Retirement Plan Review Task Force to announce recommendations at town hall meetings

April 23, 2010

The Retirement Plan Review Task Force will use two town hall meetings to discuss its recommendations to enhance Purdue's defined contribution retirement plan (DCRP) and its voluntary tax-deferred annuity plan. Because of the importance of the recommendations, all faculty and staff covered by one of these plans are encouraged to attend a town hall meeting or view one via the Web.

It’s important to note that the Retirement Plan Review Task Force and the town hall meetings are not related to the defined contribution retirement plan changes -- Reduce, Rebalance, Require -- approved earlier this month by the Board of Trustees. The task force has been focused on components of the plan, such as fees and available funds, and not on University or employee contribution amounts.   

The system-wide task force was formed in fall 2008 to evaluate various features of Purdue's DCRP, currently administered by TIAA-CREF. "The goal was to make a good retirement plan even better by ensuring competitive, best-in-class offerings for Purdue's faculty and staff," said task force co-chair Jim Almond, senior vice president for business services and assistant treasurer.

Frequently asked questions about the task force’s work are available on the Staff Benefits website.

In developing its recommendations, the task force analyzed and benchmarked several key components of the plans, including the fund administrator, participant fees, funds offered in Purdue's lineup, technology, and service. If approved by Purdue's Board of Trustees, the recommendations would enhance several important aspects of the plans, giving participants more help in reaching their long-term retirement income goals.

The agenda for the town hall meetings is:

* Objectives of the task force and the process that has been followed: Jim Almond, senior vice president for business services and assistant treasurer.

* Recommendations being presented to the Board of Trustees for approval: Daniel Pawlisch, associate, Ennis, Knupp & Associates.

* Response and overview from the task force: Mikhail Atallah, associate department head and Distinguished Professor of Computer Science.

* Implementation and timeline: John Beelke, director of Staff Benefits and WorkLife Programs.

Faculty, staff, and retirees will have an opportunity to ask questions and offer comments following the presentation portion of the meetings.

Task force members and representatives from Purdue Staff Benefits will attend both town hall meetings, which will also be broadcast live via the Web at mms:// Windows Media Player is required for viewing the live broadcasts.

The meetings will take place as follows:

* April 29 (Th). 2-4 p.m. Loeb Playhouse, Stewart Center.
* April 30 (F). 8:30-10:30 a.m. Loeb Playhouse, Stewart Center.

An online video of one of the town hall meetings will be available on the Staff Benefits website following the broadcast.