____________ _

POSITION ORGANIZATION/ENTf'lY

.........

lJfth'M -rJP·

· "'=

Reviewing Officer

3.

6.

2.

A0-10 lkv.1/2004

Report Required by the Ethics FINAl'ICIAL DISCLOSURE REPORT in Governmcut Act nf 1978

Calendar Year 2003 (5 U.S.C. app. §§ IOl-Ul)

L Person Reporting (Last name, First name, Middle initial)

Calabresi, Guido

4. Title (Article Ill Judges indicate active or senior status; magistrate judges indicate full- or part-time)

US Ct of Appeals Judge,Active

7. Chambers or Office Address

U.S. Court of Appeals, 2nd Cir

I 57 Church Street

2. Court or Organization 3. Dute of Report

U.S. Court of Appeals, 2nd Cir 711912004

5. RcportType (check appropriate type) 6. Reporting Period

0 Nomination, Date 1/1/2003

Q Initial @ Annual Q Final to

12131/2003

8. On the basis of tl1e infunnation contained in this Report and any modifications pertaining U1ereto, it is, in my opinion, in compliance wilh applicable laws and regulations.

New Haven, CT 06510-2030

L POSffiONS. (Reporting individual only; see pp. 9-13 of filing instructions)

NONE · (No reportable positions.)

NAME OF

1. Sterling Professor Emerilus, Professorial Lecturer Yale Law School, 11/01/1995 ·present

2. Honorary Trustee· Unpaid Carolyn Foundation, MN, 01101/1996 ·present

Trustee I Board Member • Unpaid Micheljohn Institute, Legal Studies, Amherst, 1994-present

4. Member , Scientific Committee- Unpaid Centro Nazionale Prevenzione e Difesa Sociale, 1988-present

5. Trustee • Unpaid Oquossoc Angling Association, 1984-present

President, Board ofTrustees ·Unpaid Chapel of St Thomas More. Yale University, 1997-prclsimt " ur·· -r; f''' '\\7. Member • Unpaid Northwestern University Law Board, 2002-present ;2 Z =.- ;:;,� --

. :,: : Ti

...

·c:::>

Il. AGREEMENTS. (Reporting individual only; see pp. 14-16 offiling instmctions) ...c::..

D NONE · (No reportable agreements.)

PARTIES AND TERMS

1. Present Right to be Professorial Lecturer:, Yale University, upon retirement (See Attachment A)

Present Right to use acc.umulated (approximately $3,000) research and travel fund, Yale University, even after retirement

7/29/2004

2.

3.

2.

3.

359.

Name or Person I\cportingF1NANCIAL DISCLOSURE REPORT Dale of Report '

Calabresi, Guido

III. NON-INVESTMENT INCON.ffi. (Reporting individual and spouse; see pp. 17-24 of filing instructions)

A. Filer's Non-Investment Incom D NONE - (No reportable non-investment ine-0me.)

1. 2003

SOURCE AND TYPE

Yale University- part-time teaching

GROSS INCOME

(yours, not spouse's)

23,200.

Yale University Press - royalties for previously written book .2003

2003 W.W. Norton & Co. - royalties for previously written book 452.

B. Spouse's Non-Investment Incom - (If you were married during any portion of the reporting year, please complete this section. (dollar amount not required except for honoraria)

lill NONE · (No reportable non-investment income.)

SOURCE AND TYPE

l.

IV. REIMBURSEMENTS - transportation, lodging, food, entertainmenL

(lnclud those to spouse and dependent children. See pp. 25-27 ofinstructions. )

· 0 NONE - (No such reportable reimbursements.)

SOURCE DESCRIPTION

I. University ofMichigan 04/04/03 to 04105103 - Lecture (travel, food, lodging) Ann Arbor, Ml

Stanford University 05/01/03 to 05103103 - Lecture (travel, food, lodging) Palo Alto, CA

Boston Bar Association 05/06/03 to 05/07/03 - Lecture (travel, food, lodging) Boston, MA

4. Osservatore Giordano dell'Amore 05/18/03 to 05/20/03 - Lecture (travel, food, lodging) Stresa, Italy

5. Italian Assoc. Comparative Law 05/22/03 - Lecture (travel) Pisa, Italy

6. University of Maryland 05123103 - Lecture, Hon Degree (travel, food) Baltimore, MD

7. Carolyn Foundation 05131/03 to 06/01/03 - Trustee Meetings (travel, food, lodging) Minneapolis, MN

FlNA<.NCL'lL DISCLOSURE REPORT Name of Person Reporting

Calabresi, Guido

Date of Report

7/29/2004

N. REIMBURSEJ.v.1ENTS transportation, lodging, food, entertainment. -

(Includes those to spouse and dependent children. See pp. 25-27 of instmctions.)

