Faculty Benefits Committee
Committee Members:† Jackie McGill (GTRI), Christina Shalley (MGT); Michael Elliot (Arch); Marc Goetschalckx (IsyE); Jim Higgins (GTRI); Kristine Morrow (Student)
Chuck Donbaugh (OHR); Blair Funderburk (Advisor); John Grovenstein
(OHR); Andrew Harris (Presís. Office);
∑† Health Insurance
Significant changes for calendar year 2001 were
instituted by the State of
∑† Retirement Benefit Reporting for ORP Participants
Misleading statement on payroll stub created lots of
confusion because GT and ORP-vendor amounts did not match.† A temporary explanation was printed on the
pay stubs starting with September 2000.†
During the spring of 2001, TRS reported to the State of
∑† Tax-Deferred Annuities, 403B Plans
To limit Georgia Techís liability in an IRS audit a new contract for TDA vendors was under development.† The new national retirement legislation of the fall of 2001 changed the rules and regulations for retirement plans.† Issue is tabled until the new regulations are fully understood.† Note that a 457 Plan for government employees allows another $11,000 pre-tax retirement savings in addition to the $11,000 allowed by the 403B Plan in calendar year 2002.† This is an excellent savings opportunity.
∑† Comparative Review of Benefits
The benefits of hourly employees were compared with benefits offered nationwide based on a free survey by BVC consultants.† The benefits offered by Georgia Tech to classified (hourly) employees and research faculty were judged to be comparable or better than the benefits described in the survey.† A review of faculty benefits is a difficult and complicated task, since no comparative information is available.† External reports are expensive to obtain, any in-house report would require a significant effort.† CUPA (College University Personnel Association) is currently doing a salary comparison and will next do a comprehensive faculty benefit review and repeat this on a bi-annual cycle.† Issue was tabled until this review by CUPA becomes available in the next few months.
∑† Refinement of Long-Term Disability for Academic Contract Employees
Long-Term disability benefits are based on 60 percent of a contractual base pay.† Committee approved the change that the LTD benefit for employees on an academic contract is computed based on the total salary received during the previous 12 months.† Previously only computed on the nine-month salary.† The advantage is a 33 percent larger benefit if employee works during the summer for GT.† There is no impact if the employee does not work for GT during the summer.† The disadvantage is that there is a one-year lag for employees with large salary increases.† The increased cost is borne by employees since this is a voluntary benefit.† There is no cost impact for Georgia Tech.† It should be noted that a new short-term disability voluntary insurance benefit will be offered during the open enrollment which bridges the gap that may exist between accumulated sick leave days and long-term disability insurance.
∑† Financial Conditions and Benefits Associated with Distance Learning Activities
This issue was tabled until it can be treated by an Institute ad-hoc committee that is reviewing the whole issue of distance-learning activities.
∑† Committee on Committees
Marc Goetschalckx represented the FCB on the Committee of Committees (ConC).† There were no significant changes recommended by the ConC to the charge and statutes of the FCB.† The ConC identified the close working relationship with the administrative person in charge of the corresponding area (and usually an ex-officio member of the committee) as the primary factor for a successful committee operation.
3.†† Action Items
The FCB committee addressed all the action items identified during the previous year.
The following action items are currently identified or remain tabled:
Availability of health insurance plans for GT
employees working outside
∑ Comparison of benefits for academic faculty.
∑ Financial conditions and benefits associated with distance learning activities.