Bd. Min. 4-10-15; Revised 6-25-15; Revised 9-26-19; Amended Bd. Min. 7-8-20; Revised 7-28-20; Amended 2-4-21.
- Introduction 鈥 The University's benefits include the medical, dental, long term disability plans and various other insurance benefits available to faculty and staff, retirees, former employees, and their dependents (hereafter 鈥淧articipants鈥) as described in the respective benefits plan documents. The following sections of the Collected Rules and Regulations are being replaced by this new policy statement: Sections 500.010, 510.010, 540.010 and 550.010. The voluntary and defined contribution retirement plans previously contained in Sections 530.030, 570.010, 580.010 and 590.010 of the Collected Rules and Regulations are being replaced by this new policy statement. However, the University's Retirement, Disability and Death Benefit Plan contained in Section 530.010 of the Collected Rules and Regulations is not being replaced or otherwise affected by this policy statement. The cost for the covered benefit plans, various other insurance benefits and the covered voluntary and defined contribution retirement plans are funded with contributions by the University and contributions and/or premiums paid by Participants. The University determines the contribution and premium amounts on an annual basis considering the costs required to provide and administer the benefits. The University also provides other benefits programs on a voluntary participation basis including educational assistance, employee assistance program, and leave benefits to support the work-life balance and other needs of eligible Participants. Together, all of these benefits are considered the Total Rewards offered by the University. This benefits policy provides direction for the provision, selection and administration of the covered benefits programs.
- Objectives 鈥 It is the University's intention to provide competitive benefits programs that are valued by current and prospective faculty and staff. The definitions pertaining to benefit eligibility are contained in Section 320.050 of the Collected Rules and Regulations or in the respective benefit plan documents.
- Faculty, Staff and Retiree Involvement 鈥 An advisory committee, appointed by the Vice President and Chief Human Resources Officer (鈥淐HRO鈥), shall serve in an advisory capacity in matters related to benefits programs and in the treatment of pay and benefits as interrelated parts of the University's overall Total Rewards. The advisory committee shall be comprised of at least 12 members. Committee membership shall consist of a faculty and a staff member from each campus, a hospital representative and a retiree representative appointed by the CHRO from nominations by the campuses, retiree associations and self-nominations. The CHRO may appoint additional at large members and the Committee Chair at the CHRO's discretion. In making the committee appointments the CHRO will strive to appoint members to represent the various University constituencies. The Committee may study, consider and make recommendations to the CHRO regarding proposed revisions to, modifications of, additions to, or deletions from benefits programs covered by this policy statement. This advisory role does not include the selection or management of vendors, plan investments or other administrative responsibilities; however, members may provide input on program design as related to the needs of Participants, provide feedback on communication and education, and advise in other areas.
- University Financial Support of Benefits Programs 鈥 The University will contribute to the cost of the covered benefit programs (medical, dental, disability, and life) as well as covered voluntary and defined contribution retirement plans and leave programs. The University may develop, administer and support other benefits programs that are not contributed to by the University but that provide competitive, affordable and accessible programs valued by faculty and staff.
- Responsibilities and Authorities
- The Board of Curators hereby delegates management of these covered benefits including, without limitation, overall financial management, cost and administration, plan design, and selection of vendors to the President of the University. For purposes of the preceding sentence, the term 鈥減lan design鈥 shall include calendar year deductibles, coinsurance, Participant contributions or premiums, the University's and/or Participant's contribution percentages, copays, covered charges, covered services, out-of-pocket maximums and exclusions, but shall not include any modification of eligibility requirements, or vesting requirements. The President may further re-delegate all or a portion of these delegated management responsibilities at the President's discretion in the manner, and documented in accordance with, applicable University policies.
- The Board of Curators hereby delegates to the President the authority to amend the plan documents for these covered benefits when such amendments are required by law, as determined by the GeneralCounsel.
- For all other proposed amendments to the plan documents for these covered benefits other than the foregoing delegated management responsibilities described in Section 520.010.E.l. above and the foregoing delegated authority for amendments required by law described in Section 520.010.E.2. above, the Board of Curators hereby delegates to the President the authority to amend the plan documents for these covered benefits; provided, however that such amendments shall be provided to the Board of Curators so that it has an opportunity to reject any such amendments prior to their effective date.
- Under the direction of the Vice President the covered benefits programs will be audited and/or evaluated as appropriate to ensure efficient and effective administration, service and pricing. An annual benefits report will be provided to the Board of Curators and will include:
- Any action taken pursuant to the authority delegated hereby including, but not limited to, changes in the University's cost of and contribution to the covered benefit plans and/or the individual Participant's cost of and contributions to the covered benefits plans;
- Current trends and developments in the strategic direction of Total Rewards both within higher education and in the market as a whole (market review);
- A comparative peer analysis of the University's benefits;
- The University's strategic direction in regard to ensuring a competitive benefits offering; and
- The financial status and projected financial impact of the benefits programs; and other data related to the programs.
