Retiring University employees will now come under a new income and group life insurance program, as a result of a new University ruling which abolishes the present 10-year old annuity contract system.
Under the new plan, pension payments will be based on average annual income rather than purchases annuities. University officials gave rising living costs as the main reason for the change.
According to vice-President Reynolds, the program "will provide considerably larger pension payments than heretofore for all eligible employees." A staff of 4,000 will ultimately come under its provisions.
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