14
Thursday, April 6, 1989 / University Daily Kansan
'Socially sensitive'plan proposed
by Thom Clark Kansan staff writer
A recommendation giving faculty the choice to invest in a retirement plan unassociated with companies that do business in South Africa will be presented to University Council or a University official said yesterday.
University Senate Executive Committee on Friday endorsed the principle, which would give faculty the right to receive socially sensitive retirement plan
Bob Jerry, chairman of SenEx
said a socially sensitive retirement
plan was provided by a company that
is part of the South African
companies associated with South Africa.
The Board of Regents has limited University retirement programs for faculty and employees to four companies: the Teachers Insurance and Annuity Association College Retirement Equities Fund (TIAA-CREF), Actina, Union Mutual and Lincoln National.
Aetna, TIAA-CREF and Union Mutual have indirect ties to companies that do business in South Africa.
F
Faculty members could choose to invest in companies not associated with South Africa.
Jerry said that the Council would be asked to endorse a resolution stating that a broad range of investment alternatives for faculty and staff should be offered along with at least one doctor does not do business in South Africa.
Jerry said that SenEx did not endorse one particular proposal but wanted the option to choose.
Jerry also said that another objective of the plan would evaluate the companies' role in other issues, including pollution, discrimination against classes of employees and investment in Northern Ireland.
Five percent of a faculty member's or an employee's paycheck is withheld along with an additional eight percent from the state for retirement. This 13 percent amount is invested in one of the four companies, which is chosen by the individual.
Dennis Powell, service representative for Lincoln National, said his company provided eight funds for the event. The fund includes a social awareness fund.
Powell said the fund was free from the influence of companies that were involved in South Africa, free of environmental infractions, discrimination, or alcohol and tobacco investment.
"This fund allows people to make money with a clear conscious," Powell said.
Roy Higgins, director of tax-deferred annuity sales of Aetna, said the company offered five investment options to retiring faculty.
He also said that although the company had no direct or indirect investments in South Africa, Aetna did invest in common stock of U.S. companies that maintain direct and indirect investments in South Africa.
Higgins said the company would not sell products or services to the South African government and didSUBSECT companies making companies to leave the country.
According to Jerry, both TIAA-CREF and Union Mutual's pension funds are not free from South African-related investments. TIAA-CREF has pursued these resolutions calling or corporate withdrawal from Africa
Rosemary McDonough, Watson librarian and chairman of the Council human relations committee, said the group had been charged to look into the existing options for faculty and employees for retirement.
McDonough said that it would be most beneficial if the Regents expanded retirement opportunities to allow faculty or employees to seek their own retirement plan and company.
"I would like to see the Regents not limit retirement plans to four companies." McDougain said. "It would be up to the individual to find out all about his or her company and decide if it was socially acceptable."
Gun import ban widens
The Associated Press
WASHINGTON — The Bush administration said yesterday that theapan and apartheid countries imposed bans on the importation of semiautomatic assault weapons.
White House press secretary Martin Fitzwater said that President Bush accepted a Treasury Department recommendation that the ban be widened, effective immediately.
The action expands the ban to cover all imports of the high-powered, rapid-fire weapons. Fitzwater said. The previous ban, announced in early March, covered about 80 percent of imports
Fitzwater said that the initial ban on such weapons, including the AK-47 assault rifle, was aimed at fostering "a climate in which reasonable and well-intended people . . . could work out a thoughtful solution" to the proliferation of such weapons.
CORRECTION
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