Funded Retirement and Insurance Committee

2002-03 Annual Report 

            The FRIC committee continues to oversea all of the health and retirement plans. This year FRIC approved expanding the available investment options offered by TIAA-CREF, including limited opportunities to invest in funds offered by funds other than TIAA-CREF. We are also considering further expansion of these options. 

            We have also recommended some changes to the disability insurance program but have not yet received word that these have been approved by the University. 

            Most of our time continues to be taken with overseeing the health plans.  Our recommendation to terminate CHIP I became effective this calendar year; we continue to closely oversee the pricing of the remaining plans. We have recommended a three-tier prescription drug plan which we expect the University to adopt and we are investigating other cost savings measures. 

            Overall we continue to be greatly concerned with the increasing propensity to shift the cost of the health plans to employees whether through increased premiums (even when accompanied by increases (often smaller) in flex credits, out-of-pocket deductibles, and co-pays. The Senate’s efforts last go-around to pressure the University to at least maintain the status quo re contribution percentages paid off but the battle continues and FRIC encourages the Senate to continue to provide an active, strong voice in this area. 

Sheldon Kurtz, Chair