Viewing page 309 of 520

This transcription has been completed. Contact us with corrections.

SMITHSONIAN INSTITUTION   1486

As I have said last yesr, the members of the Board of Regents know I will always use my best judgment in this work for the Smithsonian, but in view of the fluctuations of interest rates to combat inflationary pressures and world-wide conditions, no one can be infallible in matters relating to investment of trust funds.

Respectfully submitted,

/s/ Robert V. Fleming
Chairman

EXECUTIVE SESSION

Dr. Robert V. Fleming, Chairman, Executive Committee, Board of Regents, Smithsonian Institution requested the Secretary and other members of the staff of the Smithsonian Institution to leave the meeting room. The question of the Secretary's retirement program was then considered.

After discussion on a motion made by Dr. Greenewalt and seconded by Senator Saltonstall, it was unanimously

VOTED by all Regents present that Section 5 of the agreement of April 9, 1952, which refers to Dr. Carmichael's retirement and which reads as follows:

"(5) Dr. Carmichael on attaining the age of sixty-five years will on retirement be granted a pension by the Regents, to be paid out of the income of the Trust Funds of the Institution, which pension together with the annuity referred to in paragraph (4) will constitute a sum of not less than Twelve Thousand Dollars ($12,000) per annum. Solely for the purpose of determining the amount of the pension to be granted by the Regents, the annuity referred to herein shall be considered and computed upon a single life annuity basis as provided for under the United States Civil Service Retirement System."

be amended to read:

(5) Dr. Carmichael on attaining the age of sixty-five years will on retirement be granted a pension by the Regents, to be paid out of the income of the Trust Funds of the Institution, which pension together with the annuity referred to in paragraph (4) will constitute a sum of not less than Fifteen Thousand Dollars ($15,000) per annum. Solely for the

Transcription Notes:
.