During the November meeting, the Faculty Council heard from Sidney Stein, chair of the University Senate’s Fringe Benefits Committee, and Ken Walker, both of the School of Medicine, about concerns over rules governing the rates at which an employee may withdraw mandatory contributions and University-contributed funds early from a retire- ment account. (Current rules state that a “pre-retirement cash withdrawal” is available to employees who have reached 59 1⁄2 years of age. This is available on employee contribu- tions only.) Stein and Walker argued that more funds, especially for faculty (for whom retirement is not mandatory) who are well beyond the age of 59 1⁄2 , should be accessible for pre-retirement withdrawal. “We have, I think, a university interest in people having money kept available to them for retirement, versus the interest of an individual who is interested in having access to that money,” Stein said. At a meeting later in the year, the Faculty Council will hear from a Human Resources representative, who will clarify the university’s position as the Council considers the request and the issue.
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