STETSON UNIVERSITY
FACULTY BULLETIN
Volume XXVIV, Number 15 Week of January 13, 1980
IMPORTANT EVENTS
Wednesday, January 16 10:50 - 11:20 a.m. University Worship Service
Duncan Boyd, senior history
major from Deerfield Beach
The Cardiac Screening Mobile Unit has been scheduled for Stetson Jan. 28 & 29, 1980. All
faculty & staff are eligible for this service. Please call ext 486 after Jan. 8, 1980 to
make your appointment.
ALL FULL TIME EMPLOYEES WHO RECEIVE LIFE INSURANCE COVERAGE UNDER THE PRUDENTIAL GROUP POLICY:
If any employee covered under the University's group policy with the Prudential Insurance
Company of America has assigned ownership of that Group Life Policy to an assignee a recent
Internal Revenue Service ruling (79-231) may effect the validity of that assignment. A full
explanation of this revenue ruling has been provided by the Prudential and is available in
Mr. Edmondson's office or with Mrs. Wilkins at the payroll desk in the Comptroller's Office.
If you have assigned ownership in your life insurance policy, you should drop by and read the
full ruling and the explanation. If you are interested in doing so, there is a proposed
assignment form which should be reviewed with your attorney. The University is glad to make
this information from the carrier available, but cannot offer advice or counsel as to the
use of the assignment procedure by individual employees since personal tax consequences are
involved. /s/ H.G. Edmondson
TIAA-CREF TO ADOPT A UNISEX MORTALITY TABLE FOR FUTURE ANNUITY PURCHASES
Faculty and staff members will be interested in an excerpt from a news release of Dec. 18
from TIAA:
"NEW YORK — TIAA-CREF, the college and university retirement system, will seek New York
State Insurance Department approval of a merged gender, or "unisex," mortality table for use
in TIAA and CREF annuities, it was announced today by Tom Edwards, chairman of Teachers
Insurance and Annuity Association and College Retirement Equities Fund.
He pointed out that the 600,000 annuity contracts now in force throughout the system permit changes in mortality tables, and that this new table will take age but not sex into account in determining the monthly annuity benefits to be purchased by future premiums to
these and all newly issued annuity contracts. This will mean that men and women of the same
age will receive equal monthly benefits for equal premiums paid on the new basis.
The change will not affect payments to persons now receiving annuity income, nor will it
affect any future benefits resulting from premiums paid before the adoption of the new table.
'This decision results from the weight of opinion from recent judicial, legislative and
regulatory developments, and from concerns of our own participating institutions,' Edwards
stated. 'What's happening,' he said, 'is that today's social pressures are taking precedence
over using the known differences in male and female life expectancies for determining retirement benefits.'
The introduction of the new TIAA-CREF mortality table, scheduled for mid-summer 1980, will
accommodate this change in policy without affecting commitments made to participants in prior
years. It will preserve intact the full funding, full vesting and portability of individually
owned annuity contracts used throughout the TIAA-CREF system.
Bulletins are being prepared to be sent to participants and institutions as soon as the
necessary approvals have been obtained."
The full news release is posted for those interested on the staff bulletin board in
Elizabeth Hall. /s/ H.G. Edmondson
