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many. We must reciprocate that trust in us with an unyielding detennination to give our all,
unencumbered by the distractions of economic circumstance.”
On behalf of the Finance Committee, Mr. Branscum recommended approval of FCR 15. Mr.
Shoop seconded the motion, and it carried without dissent. (See FCR 15 at the end of the Minutes.)
At the conclusion of Mr. Branscum’s Finance Committee report, Dr. Yanarella made special
note ofthe gift from the Estate of Joanne I. Bell in FCR 2. Ms. Bell was a leader for women, not
only on campus, not only in the community, but also in the state. She was instrumental in starting up
the women’s network. Her efforts to begin a Commonwealth Institute for Public Policy issues were
cut short by her untimely death. He wanted to make note of her second request that her estate
acknowledge her tremendous role on campus and the wider community.
HH. Proposed Revision to Administrative Regulation: University of Kentucky Retirement
Plan {HRCR 1)
Dr. McCorvey, who chaired the Human Resources Committee in Mr. Roberts’ absence for
military duty, said that the Committee met that moming, and all members of the Committee were
present. HRCR 1 recommends that the Board approve changes to the University of Kentucky
Administrative Regulation (AR) 3: 1, University of Kentucky Retirement Plan. Changes to this AR
include elimination of the old "Group I, II, and III” personnel language, which is no longer relevant
to any current employees, and further clarification of procedures for contributions for employees on
leave. These changes will also reduce the AR to the "basic” tenets for the retirement plan by
removing items that are now included in the official "plan documents” for each retirement plan and
that are govemed by the plan carriers and federal law.
The University retirement plan has been defined in AR 3:1 and has been updated at least
annually to reflect changes in Intemal Revenue Code (IRC) regulations and other minor plan
modifications (e. g., retirement plan loans) that are nonnally documented in "plan documents.” Now
that the law has changed, each retirement plan has a separate plan document, thus, the AR can be
edited to reflect the higher-level tenets ofthe plans, which will not require continuous AR approval.
The only substantive change in this revision is the inclusion of language which permits employees on
scholarly leave to make up retirement contributions and receive the university match when they
retum from leave. All other changes are in structure or fonn to reflect the current practice and
administration ofthe retirement benefits.
Dr. McCorvey moved approval of HRCR 1. His motion was seconded by Dr. Pease and
carried without dissent. (See HRCR 1 at the end ofthe Minutes.)
II. Investment Committee Report
Dr. Brockman, chair of the Investment Committee, said that the Investment Committee met
that moming to review performance results and conduct other business. He reported that the
Endowment had a net market value of $812.1 million as of April 30, 2010. The Endowment has
participated in the market rebound during the current fiscal year, retuming 20.5 percent for the 10
months ended April 30th.