Minutes of a Regular Meeting, June 22-23, 2004 - Digital Collections

REGENTS’ POLICY MANUALSECTION 3—GENERAL POLICIESI) “HSC” means The University of Oklahoma Health Sciences Center located inOklahoma City and Tulsa.J) “Health Plan” means the University’s medical benefits plan.K) “Member” refers to an Eligible Employee who is a member of TRS on an optional ormandatory basis. Eligibility for membership in TRS is defined by the Board ofTrustees of TRS.L) “Phased Retirement” means retirement from the University as provided in Article IXhereof.M) “Policy” means The University of Oklahoma Retirement Policy.N) “Policy Administrator” means the University or its designee who is charged with theadministration of the Policy.O) “Retirement” is the termination of employment of Eligible Employees after satisfyingcertain criteria of length of service, age, and employment status as provided in thisPolicy and specifically Section V herein, entitling them to Benefits.P) “TRS” means the Teacher’s Retirement System of Oklahoma.Q) “Social Security” means the federal Social Security benefits program.R) “Supplement” means a monetary Benefit due certain retired University Employeeshired before July 1, 1991, who are also eligible to receive retirement income fromTRS. This Benefit is paid from the current operating funds of the University subjectto the statutes of the State of Oklahoma as a “Supplement” to benefits from TRS,Social Security, and the Defined Contribution Plan. Effective July 1, 1991, theoption for new Eligible Employees to qualify for a Supplement was eliminated.Additionally, any Eligible Employee participating in the Defined Contribution Planwho exercised the transferability option after October 1, 1992, would not qualify fora Supplement. Increases: Supplements for Eligible Retirees who qualify for theSupplement will be increased annually by whatever average percentage increase isprovided for active Eligible Employees in the University where such EligibleEmployee was working at the time payments of his/her Supplement commenced.The University has determined that no Eligible Employees will qualify for aSupplement under the Policy as it previously existed. Accordingly, the Supplementshall only be paid to those employees who have previously qualified for and/or arereceiving the Supplement in accordance with the terms of the Policy prior to thisamendment and restatement.S) “University” means the employment(s) under the jurisdiction of the Board of Regentswhich employs the Eligible Employees who become eligible for benefits under thisPolicy, namely; Norman and Tulsa Campus; University of Oklahoma HealthSciences Center, Oklahoma City and Tulsa Campuses.T) “Vesting” means the date on which an Eligible Employee acquires, by satisfying thetime and/or age requirements, the right to receive Benefits.THE UNIVERSITY OF OKLAHOMA 196