Repository: UIHistories Project: Board of Trustees Minutes - 1924 [PAGE 143]

EXTRACTED TEXT FROM PAGE:

140

BOARD OF TRUSTEES

[March 12,

Benefit Association, the University of Illinois should grant certain death and disability benefits and retiring allowances to the members of the Mutual Benefit Association. N o w , therefore, for that purpose and to that end be it R E S O L V E D by the Board of Trustees of the University of Illinois that the University adopt as a plan of cooperation and the granting of said benefits and allowances the following, to-wit: PLAN OF COOPERATION Costs of Operation The University shall assume the overhead costs of operating the Mutual Benefit Association of the University of Illinois and shall take care of and be responsible for its funds. The treasurer of the Association shall be appointed by the Board of Trustees of the University. H e shall have charge of the funds of the Association and shall keep such records and accounts as will permit of an accurate presentation of the financial affairs of the Association from time to time. H e shall be the disbursing officer countersigning all checks issued in the name of the Association after the payments have been authorized by the Board of Directors of the Association. Disability Benefits for Members of the Mutual Benefit Association During disability the University shall pay to members of the Mutual Benefit Association the following benefits: Full salary during thefirstmonth; 50 percent of salary during the second and third months; 40 percent of salary during the fourth,fifth,and sixth months; 30 percent of salary during the seventh, eighth, and ninth months; 20 percent of salary during the tenth, eleventh, and twelfth months. Death Benefits for Members of the Mutual Benefit Association In the case of death of a member of the Mutual Benefit Association the University shall pay a death benefit to a dependent beneficiary or beneficiaries designated by the member. Death benefits vary with the length of membership in the Mutual Benefit Association according to the following schedule and are limited to a sum based upon a salary of $5000 per annum as a maximum. Schedule of Death Benefits Death during 1st year of membership—10% of annual salary Death during 2nd year of membership—20% of annual salary Death during 3rd year of membership—30% of annual salary Death during 4th year of membership—40% of annual salary Death during 5th year of membership—50% of annual salary Death during 6th year of membership—57.5% of annual salary Death during 7th year of membership—65% of annual salary Death during 8th year of membership—72.5% of annual salary Death during 9th year of membership—77.5% of annual salary Death during 10th year of membership—82.5% of annual salary Death during n t h year of membership—87.5% of annual salary Death during 12th year of membership—92.5% of annual salary Death during 13th year of membership—95% of annual salary Death during 14th year of membership—97.5% of annual salary Death during 15th year of membership—100% of annual salary A n d one percent additional for each year thereafter. In the case of a member of the University staff whose period of service began before the date of organization of the Mutual Benefit Association and who joins the Association within three months of its organization, the University will, in calculating benefits, assume that his year of membership in the Association is that of his year of service as a member of the staff. In calculating the year of service of a member of the Association whose service to the University has been discontinuous the total number of years of active service shall be used. A leave of absence shall be counted as time of active service.