UA-R-GC-1914-01-01-1985-05_Page-004

Board of Trustees -4- May 15, 1985 Mr. Crary referred to the requirements of the Retirement Equity Act of 1984 as affecting the University's retirement plans, particularly with respect to the rights of a vested participant's surviving spouse. He noted the revised provisions of the plan set out in material given to the Board. After discussion, on motion duly made and seconded, the following resolution was unanimously accepted: RESOLVED, that The American University in Cairo's TIAA-CREF Retirment Plan (Plan 001), established by the Board of Trustees on September 1, 1963, as amended, and the TIAA-CREF Tax-Deferred Annuity (TDA) (Plan 002), established by the Board of Trustees effective September 1, 1978, be and they hereby are further amended to comply with the Retirement Equity Act of 1984, as set forth in amended plans presented to the meeting and ordered to be attached to the records thereof. 6. Report of the Development Committee: Mr. Hedlund. Mr. Hedlund asked Dr. Pelowski to present the development report. Dr. Pelowski reported that the fund raising campaign is gathering momentum. The AT&T Corporation has recently made a donation of $75,000 and the Marri0tt Hotel Corporation has made a donation in the same a~ount. These gifts were the result of the joint efforts of the New York and Cairo Development offices. A donation of $500,000 is anticipated from the S~hlumberger Corporation and the General Motors Corporation is considering a gift of $150,000. The University has been notified that it has received tax exempt status in Canada and efforts are underway to secure a similar status in England. As a result of recent visits to Saudi Arabia, some new pledges were made and old pledges renewed. Good meetings were held with Sheikh Kamal Adham. In Egypt, greater emphasis on solicitation from the construction sector is expected over the next six months. In addition, Japanese companies located in Egypt are being asked to consider a combined gift of between $150,000 and $300,000. As part of an initiative to involve new alumni, AUC's graduating class of 1985 has already donated LE1300 towards scholarships. 7. Report of the Campus Planning & Housing Committee: Mr. Bacon. Mr. Bacon reported on the status of the following projects