Page:A History of the University of Chicago by Thomas Wakefield Goodspeed.djvu/567

 APPENDIX 499 Divinity School, the Law School, or the Colleges, may retire from active service, or be retired by the Board of Trustees on an annual allowance to be computed as follows: a) For fifteen years of service, forty per cent of the average annual salary received during the five years immediately preceding the time of retirement. b) For each year of service beyond fifteen years, two per cent of the said average annual salary. But no annual allowance shall exceed sixty per cent of the said average annual salary, nor shall it exceed $3,000.00. A person between sixty-five and seventy years of age, eligible to a retiring allowance, may retire, or may be retired by the Board of Trustees; at the age of seventy years he shall retire, unless the Board of Trustees specially con- tinues his service. 2. The widow of any person in receipt of, or eligible to, a retiring allow- ance at the time of his death, shall be entitled to one-half of the amount of his allowance during the period of her widowhood, provided she was his wife at the time of his retirement and had been his wife for not less than ten years before his death. 3. No right or claim under this statute, shall vest in, or accrue to, any person until a retiring allowance shall become due and payable under and in accordance with it; and the exercise of the right or power of the Board of Trustees to terminate the service, or reduce the salary, of any person shall not give to such person any claim or cause of action hereunder against the University. 4. The Board of Trustees reserves the right to suspend the retiring allow- ance of any person, who, while in receipt of such allowance, accepts an appoint- ment on the staff of any other institution of learning. 5. The obligation of the University to pay retiring allowances shall be neither greater nor less than its obligation to pay salaries to persons in active service, so that if misfortune should compel a percentage reduction of salaries, retiring allowances may be reduced in the same proportion. 6. Nothing in this statute shall preclude the Board from granting other retiring allowances, or allowances on account of disability to officers of adminis- tration or instruction, or their widows, where the term and character of service, or the special circumstances of the case make the same appropriate, or from adding a term of years to the actual years of service of a person who enters the service of the University as an associate professor or of higher rank. 7. The Board of Trustees retains the power to alter this statute, but the alteration shall not have any effect as to persons of the class or rank mentioned in Article i, at the time of such alteration.