249



CERTIFICATION OF POLICY ADOPTED BY THE BOARD OF TRUSTEES

(Board of Trustees meeting, March 9, 1986)



Re: To establish employer and employee contributions to the

TIAA/CREF retirement program effective October 1, 1986.



This is to certify that the FY 1986-87 budget guidelines approved

by resolution of the Board of Trustees at its meeting on March

9, 1986 contained the following provisions:



1. A provision increasing the TIAA/CREF combined

employer-employee contribution from 15% to 17%

of salaries to bring contributions of this plan

in line with combined employer-employee contributions

to the Virgin Islands Government Employees Retirement

System.



2. A provision maintaining the College's TIAA/CREF

employer contribution at 11.25% of salaries, in light of

the legally mandated employer contribution to the V.I.

Government Employees Retirement System of 11%, with the



remaining TIAA/CREF contribution of 5.75% to be made by

the employee.



3. A provision explaining that this action is the result of

recent legislation (Act No. 5118) which allows eligible

faculty members and professional staff the option of

joining either the College sponsored TIAA/ CREF

retirement program or the Virgin Islands Government



Employees Retirement System.



The undersigned does certify that the foregoing is a true

representation of a proposal adopted and approved by the Board of



Trustees, as part of the College's 1986-1987 budget guidelines,

at its meeting on March 9, 1986.



certitiet_ciiek ahah vate etethé



Dr. Arthur A. Richards

Secretary of the Board