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participation who own fully vested, fully funded, noncash­able individual retirement annuity contracts issued under the terms of an insti t utional retirement plan of a previous employer may begin participation in this retirement plan, through the regular TIAA and/or CREF annuities used under this plan, on the first day of the month following employ­ment at the University. However, any eligible employee who has met the requirements for participation may, with the approval of the University, continue to participate in a retirement plan other than TIAA-CREF, providing, however, plan contributions are made in accordance with Section VI of this plan. IV. Normal Retirement Age: Except as provided in Section V, all participants in this retirement plan shall retire on the last day of the academic year in which they attain age 60, herein called normal retirement age. V. Extension of Service: By special authorization of the Board of Trustees, extensions of service beyond normal retirement age may be made for definite periods not to exceed one year each, but no such extensions shall postpone retirement beyond the end of the academic year in which age 65 is attained. Contribu­tions to the plan will be continued during such extensions. VI. ' Plan Contributions: Contributions under this retirement plan, referred to hereafter as "Plan Contributions", will be made on a monthly basis by participants and the University, except for months in which no salary is paid, in accordance with the following schedule