Caption: Board of Trustees Minutes - 1978
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528 BOARD OF TRUSTEES MINUTES APPROVED [February 15 The secretary presented for approval the press proofs of the minutes of the Board of Trustees meetings of September 21 and October 19, 1977, copies of which had previously been sent to the board. On motion of Mr. Livingston, these minutes were approved as printed on pages 369 to 458 inclusive. MEETING OF FINANCE COMMITTEE President Howard announced there would be a meeting of the Finance Committee at 1:30 p.m. in Room 509-10, Chicago Circle Center. STANDING COMMITTEES FOR 1978-79 Mr. Howard announced appointments to the standing committees of the board, to serve during the year 1978-79, or until their successors have been appointed following the annual meeting of the Board of Trustees in January 1979. (A list of the committees appears in the minutes of the annual meeting of January 18, 1978, in accord with the Bylaws of the Board of Trustees.) REPORTS FROM THE PRESIDENT OF THE BOARD Merit Board Mr. Howard announced that Mr. Lenz, who has been serving for some time as a member of the Merit Board, has been elected chairman of that board. State Universities Retirement System Mr. Howard asked Mr. Forsyth, who is currently serving as president of the State Universities Retirement System Board, to report briefly on a proposal that has been introduced by the director of the State Universities Retirement System. Briefly, the proposal is that, on the basis of recent Internal Revenue Service rulings, the 8 percent presently deducted from the salaries of employees covered by the system be ruled by Board of Trustees' resolution to be an employer contribution. It was made clear that this is a complex matter with potential effect upon retirement benefits, withdrawal of benefits, tax shelter programs, and other matters. It is currently being reviewed by die University administration and the university counsel, and, President Corbally reported, there will be consultation with campus senate groups, and possibly others, before an administrative recommendation on the subject is presented to the trustees. RECOMMENDATION FOR AWARD OF BOARD OF TRUSTEES DISTINGUISHED SERVICE MEDALLION In 1973 the Trustees Distinguished Service Medallion was created to recognize those individuals whose contributions to the growth and development of the
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