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BENEFITS SUBCOMMITTEE 2009-10


Membership:

CHAIR: Anupam Garg (WCAS Physics and Astronomy): agarg@northwestern.edu

Donna Jurdy (WCAS Earth & Planetary Science): d-jurdy@northwestern.edu
Jack Doppelt: (Medill): j-doppelt@northwestern.edu
Martin Block (WCAS Physics & Astronomy): mblock@northwestern.edu
Robert T. Chatterton (MED-Obstetrics & Gynecology): chat@northwestern.edu
Farhad R. Danesh (MED-Nephrology): fra199@merle.it.northwestern.edu
Bernard J. Dobroski (Music Performance Stu): bjdobroski@northwestern.edu
Beatrice Edwards (MED-Geriatrics): bje168@md.northwestern.edu
Cori Ellis (SoC Communication Studies): c-ellis@northwestern.edu
Michael Fishman (Kellogg Finance): m-fishman@kellogg.northwestern.edu
Abraham Haddad (MEAS): ahaddad@ece.northwestern.edu
Malcolm Hast (Professor Emeritus, Medical): m-hast@northwestern.edu
Teresa H. Horton (WCAS Neurobiology&Physiology): thorton@northwestern.edu
Sui Huang (MED-Cell & Molecular Biology): s-huang2@northwestern.edu
Leon Keer (MCC Civil & Environmental Engg): l-keer@northwestern.edu
Ilya Kutik (WCAS Slavic): kutik@northwestern.edu
Lawrence Lichty (SoC Radio/Television/Film): lichty@northwestern.edu
Wing Kam Liu (MCC Mechanical Engineering): w-liu@northwestern.edu
Ed Rossow (Emeritus in Service, Engineering): e-rossow@northwestern.edu
Joel Shalowitz (Kellogg): j-shalowitz@kellogg.northwestern.edu
Robert Ten Eick (Professor Emeritus, Medical): r-teneick@northwestern.edu

Athletic Membership:

Robert Orsi (Religion and History): r-orsi@northwestern.edu


Current Meeting Information:

The Benefits Subcommittee of GFC will hold its Final meeting of academic year Tuesday, August 25th at 4PM in Locy 109.
(Locy's the small building sharing the walkway with Fisk. You can take advantage of parking in the nearby structure, open for non-sticker use at 4PM.)

On the agenda: Benefits Open Enrollment, changes, in discussion with Pamela Beemer, Associate Vice President of Human Resources.
And we'll talk about the committee's goals for the coming academic year.
Anupam Garg will take over as the new chair for this Benefits Subcommittee.


Summary of Meeting of the GFC Benefits Subcommittee
4PM, Tuesday, May 26, 2009; Locy Hall #109

Attendance: Abe Haddad, Leon Keer, Anupam Garg, Ed Rossow, Patricia Rodriquez,
David Dana, Burt Weisbrod, Malcolm Hast, Robert Ten Eick, Donna Jurdy;
from HR: Anne Fish

1. This year FSA account deductions generally increased, with some opting to increase to the new maximum of $10,000.
The higher current level has not incurred additional expense to the University in defaults, now about $45,000. These are more than offset by $89,000 in FSA funds forfeited by participants.
Thus, it was proposed that the cap be increased to $12,000.

2. Retired employees again requested a direct withdrawal system to allow for payment of insurance premiums without the inconvenience of writing monthly checks.
This should be implemented within the next 6 months.

3. Northwestern's "Wellness" initiative has begun with a smoking cessation program.
Initiating a webpage on Wellness will call this and other options to the attention of employees. For example, the YMCA's family plan rates for Northwestern employees should be publicized, comparing costs and benefits to those offered at SPAC.
Fitness programs for Northwestern employees remain for further discussion.
We pledge to continue working in this area. In grim financial conditions an improvement in health and wellness of Northwestern employees could only help to slow the increase in benefit costs.
Unfortunately, Northwestern has fallen behind other universities in pursuit of wellness for employees, but we can learn from their initiatives and results and implement improved programs.
We will survey the wellness programs at other universities to provide models for Northwestern's planning.

4. The May Fitness Month email to employees with an offer for "Free Fridays" at SPAC was sent
out on the 12th, with half the Fridays already elapsed. We noted this is was too late for employees' planning. However, in response to our complaint on this, the program would be extended into June for any employee who requests. Contact should be made to:
Natasha Brown Moss <nmoss@northwestern.edu> for June use of SPAC.

