Faculty Benefits Committee Minutes
October 9, 2000
Members Present: Homer Cochran, Michael Elliott, Blair Funderburk, Mark Goetschalckx, John Grovenstein, Jackie McGill and Christina Shalley
The footnote, which explains the TRS Accrued Liability Fee, was printed on the pay stubs of the participants in the ORP plan starting with the September pay stub. A complete correction is still expected to be printed on the pay stubs starting with the January pay stub. However, a firm date is not known yet.
John Grovenstein reported that several additional details became known. The Blue Choice plan will be offered. The default action will be that employees will be enrolled in the PPO plan. The open enrollment period will be from October 16 to November 17. It was stated that the date limits of October 16 to November 17 may cause problems for retirees and travelers. Each employee will have to make a choice and return a form if they want to make a change.
John Grovenstein and Blair Funderburk cautioned that a comprehensive comparison of benefits is a very large task. They also reported that Georgia State undertook a similar effort six months ago and that a similar effort to compare retirement benefits by the University of Georgia led to the change in ORP contributions. Both John Grovenstein and Blair Funderburk advocated that the committee concentrate on one or two areas of the overall benefits package. The committee asked John Grovenstein to compile a list of currently available information resources that describe or compare benefits. John Grovenstein reported that the benefits available to Georgia Tech employees are listed on the web. John Grovenstein will also provide a list of the peer institutions. Once this list becomes available, the committee members are planning to visit the web sites of these institutions to collect information on the benefits they offer. The committee members were also charged with polling their respective constituencies to identify the most crucial benefit issues. It was noted that GTRI competes mostly with local employers for general faculty and support personnel and that the peer institutions form the competition to attract academic faculty. Christina Shalley provided a handout, which gave a general introduction to benefits.
John Grovenstein handed out a report on the number of people enrolled in TDAs with the various vendors. Approximately 75 percent of the participants are enrolled with the major vendors such as Valic and Fidelity. John also reported that the proposed new contract with vendors for TDAs is currently in review by the legal department of Georgia Tech and noted that Georgia State had to change their proposed contract. John reported that there currently is no effort underway to make this contract uniform across all institutions of the University System. The new contract will be offered to all vendors, but due to the cost of compliance, vendors with few participants are unlikely to accept the new contract. The large vendors are likely to accept a contract after negotiation. The situation is unclear with respect to the vendors of intermediate size.
John Grovenstein reported that the only information available on the Long Term Disability is in the plan booklet which is distributed to all participants. The benefit is 60 percent of the fiscal or academic pay, depending on the status of the employee. The benefit needs the contractual salary, and since summer salary is not included in the academic contract it also is not included in the base pay on which the benefit is based.
The meeting was adjourned at 12:30 PM.
Chairperson, Faculty Benefits Committee