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 documentation. 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 separate? 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. http://chronicle.com/article/Documents-Show-U-of-Missouri/133097/?key=Tz8gdVRvZX1JYS5kZD0VP25daSQ7NUh6MXcbbnsubl1REg%3D%3D 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 meeting.