5. Our final meeting of the academic year will be in either July or August.
This will be an opportunity to discuss any changes for the next enrollment for 2010.

Donna Jurdy


Summary of Meeting of the GFC Benefits Subcommittee
4PM, Wednesday, February 25, 2009; Locy Hall #109

Attendance: Abe Haddad, Leon Keer, Anupam Garg, Bernard Dobroski, Ed Rossow, Terry Horton, Martin Block, Robert Chatterton, Malcolm Hast, Robert Ten Eick, Donna Jurdy; from HR: Pamela Beemer, Maureen O'Toole, Anne Fish

1. Pamela Beemer introduced Anne Fish, just appointed Director of Benefits, most recently at Mercer.

2. Maureen O'Toole reviewed the results of the past Open Enrollment. The enrollment process went smoothly this year. There was only a slight shift at about the ~5%~ level between the medical plans offered. Deductions generally increased for FSA accounts, with some opting to increase to the new maximum of $10,000. Payflex's handling of employee accounts continues to work out very well. Current cards will continue to be used in 2009; newly-issued cards expressly show Northwestern on them, and mailings have a Northwestern return address.

3. Northwestern's change for employee retirement benefits was discussed. These were in response to the anticipated-change in IRS regulations for 403B accounts. Numerous staff members took advantage of the option of better coverage, with 64% selecting the 5% deduction for Northwestern's 10% matching contribution. Selected emailing to the remaining 36% will be undertaken pointing out the financial advantages also noting that employees can change their retirement choices at any time without waiting for an open enrollment. The 5% deduction was selected by almost all faculty. The improved retirement plan for employees have resulted in increased benefit costs for Northwestern.

4. Northwestern's "Wellness" initiative begins with a smoking cessation program. Initiating a webpage on Wellness will call options to the attention of employees. It was suggested that YMCA's family plan rates for Northwestern employees should be publicized, comparing costs and benefits to those offered at SPAC. Fitness programs for Northwestern employees remain for further discussion. We pledge to continue working in this area. In grim financial conditions an improvement in health and wellness of Northwestern employees could only help to slow the increase in benefit costs. Survey of the wellness programs at other universities could provide models for Northwestern's planning.

5. Our next meeting will be in Spring Quarter, April 2009. We can begin to think about desired changes for the next enrollment for 2010.

Alternating days, our next meeting will be on a Tuesday afternoon in April at 4PM. Date to be determined.

Donna Jurdy


Summary of Meeting of the GFC Benefits Subcommittee
4PM, Thursday, December 4, 2008; Locy Hall #301

Attendance: Abe Haddad, Martin Block, Anupam Garg, David Dana, Joel Shalowitz, Ed Rossow,
Burt Weisbrod, Terry Horton, Mike Fishman, Robert Chatterton, Malcolm Hast, Robert Ten Eick
Donna Jurdy; from HR: Pamela Beemer, Maureen O'Toole

1. Pamela Beemer introduced Maureen O'Toole, currently serving as Acting Director of
Benefits; the committee was updated on the ongoing search to fill the position.

2. The subcommittee discussed the past Open Enrollment with HR representatives.
Generally, the enrollment process went smoothly this year. However, the problem of employees' not also receiving email confirmation was again brought up.
Such a confirmation could be printed privately and also stored for reference.
The letters summarizing benefit selections sent to employees' home addresses will go out the first week of January, as the retirement enrollment has been scheduled for Dec. 9-19.
Payflex's handling of employee accounts has worked out very well; current cards will continue to be used in 2009.

3. Northwestern's change for employee retirement benefits was discussed. These
are in response to changed IRS regulations for 403B accounts. The response of the committee as well as that throughout the university has been very favorable.
Staff members are particularly pleased to have the option of better coverage.
Current faculty contribution (5% faculty, 10% Northwestern) will be preserved, but more options with lower contributions are now available. Until the retirement enrollment has finished, we can only speculate on employee retirement choices and the associated costs.

4. Insurance options for retirees need to be reconsidered. The high cost of the
current plan was discussed. A meeting on this will be scheduled, open to all interested.

5. Northwestern's "Wellness" initiative begins with a smoking cessation program.
Fitness programs for Northwestern employees remain for further discussion.
Also, we'll investigate the wellness programs at other universities; these could provide models for Northwestern's planning.

6. Our next meeting will be late January 2009. By then the statistics for the 2009
Open Enrollment will be available, and we can begin to think about desired changes for the next enrollment for 2010.

The next meeting will be on a Wednesday afternoon at 4PM. Date to be determined.

