Repository: UIHistories Project: Board of Trustees Minutes - 1986 [PAGE 27]

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BOARD OF TRUSTEES

[July 19

that available classroom space exists and tuition paying students enrolled constitute the minimum number required for the course." In accord with guidelines recommended by an intercampus ad hoc committee and approved by the vice president for academic affairs, each campus will establish its own procedures for reviewing applications by senior citizens for tuition waivers. Eligible applicants will be required to pay applicable fees.

This report was received for record. By consensus, the board agreed that one vote would be taken and considered the vote on each agenda item nos. 25 through 30 inclusive. The recommendations were individually discussed but acted upon at one time. (The record of board action appears at the end of each item.)

Waiver of Visitor's Fee for Persons Sixty-Five and Older, Chicago

(25) In 1962, the Board of Trustees set the visitor's fee (persons paying full fees and those who are exempt from tuition are not assessed the fee) at $15 for each course on campus. The chancellor at the Chicago campus has now recommended that the visitor's fee be waived for persons sixty-five or older. A similar item for the Urbana-Champaign campus was approved by the board on December 15, 1976. All other regulations pertaining to visitors will apply to these persons. With respect to these regulations, it should be noted that persons qualifying for this special fee waiver are specifically excluded from "laboratory, military, physical education (other than theory), or studio classes." The vice president for academic affairs and the vice president for business and finance concur in this recommendation. I recommend approval.

On motion of Mr. Howard, this recommendation was approved.

Employee Benefit Program for Investment in Annuities and Mutual Funds

(26) Pursuant to Chapter 127, Section 166(c) of the Illinois Revised Statutes, a Salary Annuity Option Program was approved by the Board of Trustees on May 20, 1964, and amended on January 12, 1967, and on November 20, 1980. Under this program, an employee may accept a reduction in earnings or forego an increase in earnings, and the University will pay the amount of the earnings adjustment to an insurance company to be applied as a premium on an annuity contract. The intent of the program is to allow employees to defer their receipt of income and to make individual decisions regarding the possible benefits or tax consequences of various options available to them under contracts with insurance companies. T h e following insurance companies were previously selected to participate in the Salary Annuity Option Program: Mutual Benefit Life Insurance Company, Continental Assurance Company, Massachusetts Mutual Life Insurance Company, Northwestern Mutual Life Insurance Company, Prudential Insurance Company of America, and Teacher's Insurance Annuity Association ( T I A A / C R E F ) . Legislation was recently enacted by the Eighty-Third General Assembly authorizing payments to custodial accounts for investments in regulated investmentcompany stock to provide retirement benefits for eligible employees, as described in Section 403(b) (7) of the Internal Revenue Code. This extension of the program to include mutual funds as an investment option requires certain expertise and licensing by the Securities and Exchange Commission, which was not necessary for the purchase of annuity contracts from insurance companies. Also, there are some restrictions by the Internal Revenue