Senators receive update on spring retirement plan changes

Benefits director Ed Holland reviewed with senators some of the changes to the TIAA retirement plan for benefits-eligible employees that took place in April during the Sept. 9 Faculty Senate meeting.

One of the biggest changes was moving from 45 investment funds to 28, several with lower fees. A self-directed brokerage option was introduced for employees with investment knowledge, and the default option was moved from lifecycle funds to a new option called Iowa State RetireOn Track, a portfolio that includes investments for guaranteed income in retirement.

"We did this to increase choice, lower fees and provide better protections for the benefits that were provided," Holland said. "This is a project we discussed with several groups for three to five years and was not done without forethought."

Holland shared some outcomes of the transition:

• Employees have saved almost $2 million in lower annual fees
• 942 participants opted out of Iowa State RetireOn Track
• 442 participants contacted the TIAA customer service center 

Holland said the process was not as smooth as expected and UHR leaders shared concerns with TIAA.

"We told TIAA that it did not have enough staff to manage the program because some participants had issues trying to get the help they needed during the transition," he said. "TIAA is now backfilling some of the positions, so the staff that is available to our faculty and staff is increasing. We also expressed issues with navigating and using the TIAA website."

Presidential search

Faculty Senate president Meghan Gillette reminded senators of the timeline for the search for Iowa State's next president.

"Applications are due Sept. 19, semifinalist interviews will take place in October and finalists' interviews in November," she said. "The goal will be to have a candidate decided on by the end of the November Iowa Board of Regents meeting."

Regent JC Risewick, who co-chairs the search committee with Gillette, and Rachel Boon, the regents' chief academic officer, attended Tuesday's meeting to answer any search questions from senators. The lone question was about who vetted the candidates and includes the search firm and search committee.

Other business

• Carly Manz, genetics development and cell biology teaching professor, was elected chair of the faculty development and administrative relations council.
• Cullen Padgett Walsh, philosophy and religious studies teaching professor and president of the ISU chapter of the American Association of University Professors, shared information about the work the chapter does and how it interacts with state and national representatives. Those wanting to learn more or join the chapter can contact Padgett Walsh.
• Patrick Determan was introduced as the new Faculty Senate office administrator. Determan took over for Sherri Angstrom, who retired this summer after 31 years in the role.
• The spring faculty conference will be on Wednesday, March 25. More details will follow in the coming months.
• The Oct.14  senate meeting (3:30-5 p.m.) will be in 0305 Carver.