Minutes of the Benefits Committee meeting
May 16, 2000
Present: Paula Ebbitt, Greg Finnegan, Malcolm Hamilton, Beth Holmes, Emily Moss, Enith Vardaman (notes)
Absent: Elaine Fadden, Amy Kautzman, Suz-Ann Olofson, Ann Whiteside
Guest: Paul Zizzo, Manager of Benefits Outreach Services
1. Assessment of the first of the two "Building Your Financial Future" seminars. There were some concerns:
late arrival of the presenter, Jean Younger
a somewhat scripted presentation
interjecting questions was a bit difficult<
some inaccuracies in the information presented
2. The second seminar is scheduled for May 18. Emily and Beth will coordinate the particulars.
3. Paul discussed plans for educating staff on the new retirement plan due to go into effect July 1, 2001. A letter about the new plan will go out, perhaps next month. There will be "grandfathering" provisions, since this new plan will not benefit people who are close to retirement. The new plan covers exempt staff. Union negotiations are in progress. In the fall there will be a "road show" : The new plan, together with financial planning information, will be presented to groups of 25-30 people. The sessions are expected to last 2-3 hours. Because of the different effect of the plan depending upon how close one is to retirement, separate sessions will be held for people at least 10 years away from retirement. Malcolm noted that the Benefits Committee could sponsor the presentations for library staff.
4. Paul also said that the ongoing individual sessions with TIAA/CREF and Fidelity representatives could be arranged specifically for librarians on a special day or half-day if we had a group of about 30 people. He also mentioned that Benefits Services was planning to hold quarterly pre-retirement workshops.
5. Our next meeting will be in the fall and will include new , continuing and departing members of the committee. We will select a new chair and webmaster at that time.