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Caption: Board of Trustees Minutes - 1972
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124 BOARD O F TRUSTEES [November 13 The benefits of the Low Option Plan will remain the same as the current contracts. The benefits and the premium of the Medicare Supplemental Contract will remain the same as the current contract. The.benefits of the High Option Plan will remain the same with the following exception: Change in High Option Dental Benefit The current Dental Insurance benefit is included in the $20,000 Major Medical provision which is paid on an 80/20 coinsurance basis with no specific limit on dental treatments except for orthodontic procedures which have a lifetime benefit of $250 per person and are paid on a 50/50 coinsurance basis. The proposed Dental Benefit will reduce the payment from an 80/20 basis to a 50/50 basis for all procedures, and the maximum benefit for any one person would be $500 during the six month period. The orthodontic benefit would remain the same. Increase in Premiums Urbana Campus Individual Family ProProLow Option posed Current posed Current Monthly Premium. . J10 00 (J 6 40) J21 00 (J16 47) Contribution - 5 00 Net Cost to Staff Member $ 5 00 High Option Monthly Premium. . J15 00 Contribution - 5 00 Net Cost to Staff Member J10 00 Medicare Supplement J 5 10 ( - 3 20) (J 3 20) (J10 43) ( - 5 00) (J 5 43) (J 5 10) - 5 00 J16 00 $37 00 - 5 00 J32 00 ( - 5 00) ( J l l 47) (J29 65) ( - 5 00) (J24 65) Chicago Campus Individual Family ProProposed Current posed Current J10 00 (J 6 96) J21 00 (J17 87) - 5 00 $ S 00 J15 00 - 5 00 J10 00 $ S 10 ( - 3 48) (J 3 48) ( J l l 25) ( - 5 00) (J 6 25) (J 5 10) - 5 00 J16 00 J37 00 - 5 00 J32 00 ( - 5 00) (J12 87) (J31 01) ( - 5 00) (J26 01) (The premiums include an allowance of 2 per cent for claims administration by the University. (The contracts will continue under an Experience Rating Plan, but the Company will reduce its retention of earned premium for administration from 4.0 per cent to 3.8 per cent for the period.) A review of the current program and proposed contracts for January I, 1971, has been conducted by an independent consulting firm, Middle West Service Company, Inc., Chicago. Based upon their report, the Vice President and Comptroller recommends the continuation of the current contracts on January 1, 1971, subject to the proposed changes. I concur. On motion of Mr. Steger, this recommendation was approved. MARRIED S T U D E N T APARTMENT PROJECT, URBANA (9) Pursuant to presentations and discussions at the March, 1969, meeting of the Board of Trustees, an analysis of the Champaign-Urbana housing market has been made, the impact of the University's growth and housing policies on that market has been studied, and some of the implications for University action have been determined. Based on these studies, the Chancellor of the Urbana-Champaign campus, with the concurrence of appropriate administrative officers, has recommended the construction of 348 additional apartments and a laundry facility in the Orchard apartment area for married students. It is anticipated that the project will cost approximately $6,100,000, to be financed by the sale of housing revenue bonds and amortized from occupant rental charges. Student tuitions in the amount of $175,000 per year would be pledged in support of this project. Under terms of the Housing Revenue Bond Resolution, approved December 17, 1958, under which bonds will be issued, the use of additional student tuitions in the amount of approximately $960,000 would be required to fulfill the sinking fund reserve requirement in the first year after the completion
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