Faculty Benefits Committee Meeting Minutes

September 3, 2008, 9:30 – 11:00 AM

 

Present:   Bettina Cothran, Clint Demetriou, Chuck Donbaugh, Blair Funderburk, Lee Montana, Teresa Snow, Barry Sharp, Sharon Ray (Director of Benefits)

Absent:   Barbara Henry;

Administration

Minutes from the 4/22/08 Committee Meeting were reviewed and approved.

Update from Chuck Donbaugh on childcare issue:

·         Report is back on study commissioned by Bright Horizon.  Estimate on space was $3 million. This seemed high, so a second consultant was hired and their estimate was $1.5 million. With the current budget situation, a project update is not expected before the latter part of October.

o      Action Item—Further update planned for meeting on October 29th.

 

Update from Clint Demetriou on 403B:

·         Previously proposed models for 403B were presented to the President’s committee.  Of the models presented, the final decision was to go with two vendors (Fidelity and TIAA-CREF).  However, to maintain compliance, participants can only make loan withdrawals with Fidelity.  The decision to use these two vendors was based on the performance and management of their investment options as well as their low fee structure (they have no wrap fees, no surrender chargers, no loads, and low or no mortality and expense fees).

·         Currently HR has been holding information forums. Also, TIA-CREF and Fidelity representatives are on campus.  They have been participating in forums and meeting with 403B participants individually to offer advisement. 

·         According to Sharon Ray, about 800 of the current 403B participants are not with TIAA-CREF or Fidelity.

·         Bettina Cothran stated the perhaps this information needs to be sent out to all of the departments now to encourage appts.  Otherwise, there may be a possible bottleneck at the last minute.

·         Clint Demetriou stated that a letter had been drafted to go out to all of the Deans.  Presentations will be given at their request.

·         Chuck Donbaugh suggested getting the topic on the General Faculty Assembly agenda.

·         Lee Montana volunteered to get the information out to GTRI.

·         Sharon Ray pointed out that in late September, a transition brochure will be mailed to the home address of 403 B participants.

o   Action Item—Further updates at next meeting.

 

 

Update from Sharon Ray on healthcare and benefits issues:

o   Open enrollment will occur from Oct. 6th through Nov. 7th.  The benefits fair will be held on Friday, Oct. 10th.  The format will be the same as last year.

o   There will be several changes to the benefits options.  The first involves a change in the indemnity plan dental carrier.  The carrier is changing from Blue Cross/Blue Shield to Met Life. This is also an open enrollment year for the dental plan.

o   The pharmacy provider will be changing from ExpressScripts to Medco. 

·         Chuck Donbaugh stated that if an individual has a special prescription brand that they need, then they should to get their physician to assist in the approval process.

o   The GA PPO will now utilize Blue Cross/Blue Shield medical in network. A 7 ˝ % increase in the PPO cost.

o   The High Deductible Health Plan (HDHP)—Health Savings Account payroll deduction plan will be available this year through US Bank.  Also the wellness benefit for the plan is increasing.

o   There will be a major change with respect to cost of indemnity plan.  BOR will no longer fund indemnity premiums at a higher rate.  This will result in approximately a 98% increase in premium.

·         Premium for single individual will go from approximately $140 to $279 and family plan will go from approximately $407 to $810.

·         Lee Montana asked about HMO plans.  Sharon Ray stated the increase in cost would be around 4% depending on plan.

·         Chuck Donbaugh asked if a retiree can have automatic deduction for HSA.

·         Blair Funderburk stated that after the age of 65, you could not contribute to HSA.

·         Clint Demetriou stated that retirees, depending on age, can contribute to an HSA outside of Tech, but not through GT.

o   Action Item—Further updates at next meeting.

o   Bettina Cothran asked about the status of offering long term care.

·         Clint Demetriou stated that with all the changes taking place with respect to 403B and healthcare options, this matter would be deferred for now.

New Business

Lee Montana brought up the subject of raises for GTRI employees: hopefully they would not be affected by the budget situation .

Next Meeting

·         Monday, Sept. 29 – Location OHR Conference Room