Minutes of the Telephone Conference Call Meeting of the
Executive Committee, Board of Trustees, University of Kentucky, Monday,
December 22, 1986.
At 10:00 A.M. on Monday, December 22, 1986, a telephone
conference call was held with members of the Executive Committee of the
Board of Trustees for the purpose of acting on a recommendation relative
to proposed amendments in the University of Kentucky Retirement Plan.
The following members answered the roll call: Mr. Robert T. McCowan
(Chairman), Mr. William R. Black, Mr. Albert G. Clay, Mr. Tracy Farmer,
and Mr. T. A. Lassetter. Mr. John C. Darsie, Assistant Secretary of the
Board of Trustees, acted as Secretary of the meeting. President Otis A.
Singletary participated in the call as did Mr. G. Bruce Miller, Director
of Employee Benefits and Risk Management. Members of the news media had
been notified of the meeting; however, none were in attendance.
President Singletary explained that the changes which are being
proposed to the Retirement Plan are for the purpose of conforming to
certain requirements of the Tax Reform Act of 1986. The University has
been advised by Wyatt, Tarrant and Combs that contributions will not be
counted against the new elective deferral limits if the Retirement Plan
is amended to make tax sheltering mandatory for all employee contribu-
tions. The net effect of the proposed changes would be that, as of
January 1, 1987, all new employees enrolling in the Retirement Plan and
all employees currently electing the tax shelter option must have their
retirement contribution tax sheltered. Current employees who have not
elected the tax shelter option in the past, will not, under the proposed
changes, be subject to the mandatory sheltering provision. Mr. Miller
then reviewed the proposed amendments to AR II-1.6-1 in detail, following
which President Singletary recommended approval of the proposed amend-
ments. On motion of Mr. Farmer, seconded by Mr. Clay, the amendments
were unanimously approved. (See PR at the end of the Minutes.)
There being no further business, the conference call meeting
was adjourned at 10:14 A.M.
John C. Darsie
Board of Trustees
(The PR which follows is an official part of the Minutes of the Meeting.)