Donna Jurdy


Summary of Meeting of the GFC Benefits Subcommittee
(joint with the NUSAC Benefits Committee)
3:30 PM, Monday, July 14, Locy Hall #301

Attendance: Abe Haddad, David Dana, Burt Weisbrod, Dauphine Gregory, Leon Kerr, Bernard Dobroski, Robert Chatterton, Malcolm Hast, Natasha Dennison,
Susan Fox, Martin Block, Tom Evans, Donna Jurdy

The upcoming 2009 Open Enrollment was discussed with planned plan changes:

Generally, vendors will be the same,
with some increase in premiums: HMO Illinois 12%; Unicare HMO 15%, but generally decreases in premiums for the PPO plans. Cost for prescription copayments will increase.

PPO health plans will add infertility coverage. There will be an increase in the PPO salary brackets for premiums. The level for annual deductibles remains the same.

Dental plan will now cover implants, also orthodontia increased to $3000; yearly maximum benefit increases from $2500 to $3000. Premiums will increase slightly.

Basic life insurance maximum coverage will increase to $250,000.

Supplemental term life insurance will be covered by a new company (ING).
To enroll in the Supplemental Life plan or to increase coverage by 1 level (i.e. 1X salary to 2X salary), the simplified "evidence of insurability" will be required. If you answer "yes" to one of the three questions, then the full application is required. This insurance can be purchased for spouses and dependents even if employee does not elect self-coverage with supplemental life insurance.

The FSA health account annual contribution limit will be increased: $8,000 to $10,000. PayFlex will continue to administer these accounts; the IRS "Grace Period" will be adopted which allows an extension of claim service dates through through March 15th. Also, the claim filing deadline will be extended from the end of February to the end of March for the past year's account.
(n.b. This means any balance from 2009 FSA will automatically be used for expenditures with service dates through March 15, 2010.)

Mailings by PayFlex will be made immediately identifiable with Northwestern.

Northwestern will embark on its "Wellness" effort with a "Lifestyles for Healthy Behavior", this year with a smoking cessation program.
This program will cover smoking cessation products such as nicotine replacement over-the-counter and prescription items (gum, nasal spray, inhaler, patches and other items. Walgreens Health Initiatives will administer this new program for Premier PPO, Select PPO and HMO Illinois members.

Educational Assistance annual maximum benefits for an employee taking classes at Northwestern will increase to $10,000. The Reduced and Portable tuition benefit percentage will increase to 40%.

Health Fairs: Chicago Campus, Tuesday, Oct. 14th;
Evanston Campus, Wednesday, Oct. 15th.

Open Enrollment: starts Mon, Oct. 27 and ends at 5PM on Fri, Nov 14.

Finally, turning forward to next year's agenda, the GFC Benefits Subcommittee will pursue additional "Wellness" initiatives; expenditures there have been shown to hold down increases in health insurance premiums. Surely the new smoking cessation program represents an important first step for Northwestern.
In addition, we will discuss adoption of fitness and weight control programs.
Also, our workplace, the campus, should be made inviting for walking or bicycling to discourage driving and to encourage lifestyle changes. As parking becomes ever more difficult, this vision for the campus may gain wide appeal.

Donna Jurdy


 

Previous Meetings:

Summary of Meeting of the GFC Benefits Subcommittee
4PM, Wednesday, June 4, Locy Hall #301

Attendance: Abe Haddad, Bob Ten Eick, David Dana, Edwin Rossow, Burt Weisbrod,
Mike Fishman, Martin Block, Tom Evans, Pamela Beemer, Donna Jurdy

1. The upcoming 2009 Open Enrollment was discussed; possible plan changes
were discussed for both the health plan and dental plan. Also, increased FSA levels and supplemental disability and life insurances are under consideration.
An email confirmation following employee enrollment would be most desirable, as it would furnish immediate confirmation of choices. This is being worked on. Also, a letter with a written summary will follow, but later, probably after the holiday season; early December, though optimal for notification, can't be reasonably achieved. Verification of employee choices requires several weeks.

2. The staff request for using Northwestern's beach was brought before the committee. Currently usage requires SPAC membership, beyond the financial means of much of the staff.

3. Northwestern's publicity for the May Fitness Month effort to promote physical activity for faculty and staff needs to be considerably improved.
Mailing to employees must be in advance of events. Also, statistics on employee usage are needed to devise a program with incentives.

