Repository: UIHistories Project: Board of Trustees Minutes - 1936 [PAGE 540]

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538

BOAKD OF TRUSTEES

STATE HIGHWAYS T H R O U G H CAMPUS

[February 22

Mr. Barrett presented the following report from the Committee on Buildings and Grounds on the request of representatives of Urbana and Champaign that the University approve the establishment of an "Optional University Route" over Green Street through the campus for certain State highways:

After very careful consideration of the above matter, and having in mind the responsibility of the Board of Trustees and Administrative Officers of the University for the safety and convenience of the student body, it is the recommendation of the Committee that such an optional route as requested be not approved and that the previous action of the Board on the subject stand. It is recommended by the Physical Plant Department that two signs be placed at the corner of Springfield Avenue and Wright Street, indicating by an arrow the direction for cars to take if they wish to leave Route 10 and visit the University grounds.

On motion of Mr. Barrett, this report was adopted. At this point, Mr. Barr took his place with the Board; and Dr. Meyer withdraw.

REPORT OF FINANCE COMMITTEE ON RETIRING A L L O W A N C E A N D DEATH BENEFIT SYSTEM

Mr. Karraker presented the following report:

On October 25, 1935, the Board directed that the Finance Committee give further study to the method of financing the University system of retiring allowances and death benefits, and that an opinion concerning the system be secured from the University Counsel. The Committee has received a report from the Counsel and also from the Comptroller and has reviewed the matter carefully with the President and other officers of the University. T h e Committee has reached the conclusion thai the Board should move as rapidly as practicable toward such a basis that (a) provision will be made from year to year for all obligations accruing under the system on an actuarial basis as a result of service rendered by members of the staff during that year; (b) a part of the cost to be met by deduction from the stated cash compensation of members of the staff; (c) provision by which this deduction may be made without reduction in the present cash compensation paid to members of the staff; and ( d ) that funds to cover all accumulating obligations be actually set aside from year to year and used to purchase annuity contracts for the individuals concerned. The Committee finds that such a program, if put into effect during the next biennium, would require added financial provision to the extent of approximately $220,000 a year. T h e Committee recommends: (1) that the Board adopt the principles set forth herein as a basis, on which the retiring allowance system shall be placed as soon as possible; (2) that the General Assembly be asked at the next regular session to pass in a separate bill from our regular appropriation bill legislation covering the system and including these provisions, together with an appropriation of the added amount needed for the next biennium for the purpose.

O. M. KARRAKER, Chairman

KARL A. MEYER OSCAR G. MAYER

On motion of Mr. Barrett, this report was received and placed on file.

MATTERS PRESENTED BY PRESIDENT W I L L A R D

The Board resumed its consideration of matters presented by the President of the University.