0 NONE (No such reportable reimbursements.) -

SOURCE DESCRIPTION

8. Canadian Institute Advanced Legal Studies 07/20/03 to 07123/03 - Lecture (travel, food, lodging) Cambridge, England

9. American Constitution Society 08/01/03 to 08/02/03 - Lecture (travel, food, lodging) Washington, DC

l O. Heinz Foundation 10/19/03 to 10/20/03 - Prize Advisory Committee (travel, food, lodging) Pittsburgh, PA

DESCRIPTION

DESCRIPTION CODE

L

FINANCIAL DISCLOSURE REPORT Nameor1)erson Rcpurting Date of Report

Calabresi, Guido 7/29/2004

V. GIFTS. (Includes those to spouse and dependent children. See pp. 28-31 of instructions.}

NONE (No such reportable gifts.) -

SOURCE

l.

VI. LIABILITIES. (Includes those of spouse and dependent children. See pp. 32-34 ofinstructions.)

NONE (No reportable liabilities.) -

CREDITOR VALUE

{!) (3) (4)

]

(2)

5.

7.

17.

FINANCIAL DISCLOSURE REPORT Date or Report ' Name of Person Reporting ,_ r

Calabresi, GuidoPage 1of4 7/29/2004

-- income, 1·alue, transcations (inclttdes !hose of the spouse and dependent children. See pp. 34-5 7 of filing instm tions.) v:rr. J11fVESTMENTS and TRUSTS

A. 8. c. D. Inc-0me during Gross value at end of Transactions during reporting perfod

Desciiption of Ass ts reporting period reporting period (including trust assets)

If 11ot exempt from disclosure (2) (1) (ll (2) (5)

Place "(X)" afte,- caclt asset exempt Amo1mt Type \e.g. Value Value Type (e.g. Date: Value Gain Identity of from prior disclosure Code 1 div. rent. or Co&2 Method buy, sell, Month- c,;de 2 Code buyer/selkr

merger,(A-H) int.} (J-P) Code3 Day (J·P) 1 (A- (if private (Q-W) redemption} 1·1' transaction)

DNONE (No reportable income, assets, or transactioos)

I. Fleet Bank, checking account A Interest K T

2. Fleet Bank, IMMAAccowit A ln'terest M T

3. Banco di Napoli, checking account A Interest J T

4. Merrill Lynch Widely Diversified CMAMoney D Interest Pl T Fund

I Shares T S & P 500 (mutual fund)@ Merrill Lynch None Pl T buy 12129 Pl

6. I Shares T S & P M400 (mutual fund) @ Merrill None 0 T buy 12130 0 Lynch

American Growth Fund Mutual Fund@ Merrill None 0 T buy 12129 0 Lynch

8.

9.

General Mills (common) @Merrill Lynch D Dividend N T part donated

part buy

12/23

12123

L

L

10. Demand Note, J.T. Hirschoff B Interest K. T part repaid 01/05 J

11. part repaid 02/0S J

12. part repaid 03/0S J

13. part repaid 04/05 J

14. part repaid 05/05 J

15. part repaid 06/0S

16. part repaid 07/0S J

18.

part repaid 08/0S J

part repaid 09/05 J

--------·---·--

(I l (2) (3)

-

s:r: r:::: !: .. v:·;'$LOO .l;;.1Ck .':. ·; r 1;;: ,,s),O i��?: '. �: ·::, qf!JiJ �\i.?.}r.�15,000 S1S,�! S50,000' l??f( p:,.: :,tSo;oai s100;000 , 9;-.s101>,0Ql.,$l,O.QO, o o

::, ·;;; .. ':.s·1 .00 1lf /K'·::::.;; $1 :ooi. sso:0Qo; J:.'.:,,',\L co1w m cl' ;Ji)3).l't i' . ' OO-Ss o,Q , -,.- :,'to)1: 5oo ''· : i1iJ:21':F; ,j ;s1: Q11.1tiii';$s Qi,g, oo ·\· ·2 : : s.ooo,001..s2 .ooo,ooo

:·?.:. s r r: 12 : ' r i s!,\.,9,:,f ? f l E'.5', !f 12 1!i ' -·-: '_"_··-;'_._···-·- _____ _··_ . ....

c.

