EXECUTIVE COMMITTEE MEETING
September 16, 1994 Minutes
Present:  Committee Chairman Jesse, Trustees Anderson,
McGinley and Townsend.  Also, President Beering, Treasurer Ford, Assistant Treasurer Burns, Assistant Director (Staff Benefits) Beelke, Director of Personnel Services Crocker and Secretary Pearson.
I. The Term Life Insurance and Medical Benefits Plan for year 1995, which had been mailed to the Committee, was reviewed by Assistant Treasurer Burns and unanimously approved by the Committee for presentation to the full Board.
II. The Committee received an update from Assistant Treasurer Burns on the recommendations of TIAA-CREF Transferability which is still under review.  The recommendations will be coming to the full Board in the near future.
III. Retirement Investment Options for Faculty and Staff were reviewed by Assistant Treasurer Burns.  Two new CREF funds, the Equity Index Fund and the Growth Fund,, fall within the risk/reward spectrum appropriate for retirement investing.  The Committee approved adding these new CREF funds to the core group of investments available to staff participating in the contribution plan with TIAA-CREF.  These options will be presented to the full Board.
IV. Assistant Treasurer Burns presented to the Committee the proposed modification to the Pension Plan for Police Officers and Firefighters.  Mr. Burns explained that the police officers and firefighters contribute 3% of whatever the current base salary is for a first class patrol officer, but when the plan was put into effect it was not treated as a pre-tax employee contribution.  The proposed modification states that Purdue will pick up that 3% contribution and then the gross salary will be reduced by that amount; thereby no income tax is paid on the amount and the benefit to the