Faculty Benefits Committee Meeting

Monday, February 25, 2013 8:25 – 9:55 AM

 

Present:   Bettina Cothran (Chair), Wayne Book (retiree rep.), Jason Freeman, Amy Heron, Tommy Little, Nazia Zakir (Executive Board Liaison), Debbie Lee, Dave Millard, Stella Richardson, Darlene Wright (Dir. Benefits), guest:  Jim Wallace, Senior Benefits Specialist – Retirement

 

 

Absent:   Teresa Snow (sick).

                

Administration:

 

Minutes from 01/14/13 were reviewed and approved.

 

Discussion:

 

I. New Position: Senior Benefits Specialist for Retirement Issues

 

The committee welcomed Jim Wallace, who recently joined GT’s HR department as a Senior Benefits Specialist for Retirement.

 

Jim spoke briefly about his background:  he has been associated with institutional financial business for most of his career, working in investments and consulting, and most recently coming to Tech from TRS.

 

His duties include:

 

a) for active employees:  

   - improve communication regarding retirement options and retirement planning, at all stages of employment;

  - devise and implement events such as Lunch & Learn sessions; videos; an improved OHR website regarding retirement issues;

  - assure all constituents receive extensive information and assistance in choosing appropriate retirement options, addressing all employees taking into account a diverse experience in financial matters;

 

b) for pre-retirement audience:

   - improve communications same as above;

  - create special on-line tools for better comparative evaluation of returns for various retirement options;

  - improve time-line to inform employees at various stages of their working lives about their retirement preparedness

   - in time, potentially increase staff to allow for more retirement related initiatives

 

HR recognizes the high value of good counseling of retirement options at all stages, beginning with the hiring stages; it also recognizes that deciding between a defined benefit and a defined contribution plan requires careful consideration.  New Faculty and staff have 60 days from their hire date to decide between plans.

HR recognizes retirees as an important constituency, and has been greatly improving the quality of communication with and service to the retiree community; the creation of this position is one major component in this effort.

 

 

II.  (403)b Investment Committee 

 

     The investment committee, consisting of 6 people, met in February.

It was decided to:

- have 3 annual meetings with each of the three financial institutions as well as ongoing committee meetings

- possibly add Valic as a third provider for the 403b plan, in addition to TRS and Fidelity

- explore the option of  adding    an independent, third party advisor to the committee from an outside financial institution

- continue to evaluate performance of funds and make recommendations accordingly

 

The committee has established a charter.

 

III.  Guest at next meeting

 Senior Benefits Specialist Athena Jones, who is also administering FMLA leaves, will be the guest of the FBC at its April 1st meeting.

 

 

FBC meetings for Spring Semester

Monday, April 1st

Monday, May 6th

           

All meetings to take place from 8:25 – 9:55. Meetings will occur in the OHR Conference Rm (229) unless otherwise noted.