As UM System President Gary Forsee addressed the school’s governing board, he stressed that a new retirement plan for the university should focus on the needs of employees, not budget or cost.
“It is about the employees,” Forsee said. “This is about making sure we have the correct framework for the future.”
Additionally, Forsee announced the establishment of a special committee designed to tackle this issue. It will include the system’s Compensation and Human Resources Committee and select faculty and staff. The committee will report to Betsy Rodriguez, UM System vice president of human resources.
“I believe that’s the most efficient way the faculty and staff voice is being heard,” he said.
The challenge, Forsee said, will be to craft a new plan that mitigates risk for both current and future employees. Any change to the system’s retirement plan will only affect new hires.
Forsee previously has joined Rodriguez in holding talks with faculty and staff regarding their concerns and objectives in revamping the retirement plan.
Those town hall meetings will continue, beginning Nov. 2, Forsee said. The president will tour the system’s four campuses over the next two weeks to seek additional input from faculty and staff.
Meanwhile, the curators throughout today will hear presentations regarding the pros and cons of a defined contribution plan. But the discussion will continue up until the curators’ December meeting, at which point Rodriguez will recommend a plan to the board.
“So, today is about a next step,” Forsee said.