Faculty Benefits Committee Meeting
The following committee members were present: Chuck Donbaugh, Michael Elliott, Blair Funderburk, John Grovenstein, , Jim Higgins, Jackie McGill, and Jean Swank
The meeting was called to order at and adjourned at .
The minutes from the
Chuck Donbaugh stated that he and John Grovenstein analyzed the different insurance
proposals and provider network comparisons and recommended that we stay with the OHS dental plan and offer the CompBenefits PPO plan in addition to OHS. Although MetLife offers a much larger number of dentists in its network, several factors led to their recommendation:
Blair Funderburk agreed with Chuck and John that the OHS/CompBenefits PPO combination seems to offer the best choice at this time. Even though MetLife does offer a much larger number of dentists in its network, the rates might go up considerably in the future. Blair handed out material that included updates of previous hand-outs (rate and benefit comparisons), a dental network comparison, and detailed information about the CompBenefits PPO plan. Blair is to send Jackie McGill electronic copies of the updated material and the detailed information on the CompBenefits PPO.
John Grovenstein agreed that MetLife rates would probably go up because participants would probably go in and out of the program according to needs. He felt that going with MetLife would eliminate one choice for prospective members. More dentists would be in the network, but the process would be disruptive for many because their present dentists would no longer be in the network.
Michael Elliott asked what factors affect the number of dentists in the various dental networks. The number of additional patients may make a difference.
The committee voted to stay with OHS and to add theCompBenefits PPO plan.
Chuck Donbaugh stated that we haven’t heard anything new, but the deadline for the report was April 19th.
CLASSIFIED EMPLOYEE SALARY DATA
Chuck Donbaugh stated that he will present the material in the Fall. He said that January is a good time to present this information to the Administration.
The College Education Savings Plan (529) has passed. This plan, run by TIAA Cref, will probably be available to employees on August 1, 2002. The plan is good for any college, and the money (up $2000 per child) can grow tax free. Although based on post-tax dollars, the plan can favorably affect State income taxes. Contributions can be made through payroll deduction or through the mail. Beneficiaries can be changed at any time.
The next meeting will be held on September 10, 2002, from 11:00 am – 12:00 pm in the ERB 1st floor conference room.