Wednesday, January 25, 2006
Attendees: Virginia Flavin, Catherine Cox, Jean Daly, Karl Cerny, Elliott Crooke, Eugene Ford, Therese Stratton, Harvey Iglarsh, Vivian Murphy, Mary Anne Mahin, Jo Ann Moran Cruz, Susan Buckingham, Rachel Bridges, Eileen Fenrich, Larry Fields, Ted Goldman, Lisa Wolfe
The meeting was called to order at approximately 3:10 p.m.
Approval of November 30 Minutes
A motion was made that the minutes be approved; the motion was seconded and unanimously carried by the committee.
GURP - developing a framework for discussion
A discussion of the staff retirement benefits will begin by looking closely at the Mercer Benchmarking report in order to get a clear idea of where GU currently stands in relation to our peers. We are in the ‘fact finding’ phase of this process during which the BAC should focus on identifying the problems, then moving into an exploration of possible solutions. There are other considerations surrounding this issue – moral, legal and financial (where do we stand, what can we afford).
Mercer Benchmarking Study
Representatives from Mercer Human Resource Consulting were introduced to the committee.
Background: Mercer had provided a similar review of benchmarked benefits in 2001. The 2005 report was presented to a subgroup in the fall, at that time it was determined that additional peer institutions would be added in relation to the staff benefits.
HANDOUT (BVR – Benefits Valuation Report)
When talking about the ‘value’ of benefits, this report defines that as the dollar value of those benefits on the open market – what they would cost an employee were they to purchase on the open market.
Total Faculty Benefits @ 50% (median)
It was commented that it would be helpful to look at the benefits benchmarking next to total compensation. In 2001 Georgetown performed a compensation study – GU was 3% below the market for salaries, and 9% below the market for salary ranges.
Tuition Benefits for Surviving Dependents of Active Employees
(10+ years of service)
If someone is an active employee who has worked at GU for more than 10 years (but is under 55) they are not extended tuition benefits for their dependent children. It was proposed that the group make the recommendation that this policy be amended.
Update on Health Plan Survey Status
The health plan survey closes midnight on Friday. As of today we have 1162 responses. In February IBS will provide an overview to the BAC. The comments generally are less than favorable in relation to the health plan.
The meeting concluded at 5:00 p.m.