teachers Insurance and Annuity Association of America by Institutions Associated with the Carnegie Foundations for the Advancement of Teaching, By authority of action had by the Trustees of the Carnegie Foundation at their annual meeting held November 20, 1918, the Executive Committee has adopted the following regulations affecting colleges and universities now associated with the Foundations and those that may become associated institutions in the future. 1. As a basis of participation in the contributory plan the Foundation will accept the following: (a) Each full-time professor, associate professor, assistant professor, or officer of equivalent rank in the service of associated institutions, who does not enjoy the privileges given under the non-contributory plan now in operation, shall contribute annually in monthly instalments five per cent of his salary toward an old age annuity contract in the Teachers Insurance and Annuity Association. In the case of institutions admitted hereafter to the associated list this requirement shall apply to all professors, associate professors, assistant professors, and officers of equivalent rank admitted to the service of the institution after acceptance of participation in the contributory plan. (b) Each associated institution shall pay a corresponding five per cent in the case of any such contributing professor, associate professor, assistant professor, or officer of equivalent rank, provided that the institution shall be under no obligations to begin its payments before the teacher begins his, or to make annual contributions in excess of those made by him. (c) Each institution shall make a like contribution in the case of any teacher below the rank of assistant professor who has voluntarily accepted a participation in
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