(2)

(J..I')

19.

25.

.27.

33.

I. lnco!llciGaiu ; :\'· ... :·:. ·.�·: E, ·:

l_' ..

i'INANCIAL DiSCLOSUIU REl)ORT Name llf Pm'!.011 lkpmting Dale of Report ·Pfrgc 2·of 4 Calabresi, Guido 7(29/2004

VII. INVESTMENTS and TRUSTS .. in,·mue. valuc, lr:m catit•o (inclu,lcs thllsc of lhc spouse and dependent chilurc11. S<!c pp . . lol-57 of filing iustruclinns.)

A. II, {),Transactions during repuning pcrill<l ln.:ome during Gross value al cnd ol'

Description of Assets rcporti11g pc1fod rcpmting period (including tnL'l as ts) If 1101 e:<cmpl frolll discto,;urn (I) (l)(2)

t4J (5) Identity ofValue Type {e.g.Pla1.-c "tX)" a!lcr eacl1 asset excmpl Amount ValueTy11e (e.g.

Method. buy.sell,frnm prior disclosure I Cullc2div. rent. or Value GainUate:

Month·Code buycrlsd!.:r(if pl'i,•alc transaction)

Code3 tQ·W)

Codel Codemerger, Day I (A·(J-PJint)(A ·II) redemption) m

part repaid 10105 J

part repaid 11/05 J20.

part repaid 12105 J21.

T MN'ftee F.M. Cros by Trust, income beneliciary, US Bank, F Div. & lnl. Pl22.

23. ·First Am. Tax Free Oblig (cash equiv) fom1edy-Prime Oblig

24. -First Am. Technology Fund (Mutual Fund)

·First Am. Short Tax Free (mutual fund) buy unkn. L -to me.

26. -General Mills (common)

·Investment Co. of America (mutual fund)

28. H.McK Crosby Trust, income beneficiary, US Bank, MN Ttee

E Div. & Int Pl- T

29. ·First Am.Tax Free Oblig. (cash equiv.) formerly-PrimeOblig

30. First Am. Short Tax F ree (mutual fund) buy unkn. "" to me.

31. ·Imation Corp (common)

32. ·Investment Co. of America (mutual fund)

-Minnesota Mining & Mfg. (common)

34. ·First Am. Small Cap Growth Fund (mutual fund)

-First Am. Technology Fund (mutual fund) 35.

H. McKCrosbyTr.( 1940),income beneficiary, US None sell 09/30 P2 HI adult children Bank, MN,Ttee

36.

{Se Colm!lJI BI .i 2. value Codes:

H\ .... St,o o,001..S5,ooo,o o · H2.'"" Mllfc tlian ss.000.000 · ..,;s5Q,iio1.s100,ooo M ,:= 1op,oa1-s2so.ooa·

: , . • .:.

... :.. . · ··' .

, ,,,,: ;:'i 1css···.:.. : .. cse.: I

("

If

l4)

-

-

43.

48.

49.

50.

54.

. FINANCIAL DISCLOSURE REPORT . Date of Rep1irt Name of P.:rson Reporting .

Page 3 of 4 Calabresi, Guido 7/29/2004

- iucome, value, trans®tions (includes those of th" spot e and dependent children. See pp. 34-57 offiiing instructions.) VII. INVESTMENTS and TRUSTS

37.

38.

A.

Desciiption of Assets (including trust assets)

Plai:e "(X)" after each asset exempt from prior disclosure

ATC- Appt Trust, J.HirschoH: Ttee, Stamford,CT,income benef

-Darden Restaurants (common)

B.

Income during reporting period

(I) (2)

Amo uni Type (e.g. Code I div. rent. or (A-H) int.)

None

Gmss value at end nf repDrting period

(l) (2)

Value Value Codc2 Method (J-P) Cude3

(Q-W)

P2 T

D. Transactions during reporting period

(I) not exempt from disclo ure

{2) (3) (5) Type (e.g. Dale: Value Gain Identity of buy, sell, Month- .C(tde2 Code buyer/seller merger, Day (J-P) I (A- (if private redemption) H\ lrnnsaction)

39. -DuPont Co. (common)

40.

41.

-EXJ!.on (common)

-General Mills (common)

42. -IBM (common)

-JP Morgan (common)

44. -XCEL Energy (common)

-SBC Communications (common) 45.

--US Bancorp (common) 46.

-Investment Co. of America (mutual fund) 47.

