Faculty Council hears update on review of retirement plans

Announcement expected soon on committee’s recommended vendor lineup

CU’s first review of retirement offerings in 20 years is nearing a conclusion.

E. Jill Pollock, vice president of employee and information services, told Faculty Council at its Dec. 4 meeting in Denver that the committee that reviewed retirement plan vendors has presented a recommendation to President Bruce Benson. Should university leadership adopt the recommendation, the potentially new lineup of retirement plan vendors could be in place by July 1.

The committee – composed of 12 current or retired faculty, staff and administration members – began analyzing proposals from vendors in August.

The university has two retirement options: a mandatory savings plan for faculty and university staff, which has three vendors; and an additional plan, with eight vendors, that is optional for all employees. The university’s options had not been reviewed for more than two decades, according to CU officials, who want to ensure that vendors are providing the best rates, educational opportunities and return on investment.

Among the potential outcomes of the study: CU might have determined that having only one or two vendors for the mandatory savings plan might be more efficient and beneficial for CU and retirement plan members. Retaining all three vendors is possible, too, Pollock said.

Pollock also told the council that administrators are in the final stages of adding gender transition surgery as a medical benefit to Health Plan participants; the topic was discussed at last month’s GLBTI Symposium.

“President Benson commented on both your Diversity Summit and GLBTI Symposium at the recent regents meeting,” Pollock told the council. “Your symposia raise these conversations that we need to have to prominence in front of our regents and the campuses and the rest of us. Thank you for doing that.”

Pollock also introduced her soon-to-be successor, Kathy Nesbitt, who will take over Pollock’s vice president role while Pollock transitions into a new leadership position at CU.

“Thank you for letting me serve you these six years – it’s been a pleasure,” Pollock said.

In other business at last week’s Faculty Council meeting, held at the Warwick Hotel:

-          The council heard about a pilot project aimed at reducing the administrative burden felt by researchers across the university. Leonard Dinegar, senior vice president and chief of staff, said he has begun working with the council’s David Port to establish a task force that could address ways of “solving problems without getting overly bureaucratic.” The pilot will initially focus on the CU Anschutz Medical Campus only, but could be broadened in the future.

-          Faculty Council Chair Laura Borgelt encouraged faculty to join CU Advocates, the grassroots program based in the Office of the President. Michele McKinney, assistant vice president for External Relations and Advocacy, said 270 CU faculty currently are part of the group, and that she would love to see more faculty as advocates. “Faculty are the reputation builders for the University of Colorado,” she said. “You are the quality that drives students to come to our campuses, that drives alumni to give.”