UA-R-GC-1914-01-01-1960-11-18_Page-068

I TIIB All&RICAX UIIIVERSITY AT CAIRO PROPOStD RlTIIlBMBNT RESOLUTION Novomber 16 . 1960 1 . 0.9ore1 Provision.: 2. A. Tb. A .. rio .. Un1v.r.i~7 at Cairo b.r.br e.tablt.b •• a R.tir ••• at Pro, ... for th. Prot ••• lonal .tatt ot tho Unh.r,Ur .. of • • • • • • • • B. R.t iro •• nt A,. tor tho Prot •• ,ional Statt 1. horobr established .1 ac~ 60 , with tho option of the Board of Trustees continuing aer~1ce to ale 65 on t wo 2 year appointment. and & linal one year appointment . C. Although it te expocted that the Retiroment Plen will be continued and eVen i.proTed , the Board ot frueteas re.orve, tho right to .odtt7 it or disoontiaue it at anr tt ••. A. The Uuiveraltr vill PAT upon ti.e of retirement & eum equal to on. .onth tor each Jear ot lull-time eeryice at the Unlver.itr. at tho rate at the hiahe.t aalar7 earned. (Th. Univ.r.itr aar initiate retirement .arllor than tho a •• ot 60 1n special casea , suob as 111n.se. ) Thl. p.r ment will b. ald. in a mannor oonsistent with the pr •• ailing lavl ot the V.A.ft., insotar aa luch lave =87 appl;y. B. the Unher,UT. havine beon a partioipant in the Oonrn­.. nt's Provident Fund, w111 be required to pay the ba~anc. or tho lnde .. 1t7 whioh exee.de it. oontribution to the ProTldent Fund tor an7 retiriDI persons . It the lav is .odified 10 as to increaae the obligations of the Univer­sity be70nd tho point ot one aontb tor each full 7ear ot serTias , the Univerait7 will , ot necessity . adjust to tho d.a&nd. ot the law. C. (Upon retire.ent the U. 4.R. personnel will rooeiTe bac~ froa the Prov1dent Fund that portion , at present S~ . whioh they theDaelyes haTe contributed through the years ot their participation . this aaount has no bearine on the aboTe-mentioned obligation aeau.od by tho University . ) D. The UniTerslt7 will receive trom the Manutacturors ) LiEe Insurance that portion which it has paid on behalt ot ~h6 retiring individuals who have been participating 1n that pro,ra. . Th1e portion wi ll be credited against tho obligation of the Univer:slty lIlentioned above