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Caption: Board of Trustees Minutes - 1920
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1919] UNIVERSITY OF ILLINOIS 235 IW To provide an annuity of $100 monthly on female lives, first payment at age 65, it is necessary to provide a reserve amounting to $12,100 at the end of the period of accumulation. Monthly premiums to provide that amount are shown below: Age at Issue IS 26 27 28 Monthly Premium $10.39 10..92 11.48 12..08 29 30 35 40 45 12..72 13..40 17..60 23..70 33..15 Number of Months Payable 480 468 456 444 432 420 360 300 240 Total Premium Payments $4,987 5,111 5,235 5,364 5,495 5,628 6,336 7,110 7,956 II W The reserve at the end of the period of accumulation provided by monthly premiums of $10; and the monthly annuity on female lives beginning age 6S, provided by monthly premiums of $10, is shown below. Age at Reserve at End Monthly Annuity Total Premiums Number of Issue at 56 Paid Months Paid of period IS $4,800 $11,649 $96.27 480 26 91.60 4,680 468 11,083 4,560 27 87..10 456 10,539 28 4,440 444 82.77 10,015 78..62 432 4,320 9,512 29 74.62 30 420 4,200 9,029 56.82 3,600 35 360 6,875 3,000 40 300 5,105 42..19 240 2,400 45 30..17 3,650 ,1918 icember 6, With these letters came a copy of the Handbook of Life Insurance and Annuity Policies for teachers issued by the Teachers Insurance and Annuity Association of America, 576 Fifth Avenue, New York, a copy of which I have presented to each member of the Board. I called together in general assembly all members of the teaching and scientific staff of the University on Saturday evening, February 8, 1918, and presented this whole matter to them I had previously appointed a committee consisting of Professor M. H. Robinson, Chairman; A. R. Crathorne; Fred B. Seely; J. A. Stevenson; W. E. Britton; J. A. Detlefsen; R. E. Cushman; A. C. Willard; Roger Adams; Hans P. e Greison; Louis Freer; and A. R. Warnock; who considered carefully the offer made
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