Faculty Benefits Committee

Meeting of June 26, 2000

 

Members Present: Marc Goetschalckx (ISyE), James Higgins (GTRI-ATAS), Jackie McGill (GTRI-ITTL), Rajiv Wanasundera (Grad. Stu.), Marilyn Williamson (Library), Christina Shalley (MGT)

Ex-Officio Members: Chuck Donbaugh (OHR), John Grovenstein (OHR)

Visitors: Blair Funderburk (UG Stu.)

Minutes: Judy Parks (GTRI-ATAS)

 

  1. Jim Higgins called the meeting to order at 2:05 p.m.
  2. Blair Funderburk gave a presentation of a new optional retirement protection plan being considered by GT. The plan is a way to help provide funds for retirement in case the employee becomes disabled. Under the current arrangement, when an employee becomes disabled both the employee and employer contributions toward the employee’s retirement cease. This creates a gap in the retirement funds that the employee would have been eligible for when they actually retire. Employees that now participate in either the TRS or the ORP would be eligible. The TRS employees would be able to insure up to 10% of their annual income and all of their 403(b) contributions, while the ORP participants would be able to insure their present contributions and all of their 403(b) contributions. The plan is a Disability Income Trust (DIT) where a participating employee would, at the time of disability, be able to direct their disability benefits into a choice of investment funds suitable to their investment objectives. The trust funds are distributed when the insured reaches 65, or to their beneficiaries. The contract and premiums are non-cancelable and guaranteed renewable up to age 65. How to explain this type of benefit to employees was discussed. Rates will vary according to an employee’s age and their job category. One option discussed was to provide each employee with an individual proposal, and if they are interested and needed more information, they can call an 800 number for an exact quote. It is anticipated that the coverage will initially be offered to all employees who are not currently disabled and who have not been hospitalized for the past 90 days without a requirement for medical examinations etc. The committee decided this potential benefit should be pursued and endorsed proceeding with plans to make it available to GT employees.
  3. Jim Higgins then went over the minutes from the last meeting held on May 12, 2000. The committee decided to make several the following changes and adopt the minutes as revised. :
  4. Jim Higgins then brought up that he will be going to Huntsville, AL to serve on an Inter-Governmental Personnel Assignment for six months and will not be available to serve as Chair of the Faculty Benefits Committee. Jim Higgins said that he would identify a stand-in to serve on the committee in his absence. He recommended that an active elected committee member volunteer to serve as the interim chair until fall when the newly elected membership can elect a new chair. John Grovenstein said that usually there are no committee meetings during the summer months unless there is a problem that comes up that could not wait until the fall meeting. Jackie McGill volunteered to be the interim chair of the committee and was unanimously endorsed by the committee.
  5. The following issues were identified and discussed by all:

a). Health Insurance

b). TRS vs. ORP

6. A motion to adjourn was made and seconded. The motion was passed and the meeting adjourned at approximately 3:50 p.m.