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[98]

Part of Minutes of the University of Kentucky Board of Trustees

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-3- (b) If employed on or after July 1, 1971: upon the completion of five years of continuous participation in the plan. V. Leave of Absence. During leave of absence on part pay, the University will continue contributions as provided for in Section III at the same rate and amount as was in effect during the last monthly pay period of the individual prior to his leave of absence if the Group II participant elects to continue his own contributions in a like manner. VI. Termination of Service. If a Group II classified participant terminates employment before vesting of the annuities purchased by University con- tributions, as set forth in Section IV, the participant may, in lieu of accepting his annuity in full satisfaction of his rights under this plan, elect to receive an amount equal to the greater of: (1) the sum of all his contributions with interest accrued at the guaranteed interest rate in effect for TIAA annuities at the time of termination or (2) the accumulated value of all his contributions less any TIAA charges. If a Group II classified participant terminates employment following the period required for the annuities to vest (become his property) he retains his right to all benefits which have been purchased by his own and the University of Kentucky's contributions. Contributions may be continued by another educational institution, or the participant may continue to contribute to his annuity on his own any amount but not less than an annual premium of $50 to TIAA or $100 to TIAA-CREF. If con- tributions are not continued, the full value of his accumulation remains to his credit, continues to participate in TIAA-CREF earnings, and will provide annuity income beginning at whatever age he selects. TIAA-CREF annuities do not provide for loans or cash surrender. However, under current practice, TIAA-CREF will, upon termination of employment, repurchase (buy back) annuity contracts provided that all of the following conditions are met: (1) the participant has been a TIAA or TIAA-CREF annuity owner for five years or less, and (2) he is not transferring to another institution which participates in the TIAA-CREF system, and (3) all educational institutions that contributed any part of the premium give their consent. If repurchased, the annuities are cancelled and that portion of the net accumulated value attributable to the University's contributions will be returned to the University by TIAA-CREF; the balance will be returned to the terminating employee.