-Cash - money funds

-Radkowski Thorium Power Corp. {common)

-Am. Growth Fund (mutual fund) buy 09109 P l

51. income ben A TC - Probate Trust,J.Hirscho Ttee,Stamford,CT None Pl T

52. -Connecticut Municipal Bond (mutual fund) sell 09/09 0

·CMAMoney Fund (cash equiv.) 53.

-I Shares TS & P 500 (mutual fund) buy 09/10 0

(l) (2) (3) (4)

-

I

FINANCIAL DISCLOSURE REPORT Dale of Report Name of Person Reporting

Calabresi, GuidoPage 4of4 7/29/2004

- income, value, transcations (includes !hose of the spouse and dependent children. Sec µp. 34-:i7 ofliling insm1ctim1s.) VII. 11'.TVESTMENTS and TRUSTS

A. B. c D. Income <luri11g Gross value al end of Transactions during rcptl11ing perit>d

Descdption of Assets reporting peri\ld reponing period (including trust assclll)

(2) (I J (2) If not exempt from disclosure {I)

SS.

56.

Place "(X)" after each asset exempt from prior disclosure

GC llmfrust,M.DeVane,Ttee. New Haven. CT, income benef.

-Fleet Financial (common)

Amount Code! (A-H)

Type (e.g. div. rent. or int.)

None

Value Code2 (J-P)

0

Value Method Code3

(Q-W)

T

Type (e.g. buy. sell. merger, redemption)

Date: Month-Day

Value Code2 (J-P)

Gain Code l (A-H\

(5) Identity of buyer/seller {ifprivate transaction)

57. -Morgan Stanley Em. Mkt Fd (mutual fund)

-Cash58.

59.

60.

Guido Calabresi Retireme nt, TIAA-CREF

Fleet Financial (common) @ Merrill Lynch E

None

Dividend

Pl

0

T

T

61. Charitable Remainter Tr, Yale Univ, CT-Ttee, income benef

F Div. &Int. Pl T

62.

63.

-Grantham. Mayo, Van Otterloo (mutual funds)

Investment Co. of America (mutual fund) A Dividend J T

64. Mass Mutual (whole life) lnsurllllce B Dividend • F T see notes

65. New York Life (whole life) Insurance A Dividend F T see notes

66. AIG SunAmerican {whole life) Insurance None E T tes

Name of Person Repoiting Date of Report · FINANCIAL DISCLOSURE

Caiabresi, Guido 7/2912004

(lndic-01c part of Reporr.) VIII. ADDffiONAL INFORMATION OR EXPLANATIONS

VII: Investments and Trusts ( con't)

With respect to Section VII, I have included the face value of life insurance policies on my life and the life of a relative which were referred to in the previous year's notes but omitted from the previous year's schedule. (See asset numbers 62,63,64).

I have not included my personal residence in Connecticut and its adjacent land; an apartment and caretaker's apartment and an olive grove in Italy held for vacation trips and not for investment or the production of income; a fishing camp in Maine held for vacation trips and not for investment of the production of income; land across the road from my residence in Connecticut held to protect my land and not for investment or the production of income; and additional land identical to this and adjacent to it

The trusts described in VII#36, #37 (including assets #3 8·50), #5 l (including assets #52-54), #55 (including assets# 56-58) and the retirement account described in VII 1159 did not distribute any income to me or to an immediate family member. Income was earned and not distributed.

In 1995 a family member and I established a Charitable Remainder Unitrust with Yale University (the principal charitable beneficiary) as Trustee, The family member and I are 5.5% income beneficiaries during our lives, or 20 years, whichever is longer. The trustee is instructed to invest the money only in widely diversified mutual or money market funds. See VII #61 (including asset #62).

Q •· j A ('}1 Date

--;---

.

--1--; _

FINANCIAL DISCLOSURE REPORT NruneofPerson Rcponing

Calabresi, Guido

Date of Report

7/2912004

IX. CERTIFICATION.

I certify that all information given above (including information pertaining to my spouse and minor or dependent children, if any) is accurate, true, and complete to the best of my knowledge and belief, and that any information not reported was withheld because it met applicable statutory provisions permitting non-disclosure.

I further certify that earned income from outside employment and honoraria and the acceptance of gifts which have been reported are in compliance with the provisions of 5 U.S.C. § 501 et. seq., 5 U.S.C. § 7353, and Judicial Conference regulations.

