1 / 21

UM Total Rewards Update

UM Total Rewards Update. Board of Curators January 29 - February 1, 2014. What is Total Rewards?. All of the tools used to recruit, reward, and retain talented faculty and staff. Includes everything employees perceive to be of value resulting from the employment relationship

lara-randolph
Télécharger la présentation

UM Total Rewards Update

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. UM Total Rewards Update Board of Curators January 29 - February 1, 2014

  2. What is Total Rewards? • All of the tools used to recruit, reward, and retain talented faculty and staff. • Includes everything employees perceive to be of value resulting from the employment relationship • Communication strategy and graphic design developed in 2011 to help faculty and staff recognize information, programs and services related to the university’s Total Rewards package

  3. UM Compensation Philosophy • Supportive of the university’s mission and strategy • Fairly and consistently administered • Internally equitable • Externally competitive within the appropriate labor market and higher education industry • Performance based • Structured system-wide but flexible enough to meet campus/hospital needs

  4. Faculty Pay: UM Campuses vs Peers

  5. Staff Compensation Project • Campus-wide project began 2010 and will be fully operational in April 2014 • Creates consistency and equity in job evaluation and salary structure • Reduces the number of titles and salary ranges • Enables the organization to compare staff salaries to the market • Provides a career path for employees wishing to advance

  6. Staff Pay

  7. FY13 Total Rewards Spend = $1.7 BillionBenefit Eligible Employees only

  8. Components of Benefit Spend FY14* Total Spend = $303,603,777 *Based on the flat rate for FY14

  9. Benefit Rate History(actual rates for FY03-FY14 and estimated rates for FY15-FY18)

  10. Benefit Eligible Employees Enrolled for 2014 91% of benefit eligible employees enroll in medical plans

  11. Medical Cost to Premium Ratio – Plan Year 2013 * Target is 100% or below.

  12. 2014 Open Enrollment Results (Employees)

  13. Medical Cost Benchmarks-Industry Breakouts UM has 15% lower costs than the Gov’t/Public Sector/Education industry. Source: Towers Watson Benefit 360 Analysis

  14. Medical Cost Benchmarks Understanding Your Population: Plan Value (vs. database by plan type) University of Missouri’s plan values are 10% higher than the database average Source: Towers Watson Benefit 360 Analysis

  15. UM Cost Impact of Affordable Care Act .

  16. UM’s Two Core Retirement Plans

  17. Employee Retirement Investment Plan (New Plan) Since October 2012 • 2,667 participants (includes terminated employees) • 96% of participants retained the opt-in participation rate • Projected that 50% of all retirement plan participants will be in this plan by 2019 and 85% by 2034

  18. History and Projected Future Contributions in Dollars to University Retirement Plan

  19. UM Voluntary Retirement Plans *Some individuals may have an account at both TIAA and Fidelity

  20. Total Rewards Task Force Objectives • Retirement plan benefits may not be reduced but additional options may be considered • Establish competitive benchmarks for benefit costs • Remain competitive within applicable employee peer groups • Considered of value by employees and retirees • Increase cost predictability for both participants and the university

  21. 2014 Committee Business Regular Committee Agenda Items: • April: Total Rewards Task Force report Annual retirement plan valuation report • June: • October: • December: Other Topics for Consideration? Total Rewards Task Force Implementation Update

More Related