82



                   Age                        Percentage

                     51
                     52                         2
                     53
                     54                         4
                     55                         5

     In no event shall the applicable percentage of salary at age 65 exceed 20%
     plus 1% for each fiscal year between the date of employment and the end of
     the fiscal year irn which the employee attainS age 70.

 XII Employees of the University who are not eligibie to participate in the retirement
     plan for Group I or employees in University positions covered by United States
     Civil Service or other Federal retirement nrograms other than Social Security
     shall be classified as Group II. Emplcvees in Group II shall receive retire-
     ment benefits computed by applying tc their salary at age 65* the same per-
     centages provided for computing the Supplemental Retirement Income for
     Group I employees and reducing the resultant product by the primary Social
     Security retirement income which is payable to the employee from date of
     retirement to age 72.  Upon the employee attaining age 72 the benefit will
     be in addition to all Social Security benefits, The foregoing shall not apply
     to Office or Service Personnel with fewer than fifteen consecutive years of
     service to the University. It shall apply only to a person who i1s employed
     full-time at the date of retirement and who has been a full-time employee
     throughout the major part of his period of service.  Any credit allowed
     for years of part-time employment shall be fractional.

XIII Amendment These retirement plans for University employees replace the
     Change of Assignment provisions of Section .3 of the Governing Regulations
     of the University of Kentucky which Section is hereby repealed. While it is
     expected that the plan for Group I will continue indefinitely, a new pension
     or retirement plan for Group II employees is now under consideration by the
     Board and, when adopted, will supersede the provisions made herein for
     that group. The University reserves the right to change the contribution
     rates for Group I or at any time modify either of the plans in any way that
     is not in conflict with the participant's accrued contractual rights.

XIV Effective Date  The effective date of these retirement plans shall be July 1,
     1964.

     *Any person who, at the timne he reaches the age of 65, is serving overseas
     on a University project, shadl have substituted for his salary at 65 the salary
     received at the University for the year following the service overseas, or in
     case of no such service then for the year preceding the service overseas,