PURDUE UNIVERSITY
OFFICE OF THE BUSINESS MANAGER AND ASSISTANT TREASURER
WEST LAFAYETTE, INDIANA 47907
May 4, 1955
To: Participating and Prospective Members of the TIAA Retirement System
Re: BUSINESS OFFICE MEMORANDUM NO. 39
Social Security
The Board of Trustees has requested and received authorization to carry out a referendum in which eligible participating members of the TIAA retirement system will have the opportunity to express their wishes concerning the acceptance of Old Age and Survivors' Insurance in the Federal Social Security program.
No additional monies are available or are likely to become available to the University for the support of the staff retirement program. It will be necessary, therefore, to divide the present 10% contribution by the University between a revised TIAA plan and the Social Security plan, if the latter is accepted by the group. The overall contribution by the University cannot exceed 10% of base salary.
Under the proposed revision of the TIAA plan, the required employee contribution to TIAA will be 5% of base salary less the amounts payable to Social Security. If the employee wishes, he may make additional payments to TIAA by authorizing additional salary deductions for this purpose.
Arrangements have been made to hold a series of general meetings, during the week of 9-14 May, for discussion and explanation of the Social Security program. A 14 minute film explaining survivors' benefits under Social Security will be shown. Mr. E. J. Hupe of the local Social Security Office and a representative from this Office will be present to explain the relationship of TIAA, CREF and Social Security and to answer questions. The meetings will be held in the Electrical Engineering building auditorium at 4:00 P.M. on Monday, Wednesday, Thursday and Friday and at 11 A.M. on Saturday.
It is anticipated that each department; will have its own meeting to discuss the Social Security referendum. Individuals who are familiar with the Social Security program will be available to attend such meetings to answer questions. To arrange to have one of these people attend a departmental meeting, please call Prof. E. T. Weiler at 92-2501.
It is urged particularly that those eligible to vote in the referendum attend at least one of the meetings.
L. J. Freehafer
Business Manager
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