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Part of Minutes of the University of Kentucky Board of Trustees

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´╗┐ARII-1.6-1 6/12/07 Page 8 activate any or all retirement benefits that have been acquired under the University of Kentucky Retirement Plan in accordance with procedures and rules established by the retirement plan carriers. In addition to lump sum or partial lump sum provisions, there will be both annuitized and non-annuitized methods of withdrawal. There may be variances in the retirement withdrawal options among the carriers. All retirement plan carriers do not offer the same withdrawal options. B. Benefits in Case of Death before Retirement In the event of a University employee's death prior to the commencement of retirement benefits, an income or lump-sum benefit will be paid by the retirement plan carrier to the participant's designated beneficiary or beneficiaries according to policy established by the carrier. VIII. Contributions during Leave of Absence with Pay A participant on leave with pay shall make the employee contribution and receive the University contribution based on the amount of the salary that is paid through the University payroll. Contributions to a participant's retirement plan shall be made on the actual salary paid through the University payroll, not to exceed the annual salary. IX. Contributions under Uniformed Services Leave A participant on Uniformed Services Leave shall have the ability to continue making retirement contributions to the plan. The amount of employee contributions will be made for the entire salary not received while on leave and is eligible for the University match. X. Employment beyond Retirement Employees who have elected to retire from University service under any of the provisions hereof shall not be eligible for reemployment except to perform duties for which fee schedules have been approved or upon the specific prior action of the Board of Trustees granting approval of the appointment. Employees who have elected to retire and who have been reemployed under this provision will be considered temporary employees. XI. Loans and Hardship Withdrawals Employees may obtain loans or take hardship withdrawals from their retirement accounts based on the rules established by the IRS and retirement carrier. XII. Excess Retirement Contributions Employees who reach the Internal Revenue Code (IRC) 403(b) plan compensation and