Barbara, Does your institution have clearly defined rights and
responsibilities of Faculty Emeritus status.  Many do.  You
should check with your academic affairs office (or equiv.)  Also
your union contracts may cover this issue.  Another way to
address this issue might be to have the appropriate department
vote (kind of like a tenure vote) to include this person into the
ranks of faculty for purposes of determining eligibility for PI
status.  The dean of the appropriate college could then (based on
the departmental vote) certify to the vice-president for research
(or equiv.) the PI satatus of the individual.  However this
process seems almost ludicrous in the situation of an Emeritus
faculty member.  But if it works...
Hope this was of some help!
PS. How are things going for you?
 Haven't heard from you in a while!

Rusty Okoniewski, Director
Division of Sponsored Research & Training (DSRT)
University of Central Florida
4000 Central Florida Blvd. (ADM 243)
Orlando, FL 32816-0150
Phone: (407) 823-3778   FAX: (407) 823-3299
E-mail: xxxxxx@dsrt.ucf.edu