Repository: UIHistories Project: Board of Trustees Minutes - 1942 [PAGE 202]

EXTRACTED TEXT FROM PAGE:

1941]

UNIVERSITY OF ILLINOIS

199

and by the counsel of Mr. A r t h u r S. Hansen, Consulting Actuary, whose services were retained by authority of the Board of Trustees on recommendation of the Finance Committee (Minutes, January 22, 1941, page 170). T h e question of revising or supplementing the present system of retiring allowances and death benefits, or replacing it with an entirely new plan, is a matter of business officially in the hands of the Finance Committee of the Board. T h e faculty committee's report will, therefore, be made to the Finance Committee for its consideration and final recommendations to the Board of Trustees. In the meantime, the report of the faculty committee has also been submitted to the University Council for its advice to the President of the University, and it is hereby presented to the Board of Trustees for its information in considering recommendations of the Finance Committee. T h e University Council, on February 18, approved the new plan in principle, with the understanding that no final action will be taken committing the University to the form of legislation to be requested of the General Assembly of Illinois, pending further consultations by the Deans, Directors, and general administrative officers with their faculties and staffs. M r . M a y e r , for t h e F i n a n c e C o m m i t t e e , r e p o r t e d a s follows:

REPORT OF F I N A N C E AND GENERAL POLICY COMMITTEES

A joint meeting of the Finance Committee and the Committee on General Policy of the Board with the Faculty Committee on the Retirement and Death Benefit System was held at the Blackstone Hotel, in Chicago, at 6 p.m. on Thursday, February 20, 1941. P r e s e n t : Mr. Mayer, Mr. Pogue, Dr. Meyer, Mr. Cleary, Mr. Davis, Mr. Morey, Dean H a r n o , Judge Johnson, Professor Crathorne, Professor Dickinson, Mr. Hansen, and Mr. Cunningham. Mr. Morey, for the faculty committee, presented an historical summary of the retirement system and of the recent discussions of the matter, together with a report issued by the faculty committee under date of February 11, 1941. Mr. Hansen discussed the general situation in the S t a t e ; Dean H a r n o the faculty point of view; Judge Johnson the legal aspects. On motion of Mr. Davis, the Finance and General Policy Committees voted to approve in principle and to recommend to the Board the passage of a resolution substantially as follows: Whereas, the Board of Trustees after long study and consideration of the present system of retiring allowances and death benefits has come to the conclusion that the system is unsatisfactory and moreover is now in jeopardy by reason of certain proposals for state-wide legislation which are now under consideration for presentation to the General Assembly; and Whereas, the Board desires to secure and preserve for the members of the faculty and staff the fullest possible measure of benefits and security; therefore, Be it resolved, that the Board requests the Finance Committee in consultation with the faculty committee working on this matter to proceed to develop a plan that is generally satisfactory to the faculty and staff along the lines presented by the recommendations submitted by the faculty committee under date of February 11, 1041, and that the present plan be modified accordingly, and that the President of the University be requested to prepare and submit for final consideration bills to enable the Board of Trustees to put a new program into effect which will preserve and increase the benefits of the pTesent plan, eliminate its defects as far as possible, and secure the establishment of that program on a satisfactory basis. O n m o t i o n of M r . M a y e r , this r e s o l u t i o n w a s a d o p t e d , SHIVELY MORTGAGE

Mr. Mayer reported also a recommendation of the Finance Committee that a request of Mr. Frank Shively for an additional loan on farm land located three miles southwest of Mahomet (approximately 200 acres), on which the University now has a loan of $3,300, be granted. On motion of Mr. Mayer, the increase of this loan to $5,000 at 4.^/2