UVM to Review Cost Sharing Formulas for Employee Benefits
President Asks UBAC to Seek Input and Feedback from the University Community
- By Rodman W. Cory
UVM's President and Provost met in December with the University Benefits Advisory Council (UBAC) and asked the group to open a campus-wide dialogue about cost share formulas. The conversation is NOT about changing benefits, coverage or eligibility; the conversation is about changing the way that the COST of benefits is shared across the University.
The University community has been involved in dialogue about the FY2015 budget since early fall, and the conversation recently has taken up the cost of benefits. Since total compensation (salary plus benefits) represents such a high percentage of UVM's budget (69%), it is necessary that the University community consider these costs.
The University is mindful that any change to the cost share formulas for benefits will directly affect the lives of the people who work here, even though the costs are done on a progressive, income-sensitive basis. It is therefore critical to this process that any decisions be both well-informed and transparent.
UBAC has adopted a plan to publicize its meetings broadly. UBAC will lead two open forums for the campus community, and will present solicited feedback regarding the possible change of employee cost sharing formulas for three specific benefits: health insurance, dependent tuition remission and retirement savings plans.
UBAC will not recommend specific changes, but will review possible models against guiding principles that will be refined over the next few weeks. Campus feedback will give shape and substance to these principles and both the feedback and the principles will be included in a report to the President and Provost in early March.
The University and the UBAC are committed to ensuring that everyone's voice is heard in this conversation. To this end, a website is under development at www.uvm.edu/costshare. Be sure to visit the site, learn how to let your voice be included, and check future issues of News You Should Know for updated information.
There are three UBAC meetings scheduled during the month of February and the first two are especially focused on receiving feedback from the University community:
- UBAC Town Hall meeting (1) on Monday, February 10 from 1:00 to 2:00 PM in Memorial Lounge
- UBAC Town Hall meeting (2) on Thursday, February 13 from 9:00 to 10:00 AM in Carpenter Auditorium, Given E131
- UBAC Full Council meeting on Thursday, February 20 from 8:00 to 10:00 AM in DC Chittenden Bank Room
The University Benefits Advisory Council is made up of faculty and staff from across the University, including representatives from bargaining units and non-represented faculty and staff. All UBAC meetings are open and the public is always welcome to attend.
Questions? e-Mail firstname.lastname@example.org or call 802-656-3150.