Grundy Reporter

Illinois State University Senate Committee on Faculty and Academics Staff Benefits met March 9.

Here is the minutes provided by the committee:

Present: Chair David Lange, Justin Kern, Piper Martin, Francis Thomas

Ex officio: John Kindt, Mark McGiles, Katie Ross, Brent West, H.F. Williamson

Absent: Jennifer Bergmark, John Prussing

Ex officio: Larry Curtis, Deb Stone, Karie Wolfson

Guest: Wendy Doebel (Senior Coordinator, Human Resources Administration), Angela Lyons (Associate Professor, Department of Agricultural and Consumer Economics)

A regular meeting of the Senate Committee on Faculty and Academic Staff Benefits (FB) was called to order at 10:00 am with Chair Lange presiding.

I. APPROVAL OF MINUTES

The minutes of the February 10, 2020 meeting were approved as distributed.

II. PUBLIC COMMENT

No requests received.

III. CHAIR’S REMARKS

No remarks.

IV. OLD BUSINESS

FB.20.01, Review Bylaws, Part D.11 – Committee on Faculty and Academic Staff Benefits

No new discussion.

V. NEW BUSINESS

FB.20.02, Behavioral Economics of Retirement Planning

Angela Lyons, Associate Professor and Director of the Center for Economic and Financial Education, attended to discuss the behavioral economics of retirement planning.

Lyons gave an overview of behavioral economics and explained how a person’s brain functions when faced with choices, especially with many alternatives. When too many choices are given, it is often too overwhelming for many individuals.

Lyons noted the challenges and opportunities for retirement services for the University including:

• Existing services and what’s working and what’s not and why?

• Heterogeneities across campus population.

• The needs and preferences of populations.

• Financial challenges and barriers facing some populations.

• Perceptions and misperceptions about financial planning.

• Legal and regulatory barriers.

Lyons shared two key properties of a good nudge:

• Still provides choices.

• Effective consequences so the consequences are clear.

The role of FB could be to consider what metrics are used to determine how to best help employees in regarding to retirement services.

Lyons shared current resources for employees (e.g., System Human Resources Services website) and questioned if these resources could be improved to provide better assistance.

Lyons noted that her presentation was to start the conversation and give FB members the opportunity to look at the issue from a different perspective.

FB thanked Lyons for the informative presentation.

VI. UPDATE FROM SURSMAC REPRESENTATIVES

Copies of the written report from Williamson were distributed.

VII. UPDATE FROM UNIVERSITY PAYROLL AND BENEFITS

No update.

VIII. UPDATE FROM STATE UNIVERSITIES RETIREMENT SYSTEM

Copies of the report that Williamson obtained from Larry Curtis were distributed.

IX. UPDATE FROM THE OFFICE OF THE PROVOST

No update.

X. UPDATE FROM FACULTY STAFF ASSISTANCE SERVICES (FSAS)

No update.

XI. UPDATE FROM ASSOCIATE VICE PRESIDENT FOR HUMAN RESOURCES

Ross distributed copies of the HR/Benefits: Current Topics & Events document and gave an overview:

• The changeover from Fidelity and TIAA to Voya for the SURS Self-Managed Plan (SMP) will occur on June 1. The University is waiting to receive more information from SURS and hope to schedule Voya on campus for SMP participants during April.

• If adopted by the University, a SURS initiative may offer a new supplemental retirement savings plan for participants. It was noted that the University currently offers two supplemental retirement savings plans to employees – a 403(b) plan and a 457 plan.

• The dependent eligibility audit is currently in progress. Employees must submit the required documentation by April 25 or insurance coverage for those dependents will terminate on May 1.

• The benefit choice open enrollment period will begin on May 1. It was noted that there will be some premium cost increases related to an employee’s salary as well as which plan is chosen.

State Claim Payment Delays as of March 5, 2020

QCHP – Aetna 12/09/2019 3 months

HealthLink OAP 12/16/2019 3 months

Aetna OAP 12/09/2019 3 months

QCDP PPO/Premier 12/19/2019 3 months

QCDP Non-network 10/03/2019 5 months

XII. UPDATE FROM THE UIUC CHAPTER OF THE STATE UNIVERSITIES ANNUITANTS ASSOCIATION

Copies of the written update from Williamson were distributed.

XIII. UPDATE FROM THE COUNCIL OF ACADEMIC PROFESSIONALS

No update.

XIV. ADJOURNMENT

The meeting was adjourned at 11:35 am.

https://uofi.app.box.com/v/FacultyAcademicStaffBenefits/file/649637487271