Business:

The first meeting of the new year took place in Widener 88 at 9:15AM.

Malcolm Hamilton made a presentation on the Personal Financial Education Group (PFE), and a discussion followed, on its appropriateness as a training vehicle for Harvard librarians.

Malcolm's overview of PFE's presentation to a Harvard HR group ranged from the 'slick' presentation to the 'surprising' message that salary and age divisions are not important in attention paid by people to their finances. PFE informs, as in the power of compound interest, and addresses fears, such as a future absence of Social Security. The group cost to Harvard for such a presentation to librarians would be $1800 a day, in which there could be two, possibly three presentations. PFE could also do three hours for $900. Malcolm mentioned that there is money in the Tanenbaum Fund for hiring PFE, and since Harvard's part of our retirement plan is more than a third, financial education is important.

• Members of the committee made the following points, or raised questions which reflect their concerns.
  • Greg: Do they go any further to suggest the key points for which one should have an adviser? What kinds of advisers might there be, to tell you when and where you should concentrate your investments?
  • Malcolm: Someone from our retirement program at Harvard should come to the meeting.
  • Anne: Does financial planning involve behavior modification rather than just change of habits?
  • Malcolm: The retirement function of HR is being out-sourced, so we need to let people know the kinds of help available to them, now and in the future. The presentation should be open to all library staff who want to come. We should have a sign-up sheet because the venue may not hold everyone at one time. HR, Polly Price in particular, needs to know if we are overwhelmed with response; if we are, each school might have its own presentation.
  • Amy and Anne: We should make sure that non-exempt staff are included.
  • Malcolm: Send brochures and TDA sign-up forms first to prospective attendees. Follow up with other types of programs, such as our own local services at Harvard, information on Roth IRAs.
  • Beth: Handouts might include a sort of time-table according to age and savings, of when you should make certain kinds of investments. We could post information of PFE on our web site/give our web site address to them as a link.

     

• The venue and logistics of the PFE presentation.

  We might think of two AM sessions, as an alternative to one all-day session. We might catch more people. Lamont, Gutman and the Kennedy School are all good locations for the presentation. One of the principals should come to us first to see what librarians do, earn and what their sensibilities are. PFE should know our average age (45.7) and salary ($50K). This initial meeting might take place in Holyoke Center.

  The weeks of March 8th or 15th are possible times for the presentation. Malcolm will invite PFE and Amy will schedule the room.

   

• Items of business.

  Presentations in the near future could begin in April or May with a session on what Harvard offers in the way of financial planning, and instruction about what will happen when our in-house team disappears. Malcolm suggested that another topic might be a re-orientation program for people who have been at Harvard for some time, but who have forgotten, or not kept abreast of, their benefits package.

  Laurie brought up our previous discussion on a 'query line' for our web page. Most members agreed with Malcolm that it would be inappropriate for members of the committee to try to answer questions. Rather, we should use our web site to direct people to sources of specific information. He will find out if there is an 'answer' site elsewhere. Malcolm mentioned that Esther Vegh, editor of the 'Resource', is able to answer most questions that are received by her publication. Greg suggested that the editors of the 'Resource' and of 'Outings and Innings' might contribute to future meetings of the Benefits Committee as speakers.

  Amy notified us later in the day, January 20, that the next meeting will be in the Lamont Forum Room on February 17th at 9AM with members of PFE.