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TIAA-CREF RESOLUTION



(Board of Trustees Meeting, March 31, 1968)



The Board of Trustees endorsed a TIAA-CREF resolution which

makes available to employees of the College the purchase of an annuity

as a non-taxable deduction from gross income. The amount of annuity

will be deducted from the employees' salary checks before deductions



for income taxes. The income will be taxable to the annuitant upon



receipt after retirement.