April 8, 2015

Beth Fay and Angela Culler from Human Resources presented the annual update on benefits, as well as an update/ summary of the work completed to date on the 403(b) Investment Committee.

Open Enrollment Period – April 20 through May 1

  • Email announcement will be sent to campus
  • Form will be on-line to complete any time during the open enrollment period
  • April 20th – Electronic Benefits Guidebook available online
  • Informational Sessions: 8 in-person enrollment sessions / recorded presentations / HR Computer Lab
  • Changes effective July 1, 2015

Must actively enroll if:

  • You need to make any changes to your current elections or change dependents
  • Have a spouse or same-sex domestic partner on medical plan
  • Choose to participate in the FSA plan (Maximum amount has increased $50)

Benefits Fair – April 21st from 10:00 to 3:00 pm in Benson 401 – raffle prizes, free health screenings, and educational information

Proposed Plan Changes:

Medical:

  • No proposed plan changes; will have premium increases
  • Enhanced Healthy Outcomes Program
  • Prescription drug copays will count towards out-of-pocket maximum
  • Continued healthcare costs; increased use of specialized services and medications; Affordable Care Act requirements

Dental:

  • No proposed plan changes; minimal premium increases

Additional Benefits:

  • No proposed changes to Vision, Life, and Disability plans, 403(b) Retirement, legal and other plans.
  • Will have a customer care team dedicated solely to WFU participants
  • New Health Advocate Benefit – Access to trained professionals regarding inquiries related to claims; free to FT staff/faculty; more information to come

Retirement Plans

  • Defined Contribution (after appropriate time frames have been reached): WFU contributions
  • Tax – Deferred Annuity – Faculty/Staff contributions

4,115 – Plan Participants

$432 million (Plan Assets: 73% with TIAA-CREF)

78% faculty/staff – receiving WFU contribution

34% of staff/faculty contribute on their own

Currently 270 funds to choose from (3 providers)

Question is how do we look at plans for the future?

Looking at a tiered Investment Menu approach (see below):

 

Tier 1 Tier 2 Tier 3 Tier 4
Do it for me Investor Cost-Conscious Index Investor Engaged Investor Ultimate Choice Investor
Target Date(Mutual Funds) Core Menu(index funds) Core Menu (active management) Self-Directed Brokerage Window
Simplicity (also QDIA options) Low-Cost Option (covering major asset classes) Best in Class(mutual funds and annuities) Ultimate Freedom

*Are looking at ROTH options; more to come

*This is at least 6 months to a year out (Fall?) 

 

Benefits Fair Table: The Annual Benefits Fair is April 21st from 10:00-3:00 in Benson 401. SAC will have a table again this year. Wendy Harper give an update on the status.

Election Update: Ted Johnson gave an update on the current election which is in progress. The race is very close and more announcements will be sent out. Postini is catching some of the election emails so please check for emails from SAC.

Standing Committee Report-outs:   

  • Events – Staff Appreciation Picnic will be June 24 from 11:00 am – 2:00 pm at the fields near Reynolda Village. RSVP to the PDC website for headcount numbers for Aramark.
  • Membership – Ted Johnson covered this with the Election Update.
  • Communications, Fringe Benefits, Professional Development, Work-Life Balance – no report-outs

Outside Committee Report-outs:

  • Faculty Senate – March meeting items: WFU rep to NCAA be approved by Faculty Senate, Faculty benefit cuts and premium increases were discussed
  • Tree Advisory – Dying or damaged trees are not necessarily replaced but healthy tree removal is assigned a monetary value to be incorporated into project budgets.
  • Parking & Transportation, Capital Planning Advisory, DIPC, Finance Advisory – no report-outs
  • Chaplain’s Emergency Fund – Movember is coming?

General Announcements:

Upcoming Meetings                                   

May:        Adam Goldstein, Dean of Students

                  New Member Welcome & Training

Earth Day Fair: Celebrate Earth Day with the Office of Sustainability at the 2015 WFU Earth Day Fair on Wednesday, April 22nd from 3:00-7:00 in Reynolda Hall and Manchester Plaza.

Campus Connections: Thursday, April 30th in Benson 401 from 8:45-10:00am   Join Provost Rogan Kersh and Senior Vice President for Finance and Administration Hof Milam for Campus Connections, an opportunity for staff and faculty to learn about, discuss and provide input about issues at Wake Forest University. A light breakfast will be provided.

Annual Financial Update: At the invitation of the Faculty Senate, Hof Milam, Executive Vice President, will give his annual financial update to the University on Thursday, April 30, at 4 p.m. in Pugh Auditorium.

Staff Appreciation Picnic: “Luau by the Falls” presented by SAC and Thrive; Wednesday, June 24th 11am – 2pm – Waterfall Field at Reynolda Village

Category: Minutes