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Part of Minutes of the University of Kentucky Board of Trustees

Office of the President May 3, 1983 FCR b Members, Board of Trustees: Voluntary Contributions to Fidelity Group of Funds, Twentieth Century Investors, and Value Line Securities,Inc. Pension Funds by University Employees Recommendation: that the Board authorize the University to make available to employees on a voluntary basis the following 403(b) investment vehicles: Fidelity Group of Funds; Twentieth Century Investors; and Value Line Securities, Inc. These investment alternatives will be offered in addition to the voluntary plans currently offered in Teachers Insurance Annuity Association and College Retirement Equity Fund Plans. University administration will establish operating procedures for withholdings similar to those utilized for the TIAA/CREF voluntary plans, and will implement the new alternatives as soon as such procedures are developed. Background: The University by virtue of being classified as a 501.C.3 organization under federal revenue regulations may offer its employees the opportunity to voluntarily tax shelter salary funds under the provisions of codes 403(b) and 415. Since the early 1960's the University has limited these voluntary investments to a single company, Teachers Insurance Annuity Association and College Retirement Equity Fund. The majority of institutions throughout the country now permit their employees alternatives for their voluntary investments. This does not impact the University's retirement plan being confined solely to TIAA/CREF. Between 650 and 700 employees voluntarily tax shelter funds under the provisions of 403(b) and 415. There is considerable employee interest in this matter. A special committee, chaired by Dr. Dean White, was appointed to investigate and recommend on the question of alternatives. Dr. White's committee invited proposals from all eligible companies. Out of the 18 proposals that were received, three are recommended for approval. The three recommended offer the variable type of investment vehicle and thus are comparable to CREF. No institution funds are involved. The plans would be administered

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