Repository: UIHistories Project: Board of Trustees Minutes - 1982 [PAGE 413]

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402

BOARD OF TRUSTEES

[October 15

7 percent for age fifty-nine; 40 percent and 14 percent for age fifty-eight; to a maximum of 100 percent and 35 percent for age fifty-five. The special early retirement provision would apply to persons retiring after June 1, 1981, and before June 30, 1987. However, under the program, the number of University of Illinois employees who may retire in any year prior to June 1, 1982, may be limited to any number at the option of the University. Beginning June 1, 1982, the number of persons retiring under the plan may be limited by the University, but to not less than 15 percent of those eligible in each of the succeeding years. It should be noted that it is entirely possible that less than 15 percent of those eligible will apply in any given year. Hence, this constraint may have no practical effect. The act states that the right to participate shall be allocated among those applying on the basis of seniority in the service of the employer. The University Planning Council has studied this new legislation and has been asked to make recommendations on the basis of information now available to the University. Inasmuch as it is difficult to estimate the financial impact of this plan on the University of Illinois and in the interest of fiscal prudence, the planning council has recommended that University participation in the program in the first mandatory year be established at the minimum level provided by the law, i.e., 15 percent of those eligible. Further, inasmuch as some staff members have already made their retirement plans, as a matter of equity, the program would become effective in 1982 rather than in 1981. Additional details of the implementation of the program and interpretations that may be made by the State Universities Retirement System are yet to come. In the meantime, it seems essential that the University adopt such operating policies as it is empowered to make in the interest of informing the University staff. Therefore, on advice of the University Planning Council and with the concurrence of the chancellors, I recommend that the trustees establish the following policies with regard to the provisions of Public Act 82-0435: 1. That the University participate in the program provided for in Public Act 82-0435 beginning June 1, 1982; and 2. That the number of persons permitted to retire under the terms of this act be limited to 15 percent of those eligible in the year beginning June 1, 1982.

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

Agreement with Applied Molecular Genetics, inc. (Exception to the Genera/ Rules)

(12) Applied Molecular Genetics, Inc., of Newbury, California, has proposed to support research in the Department of Microbiology at the Urbana-Champaign campus at a level of $50,000 a year for two years. The research involves studies of the genetics of methanogens. According to the agreement, the University would grant the company an exclusive option to negotiate for a license for a period of twelve months from the date of disclosure to the sponsor of any discovery resulting from the research. The license terms would include a reasonable royalty rate and appropriate due diligence provisions to ensure timely commercial development and early marketing of the licensed subject matter. The University Patent Committee has reviewed the proposed exceptions to the patent provisions of the General Rules Concerning University Organization and Procedure and recommends approval. I concur.

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