Repository: UIHistories Project: Board of Trustees Minutes - 1972 [PAGE 462]

EXTRACTED TEXT FROM PAGE:

452

BOARD OF TRUSTEES

[November 19

Sinkin Funds Assembly Hall & Purchases: Per Cent $ 10 000 U.S. Treasury bills due 3/31/72 5 . 65 ? 9 749 41 150 000 U.S. Treasury 6J^ per cent notes due 2/15/73 5. 62 151 828 13 Illini Union and Health Center

$60 000 U.S. Treasury bills due 7/31/72 85 000 U.S. Treasury 2}4 per cent bonds due 12/15/72 Revenue Bonds of 1952 Sale: $75 000 U.S. Treasury 3% per cent bonds due 1 1 / 1 5 / 7 4 . . . Women's Residence Halls of 1956 Sale: ?8 000 U.S. Treasury 5% per cent notes due 2/15/75

5. 17 4. 89

$

57 300 60 82 157 81

70 429 69

$

7 935 00

This report was received for record.

STATE EMPLOYEES GROUP INSURANCE ACT OF 1 9 7 1 (22) T h e Seventy-seventh General Assembly passed the "Employees Group Insurance Act of 1971" (House Bill 2601) which will provide, at state expense, group life and health insurance for persons in service of the State of Illinois. This act becomes effective January 1, 1972, and repeals the "Illinois State E m ployees' Insurance Benefits Act" approved August 18, 1965. T h e State Department of Personnel awarded the group life and health insurance contract to the Northeastern Life Insurance Company of New York. T h e qualified employee or annuitant (those retired after January 1, 1966) will receive certain life insurance and health insurance benefits without cost. H o w ever, optional additional benefits and insurance for dependents will be entirely at the employee or annuitant's expense. T h e cost of the optional and dependent's coverage will be higher under the state plan than the cost of comparable coverage under the contracts which the University has previously purchased. T h e state plan will not provide coverage for everyone currently insured under the University contracts, i.e. persons retired prior to January 1, 1966, survivors not eligible for benefits under the State Universities Retirement System, and University employees under the federal retirement program. Representatives of the Urbana-Champaign, Chicago Circle, and Medical Center Campuses Senate Faculty Benefits Committees, and the Nonacademic Employees Councils, the University Nonacademic Employees Advisory Committee, and the Urbana-Champaign Annuitants Association have recommended the continuation of the health insurance contract with the Continental Assurance Company of Chicago, Illinois. T h e Continental Assurance C o m p a n / s premium quotations are guaranteed for the 1972 policy year and have been adjusted to conform with the state's plan which will provide certain employees and annuitants medical insurance under the state's contract with the Northeastern Life Insurance Company, but will accommodate the enrollment of their dependents under the University's plan. Plan Benefits T h e University High and Low Option Plans will continue to provide the same benefits. T h e Medicare Supplemental Plan will be discontinued and the participants will be insured under the High Option Plan (excluding Dental Insurance) with a reduced premium for those eligible for the Federal Social Security M E D I C A R E Plans A and B. The current practice has been to transfer the participant from the High or Low Option Plan to the Medicare Supplemental Plan when he becomes eligible for M E D I C A R E . This change will provide the same maximum level of benefits for all insureds regardless of age. (This proposal has the recommendation of the Executive Committee of the Urbana-Champaign Annuitants Association.)