FC Newsletter 7-26-12

Betsy Rodriguez VP for Human Resources - Retirement Plans

The new retirement scheme is only for new employees.  Starts October 1. 
  So people hired in September are not part of it.  People in recruiting 
positions need to know about it.

Changes to all voluntary retirement plans

Regulatory requirements have changed, so UM now has fiduciary 
responsibility to monitor all funds.  That is why UM went to Fidelity as 
the funds "master administrator."

Old investments can stay where they are.  But new investments must go 
into a fund in the plan.

Flat dollar amounts no longer available.  Must be percentage of salary. 
  This can be changed as often as you like, as can the fund provider. 
It can all be done via the internet 24/7.

Administrative costs will be at a flat (8/100)% = 8 basis points.

Free one on one consulting.  Consultants are paid on basis of customer 
service - not sales commissions.

Fund types:
Tier 1:  They do the thinking for you.
Tier 2:  A small selection of different types of funds.
Tier 3:  Select from 300 fund families, 3000 funds.  (Pure retail - not 
limited to 8 basis points.)

Discussion of University Press

Speer Morgan did not turn up!

Lee Wilkins, member of the Editorial Board

It would be smart, wise, and politically astute for the administration 
and new press to ask for faculty input.  It saddens her greatly that 
this was not done up until now.

Q.  Adelstein - what was the rationale?
A.  Wilkins - She doesn't know.  It was losing $400,000 per year, and 
she believes this is the true reason.  But there is no written 

Tyrer - FC Exec did have a meeting with Deans and Speer.  June 29.

Loyalka explained that at this meeting, he asked the Provost what would 
happen to the current employees.  The Provost informed us that many of 
them had bailed out.  So we were misinformed.  The Provost never 
corrected this misinformation.

Q.  Piper - were the decisions to close, and the decision to reopen 
A.  Tyrer - Yes.
A.  Wilkins - No.  A few years ago, the Chancellors said "no" to a 
similar request.  (But the Editorial Board did not know about this at 
the time.)

Roberts - 1. The problems did seem very simple to solve.
2.  Piecemeal information from the press about what review team said.

Q.  Morera - Why don't we know the facts?  What happened subsequent to 2007?
A.  Tyrer - these figures are hard to get.

Lois Huneycutt from the History Department was invited to speak.  She 
said that no other Missouri press has the mandate to print Missouri 
history books.  Many Faculty in History have tried to be involved with 
the press, but they have been rebuffed.  She presented a large petition 
from signon.org to keep the press open.  She also explained that authors 
are extremely happy about the professionalism of the press.

Tyrer - There is a recent Chronicle of Higher Education article which 
describes the timeline rather well.

Loyalka made a motion, which is identical to the signon.org motion at 
http://signon.org/sign/save-the-university-of.  Chair Tyrer asked that 
we discuss the motion before it is seconded.

There was a fiery discussion.  I was part of it, and I was very 
emotional, so I didn't take good notes.  Arguments were made on both sides.

Motion to suspend the rules: Passed.

Loyalka made a motion calling for the first point of signon.org petition.

Amendment to remove the layoff language.  Passed 8 votes to 6.

Final motion:  The Faculty Council of the University of Missouri calls 
on President Timothy Wolfe to postpone the closure of the University 
Press pending discussion with faculty regarding the future of the Press.

Passed unanimously.

The rest of the points on the petition will be brought to FC at the next