RETIREMENT AND FRINGE BENEFITS COMMITTEE

(Faculty Council Standing Committee)

Thursday, May 2, 2002, 3:00pm

Public Information Building, Room 309

MINUTES

Members in attendance: Brad Bays, Jean Van Delinder, Tim Ireland, James Boggs, Sally Henderson

Others in attendance: Ed Lawry

Members absent: Shida Henneberry, Roy Achemire

The meeting was called to order at approximately 3:10pm by Sally Henderson, Chair.

There being no recorded minutes of the previous meeting, Tim Ireland provided a summary report of its approximate date (last fall) and agenda (facility tour).

The agenda was approved with the addition of a new business item: Discussion of the use of health and retirement benefits as recruitment incentives.

After determining that old business had not been formally documented and that there were no active sub-committees, a report was presented by Ed Lawry concerning the current retirement issues, their content and status. Briefly, meetings and negotiations are ongoing concerning the three aspects of OSU's retirement woes, which are: Amended restoration of contracted retirement terms for 1,400+ employees as well as retirees and individuals who've transferred out of OSU's system, retirement terms for new and other post-1994 hires and possible compensation for damages, if so determined/decreed.

Brad Bays asked Lawry if an independent overseer had been hired for the "damages" phase. Dr. Lawry indicated that names had been submitted for consideration but that the job description of the selected individual was not yet clearly defined.

Identifying the R&FB Committee's goals and objectives for next year was the primary topic of new business. Several issues were discussed:

v Health benefits*

v Life insurance**

v Tuition waivers

v Wellness and Fitness Plans

v Maternity/adoption leave

v Spousal leave

* The issues of health benefits as a recruitment tool was discussed as well as information about planned meetings with OU representatives to learn more about their health benefits and discuss possible alternatives to our current plan. Sally Henderson also reported that the Flexible Compensation and Benefits Committee (FCBC) (University Wide Committee) had voted to recommend that the current interim Long Term Disability policy (3-0750) be adopted as final, with the amendment of the addition of a statement concerning retirement benefits to be paid during disability.

**Sally Henderson reported that the FCBC also voted to forward the recommendation that life insurance benefits for future retirees be raised to $10,000 from the current $4,000, which would require a payment rate of .26/$1,000/mo by the institution for FY03.

It was determined that the committee should meet in late May or early June to identify and clarify next year's goals and objectives.

The meeting was adjourned at approximately 4:30pm.