Meeting of the Board of Visitors Finance Committee
June 6, 2014
ACTION ITEMS
A. Adoption of Vesting Schedule for the Academic Division
Optional Retirement Plan
B. Capital Project Approval: McCormick Road Residence Hall
Renovation
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A DOPTION OF V ESTING
S CHEDULE FOR THE
ACADEMIC D IVISION
O PTIONAL R ETIREMENT
P LAN
PAT H O G A N
E X E C U T I V E V I C E P R E S I D E N T A N D C H I E F O P E R AT I N G O F F I C E R
Vesting Schedule for Academic
Division Optional Retirement Plan
• Legislation proposed by UVa, passed both House and Senate and was approved
by the Governor April 7, 2014.
• Allows higher education institutions to adopt vesting schedules in defined
contribution retirement plans (“Optional Retirement Plans”).
• Recommend UVa Optional Retirement Plan be amended to include a two year
“cliff” vesting for employees hired on or after July 1, 2014.
• Consistent with Medical Center retirement plan and with growing trend among
other higher education institutions.
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CAPITAL P ROJECT A PPROVAL :
M C C ORMICK R OAD
R ESIDENCE H ALL
R ENOVATION
COLETTE SHEEHY
VICE PRESIDENT FOR MANAGEMENT & BUDGET
Project Approval:
McCormick Road
Residence Hall
Renovation
• Ten buildings housing 1,330 1st
year students and resident
advisors
• Modernization and interior
renewal, addition of 65 beds
• $85.8 – $104.7 million total cost
• $18.2 million – Housing available
cash
• $67.6 - $86.5 million – Housing debt
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