Signature

r z 0 Lj

NOTE: ANY INDIVIDUAL WHO KNOWINGLY AND WILFULLY FALSIFIES ORF AILS TO FILE THIS REPORT MAY BE SUBJECT TO CIVIL AND CRIMINAL SANCTIONS (5 U.S.C. app. § 104)

FILING INSTRUCTIONS

Mail signed original and 3 additional copies to:

Committee on Financial Disclosure

Administrative Office of the United States Courts

Suite 2-301

One Columbus Circle, N.E.

Washington, D.C. 20544

- -

;will

Tenured members of the Faculty upon recirement: may elacr to ccnt:inue

To: Guide Ca.labresi

Frcm: Stephan Ya • Daca: Feb ry 3, 1994

Ra: Retirement: bene fits ..

teaching a:nd other activities ac the School on a part·time basis. In accordance with u.sua1 curricular precesses retired professors may teach one half time or less. Faculty. members elec:t:ing to teach half ti.ma may offer 1.1p

oneto course in each semester f the academic year or, by arrangement: with the Dean. two coursea in one term followed by a ·term in which they offer no courses. The parc·time privileges and responsibilities will ccncinue withcuc term. but: subject to the scand.ards for concinu.aticn applied to ncn·ret:ired.

• · · ·tenu;:ed fa.cul.ty 1111u1ber.s.

'·;S: ":: '<I· Retired .fa.culcy'mu.sc take up a reduced taa.ching assignment: within two

yea.rs of the d.a. e of their retirement and may not incer.rupt their teaching fcr longer than two ac.ademic years without forfeiting their &ppoin'tmencs. Retired faculty who elect to teach pa.rt-time will design.aced a.s Professorial I.ec?:Urers. Appropriate compensat:icn for pa.rr-time teac.hing is de cermined by· the Dean.

,•

After retirement faC".Jlty continue to receive va.ricu.s forms of support. The su.ppa:i: may depend on whet:har 'Cha faculty member ccnt:inues t:c taa.ch.

Offices:

Upon retirement: faculty members: leave the larger· offices that they may ccc:upy and will lose their.·pc.siticn en the office aeniorit:y li:n:, but: vill be prcvidad ot:her o££ica spa.cs.

Sec::eca.ri.al

: &ecired f.acul ty ·will continue cc. rece.ive secrer.ari.al -support, but at a. redw:ed level. In general, Professorial Lacturer.s ·would

recsi v• hal.f the usual allac.at:ian for full time f.ac:ul.t"'/.

I.eaves

R.ecired faculty who continue to tu.ch can be granted

triennial leave propcrticnaca t:o the am.cunt: of taaching t:J;ey ara doing (e · g. A . . ·prcfessori.al t.act:U.r r who is teaching a course a semestar'cculd receive a

"semest:er uienni.al le.ave every t:hrae yea.rs. Pay far the leave would be equal

'.to cha am.runt:· that the faculty member would. have r2ceived fer 'Ce.aching ct;ac

J;rcm pre-ret:i:rement, bur: only a.s to tna timing; cl: r:.::ie nex:: .Lea.vi;, 1.1.u1;1, 1Hu.c mus confer.a to the s'tipulat:icn £bove (e.g. A fac:.tlt:y member who bad no leave

a.£t:er ret:iramenc would bo eli&ible fer a. pa.id le.ave in the sec.end .Semester of

years prierfor to retirement a.nd whc srari:ed teaching a c=ursa a se est rrwo

retirement:, but the pay vculd be in the .amcun'I: of the salary t.. r would have bee n paid fer taachi.ng a course in that amest:er).

.. Summar Stipend.s

letired faculty a.re nee al.igible fer "ummer s'tipends.

Research A:.ssi:.n:.an1::1

Recirad faculty may receive the :.rs.me type of re.search support as full time faculty. Requests for research a.ssist.ant:s and travel must: be submitted ta tha de fer approval. Other supper: requast:.s -

comput:ers, duplica.t:ing, etc. would be processed chrcugh exist:ing•

adminiscrative procedures wit:h non-routine approval being rafer:r:ed to the dean. General supporc from the lib%'.a.ry and its st:aff vill be availa.ble . !ook purchase request::s .should be direct:ed to the Ubr.arian. 'All cf these procedures are identical to these in place fer full time faculty.

S.al:.a.:ry.

Salary will be negct:ia.t:ed individually with the dean, but as

a. general guideline Prcfassorial Lect:Urers who teach a course each semester after retirement will receive one qua.rt:er cf their pre-retirem.enc salar/. 'Iha.t salary will be re?,lewed annually and Professorial Lacrurer will be eligible far increases. Increases will generally be limitad co the Unive=sity figure for tenured faculty.

