Flexible Compensation Benefits Committee
Monday, July 21, 2003
3:00 pm
103B Seretean Wellness Center
Members Present: Blackburn, Cooper, Fox, Lehenbauer, Morris, Raff, Reed, Shull, and Stromberg
Members Absent: Harrison, Hare, Poole
Ex Officio, Ad Hoc Members and Guest: Barfield, Matoy, Oehrtman, Purdie and Dennis White (TIAA/CREF)
Terry Lehenbauer called the meeting to order.
The agenda was approved.
The June minutes were discussed and corrected. A motion to approve the minutes as corrected was made and seconded. Motion passed.
TIAA/CREF Representative, Dennis White, was introduced. His presentation was on TIAA/CREF’s new program, Investment Solutions (brochure distributed). With the introduction of this new program, OSU’s investment choices will be expanded from the 10 choices presently offered to 19 choices. This could occur during the first quarter of 2004 (dependent upon the State of Oklahoma’s computer upgrade to allow the capability of electronically transmitting funds). The choices will be further expanded to 34 investment funds with the completion of TIAA/CREF’s computer upgrade in 2005. These changes will allow participants greater selection for more individual choice. TIAA/CREF can assist the committee in building our new institutional model by providing data on current usage of present accounts and additional information on the new offerings. Mr. White also stressed that TIAA/CREF will continue their present practice of holding informational sessions with portfolio models and providing one on one counseling.
Oehrtman suggested that the one-on-one counseling should be expanded. Currently when it is offered the spaces fill too quickly.
Shull asked if TIAA/CREF could help in OSU’s present retirement situation. Matoy replied that TIAA/CREF was very helpful the last time we asked the legislature to allow OSU out of OTRS and that they would support us again.
Oehrtman asked if we could receive a copy of Mr. White’s power point presentation. He said he would have to clear it with TIAA/CREF’s legal department and if possible he would forward it to Anne for distribution.
Matoy cautioned us to check the next issue of Health Voice. Significant changes have been made to Health Choice high option. We were not informed of these changes in advance.
Raff asked if we had considered switching providers. Matoy and Lehenbauer reviewed that we have and do discuss this frequently but that costs are going up with all health insurance programs.
Purdie said that the national movement is toward only 3 or 4 payers. Twenty percent of all insured people make up 90% of users. Also, the movement is toward wellness incentives (price break for non-smokers, etc.).
Matoy offered to ask Health Choice to our next meeting to talk to us about their philosophy and plans. Matoy will have Bill Crane from Health Choice come to our next meeting.
Lehenbauer also asked Purdie to talk to us at our next meeting on creative ways to promote health. Purdie told us that a Board has been formed to address this issue campus wide. The dream of this Board is to make OSU the Healthiest Campus in America.
Maternity/Family Leave Recommendation - Lehenbauer sent a letter to Dr. Bosserman asking for an update from administration.
Employee sick leave cap - Matoy stated that the HR Office is capturing data in an overflow account to track sick leave hours beyond the 1600 hour cap. They will also go back to recapture some of what had been previously lost. They will track this until a study can be done and decisions can be made regarding the uncapping of sick leave. Initially it will only be traced and used for OTRS credit.
Task Force Updates -
Barfield made presentations on retirement with the last presentation being to Dr. Schmidly. The President accepted the proposal and a strategic plan for implementation was developed before the meeting ended. Raff asked if we could communicate the outcome of the meeting with Dr. Schmidly to faculty and staff. Barfield will write a letter and transmit it to Lehenbauer to be sent out jointly.
Pre-1993 plan - In a meeting just completed with Dr. Bosserman, it was decided that all qualified employees will be reviewed to determine which plan is optimum for them. (Matoy distributed a graph.) The employees will not need to make a selection on their own. It will be figured for them and the optimum plan will be implemented. With each subsequent change in the retirement program, as the advantage point changes, other employees will be automatically be considered. As a result of this decision, an election process will not be necessary. This will be communicated to faculty and staff very soon.
Lehenbauer sent a request to Dr. Bosserman asking for additional faculty to serve on the Cafeteria Plan Task Force. Response will be forthcoming.
A discussion followed on the items that are strategic issues for the Cafeteria Plan Task Force to address when we have adequate representation to move forward again. The following items were mentioned.
1. Life Insurance
2. Gap Insurance for Health Care
3. Long Term Care Insurance
4. Tuition Waiver
5. Cancer Insurance
6. Waiver on Health Insurance
7. PTO
Several new members inquired as to what had been accomplished to this point in the Task Force’s Phase II recommendation. Purdie and Cooper will update and refresh us on what the task force has prepared thus far. Copies of reports will be shared with new committee members.
Matoy reported the Life Insurance contract has been extended for 6 months. The Long Term Disability contract will be up at the end of this year and American Fidelity will have an increase in premiums, with changes January 1.
Meeting dates were selected to be the 3rd Wednesday of each month, as follows:
August 20th
September 17th
October 15th
November 19th
December 17th
The meetings will be held in the Wellness Center Conference Room from 3:00 p.m. – 5:00 p.m. Please mark your calendars. If these dates present a conflict for anyone, please let the Chair know.
Meeting adjourned.
Items pending from June meeting:
2. Matoy offered to share a Big 12 survey on shared leave.
Agenda items for August meeting: