Summary of Process
The review of the current benefits program began in the spring of 2007, with an initial review by Human Resources. In September of 2007, The Funded Retirement and Insurance Committee (FRIC), the charter committee of faculty and staff charged to review and make recommendations regarding retirement and insurance programs, was given the charge to develop specific recommendations for change during the 2007-2008 academic year. The members of the FRIC committee are selected by the faculty and staff governance groups as part of the University’s shared governance system. The Faculty and Staff Budget Committee, also composed of faculty and staff representatives, discussed the increasing cost of benefits as a part of the overall University wide budgets.
The recommendations developed by FRIC are the outcome of their work over the past year, and have been reviewed by the President, Vice Presidents and Deans. FRIC also has discussed the proposal in a faculty symposium and at two meetings of the Staff Council. A final decision on the future University benefits structure will be made in consultation with the University leadership and subject to the approval of the Board of Regents, State of Iowa.
Any changes to be effective January 1, 2009, will be communicated to faculty and staff as soon as possible in order to allow individuals to prepare for how these changes may affect their personal circumstances. It is expected that the University administration will make its decisions in early July and any significant benefit changes will require subsequent approval by the Board of Regents.