Repository: UIHistories Project: Board of Trustees Minutes - 1952 [PAGE 1340]

EXTRACTED TEXT FROM PAGE:

1952]

UNIVERSITY OF ILLINOIS

1437

if retired with 25 or more years of service receive the same annuity which would be paid at 68. Participants may elect to retire at any time after age 60 or with the approval of the University and of the Retirement Board between the ages 55 and 60. Retirement in such instances is at a reduced annuity. Interrupted employment. Employees who are participants in the Retirement System and whose employment is irregular maintain their participation in the Retirement System during the period of employment. At any time that employment is terminated, the employee may withdraw his contributions to the System plus interest; or he may leave his contributions on deposit, in which case, if he is again employed, contributions and benefits will be resumed and accumulated benefits of all kinds restored as of the date employment ceased.

XI. DEATH BENEFITS*

1. For employees participating in the Retirement System a death benefit approximately equal to one year's salary, not less than $2,000 or more than $5,000, is payable by the Retirement System, if the beneficiary is dependent upon the participant. Otherwise the death benefit will be the employee's accumulated contributions. After retirement a death benefit is payable equal to whichever of the following is the greatest: A. The accumulated employee contributions, including interest, at the time of retirement less the sum of all annuity payments prior to the date of death; B. Six times the monthly Supplemental Annuity paid for service prior to September 1, 1941;

C. $500.

2. For persons not in the Retirement System, a death benefit of $500 is payable by the University after six months service. Such benefit may be reduced by payments made on account of the State Workmen's Compensation Act or a death benefit in excess of contributions paid by any tax supported retirement system of the State of Illinois or by the Federal Civil Service Retirement System. 3. In accordance with section VII-l-A, payment will be made for any accumulated unpaid vacation allowances. * These provisions are summaries of the benefits payable under the University Retirement System Act.