Guiding Principles in the Benefits Cost Share Conversation
The following Guiding Principles were developed by the UBAC in their review of Post-Retirement Medical Benefits and were modified at their January 27, 2014 meeting. These principles will serve as a starting place for the development of a framework that will be used to evaluate proposed options for cost-sharing changes to the University's Retirement Savings, Dependent Tuition Remission and Health Insurance benefits. These principles may be shaped by the campus conversation and in their final form will be included in the UBAC's report to the University President and Provost.
- Protect current employees and retirees from undue financial burden.
- Sustain access to benefits that are adequate for current employees, regardless of length of service.
- Preserve an income-sensitive premium cost-sharing structure for current employees.
- Continue to offer benefit programs that are competitive with those of peer institutions.
- Consider the impact of benefit cost-sharing changes on recruitment and retention of both faculty and staff.
- Support active employee participation in all UVM benefits, including health care, emphasizing prevention and management of chronic health conditions.
- Educate employees and provide incentives to assist them in planning for their retirement, including medical care.
- Consider and continuously review contracts, plan design, funding models and/or vendor changes to ensure that UVM has a full range of efficient, effective and high-quality benefit programs.