Committee Members in Attendance
Bruce Solomon-Math (Co-Chair)
Cheryl Hughes – SPEA (Co-Chair)
Nancy Nelson-Speech and Hearing Sciences
Jim Sherman-Psychology (Emeritus)
Guests in Attendance
1. Update on Retirement Meetings
- Jim reported that he will be meeting with roughly 30 of the 40 individuals who will be retiring in June, 2019.
2. Retirement RFP Update (summary provided by Christan)
Background: Process for decision about retirement plan is not complete
a. As mentioned in the meeting, the Retirement Investment Committee is still working through the RFP decision and process. Although it was originally announced we planned to have more information on the outcome of the RFP before the end of the academic year, HR likely will not have any information until later this summer or early fall when the Committee has reached a final decision.
b. In an effort to remain transparent, HR would like to send an email to all employees before the end of the semester to let them know the process is not complete. The goal of the email would be to:
- Let employees know the process is not complete yet.
- Let employees know HR will continue to keep them informed and an announcement will be made when the committee has completed their RFP process, which could be over the summer or early fall.
- Since HR hasn’t communicated in a while, they want to remind employees about why they are going through this process and highlight the benefits/good changes they hope to introduce for employees, such as rollovers and a Roth option.
3. Changes in annual salary letter (summary provided by Christan)
Background: HR is not responsible for the letter. The Budget office generates the salary letter and departments use them in various ways.
- The University is working on a new approach to notify employees of their base salary for the upcoming 2019-2020 fiscal year.
- Historically, the University Budget Office sent out new fiscal year salary information as printed letters and spreadsheets to every department across the university. It is up to the department to provide salary notification to employees, however not every department uses this information at all, or may use different approaches to disseminate the information.
- This year, the University Budget Office will still provide salary information on spreadsheets to departments in early June. It will be up to the department and leadership to share this information with employees as they have in the past.
- In addition to that process, beginning this summer, IU Human Resources will be sending out a customized email to each employee that will contain their base salary, healthcare, retirement contributions, and IU tuition benefit as part of a “total rewards” notification. The emails will be sent out using the effective date of the new fiscal year salary:
- Send to Staff the week of July 8 (for new salaries effective 7/1)
- Send to Faculty the week of August 5 (for new salaries effective 8/1)
- Again, this is just an enhancement to the current salary notification process and a way to provide employees information on their salary and benefits.
- There is a “total rewards” module in the Employee Center on One.IU. This information is updated on a daily basis and can be accessed at any time. HR will be providing information on this tool in the email notification so employees are aware this is available to them throughout the year.
4. Study of possible hearing aid benefits
- Christan reported that the feasibility study for hearing aid benefits has been completed, but there has not been time to review the information. She indicated that once she has had a chance to review the numbers, she will be in touch with Nancy (possibly over the summer or at the beginning of the next academic year).
5. Phased Retirement
- Christan provided a brief overview of the enhanced phased retirement that is currently available for tenure track faculty only. Requirements include:
i. Employee must be age 65
ii. Employee must have tenure
iii. Employee must have “retiree status” – ten years of continuous service.
iv. 18/20 employees are not eligible
- This plan allows tenured faculty to step down their retirement (to as low as 50%) while retaining benefits.
Nancy Nelson, AuD., CCC-A
Clinical Professor - Audiology