4. The next meeting will be in early July, before the 15th, to allow final benefits decisions before Open Enrollment materials go into print.
The Health Fair on the Chicago Campus will be Oct. 14th, and on the Evanston Campus, Oct. 15th.
Open Enrollment begins on Mon, Nov. 3 and ends at 5PM on Fri, Nov 21.
This final Benefits Subcomittee meeting of the academic year will be a joint one with the NUSAC Benefits Committee.

Donna Jurdy

The Benefits Subcommittee of GFC will hold its second meeting of Winter Quarter on Wednesday, Feb. 27th at 4PM in the Locy Hall conference room, #301.
(Locy's the small building sharing the walkway with Fisk.
You can park in the nearby structure open for non-sticker use at 4PM.)

Agenda for meeting:
postmortem on the benefits open enrollment (Tom Evans)
possibility of Supplemental Disability Insurance (Donna Jurdy)
benefits poll of Economics faculty (Burt Weisbrod)
increased FSA limits
procedures for HMO notification of contract termination or coverage changes
fitness facilities, fees and usage

The Benefits Subcommittee of GFC will hold its first meeting of the Winter Quarter on Tuesday, Jan. 29th at 4PM in the Locy Hall conference room, #301.
(Locy's the small building sharing the walkway with Fisk.
You can take advantage of parking in the nearby structure open for non-sticker use at 4PM.)


The Benefits Subcommittee of GFC will hold its first meeting of the academic year on Wednesday, Dec. 5th at 4PM in the Locy Hall conference room, #301.
(Locy is the small building sharing the walkway with Fisk).

FY 2004 Annual Report

The GFC Benefits Subcommittee addressed several issues involving benefits in three broad categories: Health, Voluntary Insurance Programs, and Tuition Benefits.Most of the work involved the health insurance plans. The Committee stressed the need for: An HMO plan that both utilizes physicians from the Northwestern Medical Faculty Foundation and is available to retirees; dental plans premiums for couples without children; expanded mental health coverage in one of the health plans; finely graduated premium for the PPO plan, rather the current premiums that increase in discrete steps; the possibility of offering a Health Savings Account (HSA) plan. HR is also considering a menu-type of offerings that would allow the selection of various options in some health plans.The Subcommittee studied several options involving voluntary insurance programs, including Auto, Home, Legal, and Vision. Offering such plans depends on faculty interest. The Subcommittee suggested that HR attempt to offer a vision plan, if possible, for 2005.The Subcommittee was informed by HR that NU plans to eventually increase the portable tuition benefits to 50% in the next 10 to 15 years. The Subcommittee also recommended that the survey comparing NU benefits to peer institutions be updated.The Subcommittee has one more meeting with HR on August 16, 2004 to finalize the plans for 2005.



Statement of R&B committee's purpose and purview:

The committee provides advice to the University administration on matters pertaining to the benefits that are provided for the faculty. Among the benefits that occupy our interest are: the several health care and  dental care plans, retirement plan benefits, the tuition assistance plans for dependent children, the various life and accident insurance plans. We also concern ourselves with how the Human Resource Division (HRD) on the University administers these various benefit plans and deals with problems faculty may experience when attempting to exercise their rights and privileges under these various benefit plans. Finally, we are charged with trying to optimize the value of these plans to the University's faculty at-large (including  retirees) and their immediate families. We do this while being sensitive to (but not necessarily guided by) the fiscal constraints under which the University must operate. In essence, if there is a benefit provided by the University to faculty or retired faculty, their spouses and immediate families (or a benefit for which a case be made that it should be provided), acting as the faculty's representative, the R&B committee takes on the responsibility of encouraging, assisting and monitoring the development and administration of that benefit by the University. 



Some Recent Committee Activities: 

Some areas in which the R&B committee has been engaged recently include:  After many years of lobbying in collaboration with the GFC's research subcommittee, we obtained the University's commitment to begin payments derived from research salary fringe benefits to the faculty retirement benefit plans (e.g., TIAA-CREF or Fidelity) beginning FY 2000. Annually, we preview and review the benefits contained in the various health and dental care plans and critique the changes that the University negotiates with the providers annually. We also monitor the quality of the service we receive from these providers and third party payers and report problems to HRD for correction. We encouraged HRD to develop their web-site to the extent that faculty now can obtain nearly any information they require about nearly any benefit the University offers simply by pointing their web browser to the web site (insert the URL here). We have managed to move the University in many small ways to improve the faculty's benefit package and it's implementation for both present faculty and for retirees. It is fair to say that the University administration has been and is quite receptive to our suggestions, both large and small, to correct unfair or unreasonable  denials of benefits or other entitlements, both large and small. We are presently working with the University administration to revise and improve the tuition benefit plan for dependent children. 

