Board of Trustees votes to increase contributions to employee retirement accounts Tuesday, Jan 26 2021 

By Madelin Shelton — 

The University of Louisville will be increasing the university’s contribution to employee retirement accounts to six percent of the employee’s salary effective Feb. 1 through June 30.

“The additional optional university contribution of 2.5 percent that matches voluntary employee contributions will also continue through this period,” U of L President Neeli Bendapudi said in an email.

This increase comes as the university had to implement several budget saving steps last spring in response to the financial fallout of the COVID-19 pandemic. One of these steps included eliminating the university’s contributions to individual retirement accounts. 2.5 percent of employer contributions were restored in August 2020, along with the full restoration of the 2.5 percent match for voluntary employee contributions, after the university found it financially feasible.

“This recent increase to 6 percent is possible because of savings incurred through sound and responsible financial planning and management, which included not only the retirement reduction but also a campus-wide program that reserved 5 percent of unit General Fund budgets to fund possible reductions in revenues,” Bendapudi said. A portion of the reserved General Fund budgets will now go directly to units with the discretion of vice presidents and deans.

The university will have to reevaluate the university retirement plan contributions in Summer 2021, but hopes to maintain the current level of contribution.

“We value you, our faculty and staff, and the important work you have continued to perform so well under less than ideal circumstances. We thank you for your efforts and promise to do our best to reward you for your dedication to the University of Louisville,” Bendapudi said.

File Graphic // The Louisville Cardinal

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Mary Nixon elected as new board of trustees chairwoman Saturday, Jul 20 2019 

By Matthew Keck–

Mary Nixon was elected the new chairwoman of the University of Louisville Board of Trustees on July 18. This announcement came after the board met for their first meeting of the new fiscal year.

U of L spokesman John Karman said outgoing chairman David Grissom will remain on the board as a trustee until his term expires on Jan. 13, 2023.

Nixon has served on the board since February 2018. She was appointed to the board by Gov. Matt Bevin, with her term set to expire on Jan. 13 2024.

Nixon worked as a financial executive for Yum! Brands Inc. before her initial appoint to the board. She replaced board member Diane Medley after her decision to not seek reappointment. Nixon also spent time on the board of advisers at her alma mater, Western Kentucky University.

Grissom served as the chairman for board since January 2017. Similarly to Nixon, Grissom was appointed to this role by the governor.

Grissom headed the board during tumultuous times including the dismissal of former President James Ramsey. He was also the chair during the university’s men’s basketball scandal which led to then head coach Rick Pitino and athletic director Tom Jurich’s firing.

One of Grissom’s bigger decisions as chairman came in 2018 when the board decided to hire current president Neeli Bendapudi. This would mark the first woman to ever hold the position of president at U of L.

Raymond Burse will serve as vice chair, Bonita Black as secretary, and Diane Medley as treasurer. Grissom was not elected to any other positions.

The U of L Board of Trustees nominates new officers at the start of each fiscal year.

Photo Courtesy of The University of Louisville

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