Bd. Min. 6-6-62, p. 20,828, as amended by Bd. Min. 1-8-66, 31,217; Bd. Min. 2-17-67, p. 33,808; effective 3-1-67, as amended Bd. Min. 6-27-80; Bd. Min. 6-27-80 and Bd. Min. 5-22-81; Bd. Min. 6-30-73, p. 36,737, revised 10-29-93, effective 1-1-94.
The University may purchase annuities or mutual funds for its employees in accordance with the applicable Internal Revenue Code. The President of the University shall determine and promulgate all necessary rules and regulations for the operation of the tax deferred annuity program. The companies offering annuities shall maintain a rating of at least the equivalent of the Best A-.