Present and Future Goals: 

The overall goal of the R&B committee is to continually push the University administration to improve the package of benefits made available to the faculty and/or retirees, their spouses and their families, and to be an important, powerful resource for the correction of problems that individuals might experience while attempting to gain or exercise the benefits to which they are entitled. If any member of the University faculty has (1) a problem obtaining the fruits of their benefits or (2) an idea to improve the quality of the benefit package, the R&B committee encourages faculty to correspond with any member of the committee or with the GFC at large. This subcommittee of the GFC, perhaps more than any other, is capable of favorably impacting on the quality of life of faculty and their families. It has done so in the past and with your support will continue to do so. It is for this reason that the members of this committee remain highly dedicated to the committee and its work, some having served continuously for many years to see it through to a completion.

Proposal on Eligibility for Retiree Insurance:

The GFC recommends that the University Administration proceed with their proposal to reduce the age for eligibility for retiree insurance from 60 to 55 (under certain conditions) using the following text which is to appear in the Faculty Handbook and with the change of the words "faculty member" to "employee"-in other documents. This change is to be effective 1/1/01: Provided that they do not take other employment where they would be eligible for such coverage, faculty members with at least ten years of continuous full time service who participate in a University health or dental plan as of the date of retirement are eligible to continue such coverage through Northwestern retiree health and/or dental insurance programs -including family coverage- beginning at age 55. Faculty members with fewer than ten years of full-time service may qualify according to a schedule available on the Benefits Division website. Participants in retiree health and/or dental plans must pay the full premium for Northwestern coverage, without any University contribution. Should a retired faculty member's Northwestern retiree health or dental insurance coverage be discontinued for any reason as permitted by the Plan, such coverage may not be reinstated. Persons may not be added to the retiree's coverage following enrollment in the retiree health or dental insurance plan. Should a faculty member die while actively employed by the University, his or her surviving spouse may continue health and/or dental coverage under the retiree plan even if the individual did not qualify for retiree coverage at the time of death (in terms of age or service).

Proposal on Vanguard Group of Mutual Funds Background


At the suggestion of Gene Sunshine, Vice President for Finance, the Retirement and Benefits Subcommittee began an initiative to determine if the retirement plan should be broadened to allow for more opportunity for investment beyond that offered by TIAA/CREF and the Fidelity family of mutual funds. Proposal
The GFC recommends that the University administration expand the 403b retirement program to include the Vanguard family of annuity funds because the introduction of The Vanguard Group of mutual funds into Northwestern University's retirement plan will increase the range of investment choices and styles available to faculty and staff

Report on the activities of the Retirement and Benefits Subcommittee of the General Faculty Committee for the period autumn 1998-spring 2000:

The Retirement & Benefits Subcommittee (R&B) of the GFC is currently composed of 3 members of the GFC parent committee (Burt Weisbrod, Bob Decker, and Bob Ten Eick [chairman]) and a number of others selected from the faculties of the various schools of the University by the R&B chairman so as to have a reasonably wide cross-section of the University represented (Tom Geraghty, Rae Moses, Marcus Alexis, Lawrence Lichty, Ed Rossow and Al Telser). Most committee members serve (and have served) for 2 or more years in order to maintain a modicum of continuity in the process of pursuing the committee's and University's ideas and initiatives. The work of the committee is to review, monitor and upgrade the quality and/or quantity of the benefits provided by the University to the faculty including those related to health and dental care plans, tuition reduction plans, retirement plans, the wide range of services provided to the University faculty community by the Human Resources Department, faculty-related parking issues, benefits and issues concerning emeriti faculty and retirees and the like to mention a few.

In the Fall of 1997, the faculty's satisfaction with services in the purview of the Human Resources Department (HR) was less than desirable. To counter this sentiment, the R&B Com, then under the leadership of Prof. Ed Rossow, began a dialogue with the VP for HR, Guy Miller and his senior staff. The committee met with Mr. Miller at regular intervals throughout the school year. During the past 2 years under the leadership of Prof. Bob Ten Eick the dialogue has been continued and expanded from 4 to 6 (or more as needed) meetings per year. These regular meetings between the committee and Mr. Miller and his staff have fostered a spirit of cooperation in our joint attempts to solve many of the University's HR-related problems and has allowed us to evolve from being a group whose main focus was to forward faculty complaints to one of being a partner with the administration in the development of new initiatives in upgrading the quality and quantity of the benefits provide to faculty and staff by the University. As a result of this partnership the GFC and the University administration can point with some small amount of pride to the following list of accomplishments of the past year and a half.