University Benefits

General

University benefits hinge on whec.. er t:he faculty

member is •ha.J.f time or mere•, which is defined precis ely as 501 or mere . ....: :.:

iecirement Con ribution •""''l •

;:.:, "

'.Che Law School will make cont:ributiom to rer:irement

funds for Professorial Lact:Urers cc the extent possible given the University's fatmula for completion of ccnt:ribut:icns to ret:ireme nc f'unds . The operacion of the farmu.la can vary by individual, but: Le is highly likaly t:hae Law School f&culty aerving aa PrcfessariAl Leccurers will ha.ve compleced conc=ibucions to

reciremen'C funds prior . to serving a.s Prcf.es..soria..l L.ecr.i:ers. Fer f.a.cul.cy who

had fifl:een yea.rs cf service &t: Yale prior t:c Ju.1.y l, 1993, ;ccnt:ihr:t:icns to

reciremanc a.ccc :·a.c tha :csgula.r am:u.al for:iiul..a. will nci:: c:sa:se bal: ors age

70. · .

..!:. ...

... {"""'" ,,

·

posc recirement medic.al coverage comparabia c i.....-. r--

fa.c:ul . Faculty with lass ch.an 30 years of serric:i receive a. pro r t:a benef r based on ye&r cf service. Tho coverage. while comparable, 13

Under currenc policy !£ a faculty member .is cl.a.ssified as 50% or more, he or she is net: eligible for reciremenc health coverage even

Faculty working half time or more receive $27 per month which can be .a.ppli.ed·to faculty p&id benefits ar a.ccapead as . cax.a.ble

·· income.

the benefit i.s & aila.ble to all reel.red. faculty who

different: adva.nrage of Medicare benefic.:a. who are classi ied aa 50% er more are eligible for tbe regular

a.s it is designed co take Faculty faculty health

coverage. .

if he or she meecs the age and cer.m of service require.menl:S bac.aW?.e Medic.are regulations stipulaca ch&c anyone vho is ent:itled to regular health benefics from their employer muse receive that benefit ra1:her than Medicare so retiredfaculty li:n:ed .u 50% or more would be covered Wider the regular f.aculty

· medic.al pl.an.

Denl:.al Insurance

There is no. University ccnt:ribu.tion co the Deneal Pl.an, bur still the pl.a.n u .ava.ila.ble only to faculty who ara half till1e or mare. •

Long-cam Disability

Faculty classified as 50% or more are eligible fcr coverage um:ier the University's long-tam di.sabilit:y program. The benefi ts of thac program terminate at age 70.

' Flexible Benefil:S .

The University requires thac a fa.cult:y member be employed 50% or more co pa.r'ticipaca in the .flexible benefits program.

Group Ufa In.sur.anca

1..... Faculty members may pard.cipace in the group life

;;:..insurance plan if employed half ti.me or more. If employed less than half'

"''·time, the group Ufa insurance c:an be canverced. to a. whcle life policy. -- .:. . .

;,ii;:,,•. Benafit.s Dollars ., l..,. ,· ...

"

Sc:holar:ship Plan fer Sons amd Daughter:s

• . ··- meet ;hde lerigt:h of service reqi.Urement: -- six ccnt:inu.aus years prior to

eight: years of toe.al···.:receiving the benefit or four can inuous years prior ami service• .

j.

ye.a.rs of ssr.rics and before the 11ncr::ial rat:ir.emsnt: .age a.t 1u ............ - .._ ...0_ ........ to rec2ive from the Univer3ir"J a cash benefic. The benefit equa.ls.60: of ?:he p.art::idp.ant:' s three ye11r final average salary plu.s. 2% for ur.ch yea of ser"Jics with the University over 15. or, if less, t!le a.mount: that vculd be_}:'aqu.irad co purchase an a.mmity thai: would bridge the di.fference beraeen the annuit:J which ccu:ld be purchased with the p.a.r:icipa.nt:' .s Yale raciremeo:t ac:.:::iunt: balimcs ac the date .of early rat:iramenc and the a:nnuit:y which cQUJ.d be pu.rcl:;ased with tha.t: account balance projecred (ac 4%) ·t!i •na.rmal raciramant ags·.- Fer the purpc.sa af cha forsgoing, uaun:.s in the acccwn: bal.ani:a in excass of :ii.x times aala.i:y will ba excluded for cha ca.l.cul.a:cicn.s.

' •

,·

.. . . .