Reason for change
The benefits provided to University faculty and staff members, as part of their total compensation package, enable the recruitment and retention of talent to support the University’s mission of teaching, research and service.
The current flexible benefit structure is not sustainable over the long term. The University will continue to pay more in benefits for faculty and staff each year, but the recent rate of increase cannot be sustained.
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. 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 new benefits program is the outcome of over a year of their work. A final decision on the future University benefits structure was made in consultation with the University leadership and was subject to the approval of the Board of Regents, State of Iowa in 2009.
The plan phase-in will be complete when the new program takes effect January 1, 2011.