1. HR now consults with the R&B Com of GFC in the early Fall of each year to solicit our advice with regard to the changes or additions and deletions from the health, drug and dental care plans offered to faculty and staff that are proposed by the University (with 3/4s of the premium costs covered by the University.) There is never much leeway for additional coverages owing to the expensive nature of the current plans, but at least the HR administration receives the benefit from our judgements concerning what we think is or is not important to the greatest number of faculty.

2. About a year ago the University agreed to permit surviving spouses and the immediate family of faculty who die prior to retirement to continue their health and dental benefits under the University plan at their own expense (i.e., with no University contribution) for as long as they wish. Prior to this change, they were eligible only for coverage through the COBRA option and eligibility expired after 3 years. This provides for a significant increase in family security for faculty and their families.

3. Faculty who choose to retire as early as age 60 (and soon, at age 55) also can continue to have their health and dental care be covered by the University's plans at their own expense for as long as they maintain continuous coverage and do not leave the plan for any reason.

4. After many years of discussion, the University has begun to phase in paying retirement contributions to faculty on salary earned during the summer/research quarter from sources such as grants and contracts. The phase-in is now in the second of a 4 year plan to reach the full contribution level. President Bienen deserves the credit for this significant benefit because he listened to and accepted the arguments made by GFC and the faculty-at-large in support of this change.

5. Perhaps the most significant of the recent changes in the benefits package for faculty and staff is the new tuition reduction plan for spouses and dependent children. Again, President Bienen deserves most of the credit for the initiative. As result, the University's tuition contribution to the dependent children of faculty and staff who attend institutions other than NU is now much more generous than before. This was accomplished by reducing the tuition contribution made to dependents attending NU and making the contribution the same for all rather than unfairly favoring the children of faculty who attended NU.

6. Most recently, as result of a suggestion by VP for Finance Gene Sunshine, the R&B Com began an initiative to determine if the retirement plan should be broadened to allow for more opportunity for investment beyond that offered by TIAA/CREF and the Fidelity family of mutual funds. As result of our research on the matter, we are recommending to the University Administration that the Vanguard Group of Mutual Funds be added to the retirement plan. This group of funds will fill a gap in the range of investment opportunities that was previously unavailable to us, namely a wide range of index funds.

7. At the present moment, we are exploring the idea that faculty and staff could and would make good use of an investment advisory service to maximize the performance of their retirement monies and reduce their investment risk. We are assessing on-line internet based financial advisory services such as mPower and Financial Engines. Such financial advisory services, if brought in, would be strictly on a fee-for-service basis, paid for by the individual subscribers and at no cost to the University other than collecting a payroll deduction to pay for the individual's internet access to the service. If we conclude that this might be a good thing for faculty, we would ask the University to invite the selected service to test the market at NU and make a proposal for a fee schedule, etc.

8. Another new, on-going initiative of the R&B is to explore mechanisms to improve the benefits provided by the University to emeriti and other retirees. We would like to improve the lot of the retired person who chooses to remain a part of the University family and perhaps even desires to continue to serve in some mutually agreeable capacity. The Provost has also begun to address this situation by creating a blue ribbon committee of emeriti elders to study the area and we will begin to collaborate with that group to develop a plan that will make the prospect of retirement more attractive to the person who really wants to remain connected to the University in significant ways.

9. Finally, it has occurred to the GFC that the level of life insurance coverage provided by the University's group plan to the younger faculty (who are at or near the average starting assistant professor salary level) will not provide significant security to a surviving spouse and young family in the event of the death of the faculty person. To rectify this, we are exploring ideas and mechanisms to increase the level of coverage for the younger faculty and yet not increase the total cost of the group coverage to the University. This may involve a slight reduction in the level of coverage provided for the older (>58 y.o.a.) faculty for whom the cost to University for coverage is higher than it is for younger persons. Alternatively, the present tapering in the level of coverage could begin at a slightly earlier age than at present or it could become steeper. The underlying rationale being that by the time a person is nearing 60 y.o.a., the value of the death benefit in the retirement plan is quite substantial.

This report is submitted to the University Senate, May 18th, 2000 by the R&B Committee of the GFC. Robert Ten Eick, chairman.

 

 

       
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