CHICAGO STATE UNIVERSITY Department of Computer Science, Mathematics, & Economics,

1. The U.S. Department of Education’s Minorities and Retirement Security (MRS) Program:First MRS Grant Seminar June 10, 2014 CHICAGO STATE UNIVERSITY Department of Computer Science, Mathematics, & Economics, Project Director and Faculty Mentors: ArefHervani Elizabeth Arnott-Hill Philip Aka

2. U.S. Education Department and Social Security Administration Award Four Grants to Improve Retirement Security within Minority Low-Income Communities: Florida A&M University, Tallahassee Chicago State University University of Houston-Downtown Hampton University

3. to provide opportunities for graduate students at institutions with high proportions of minority and low income students to conduct rigorous research in these needed fields. • to address the financial literacy and retirement planning needs within minority and low-income communities.

4. Goal I: Diversify the literature on minorities, and retirement security and financial literacy interventions by increasing the volume of research and publishing of minority scientists. Goal I: Outcome By the end of the grant cycle, the research and scholarly activity produced by the fellow strained in the project show a significant increase in the number and quality of academic writings in the area of inquiry suitable for publishing.

5. Goal II: Improve the academic currency of minority student scientists who conduct high quality research in areas of retirement security, financial literacy, and/or financial decision-making within minority and low-income communities. Goal II: Outcome There will be a significant increase in the number of well-trained minority scientists who are able to conduct research in areas of retirement security, financial literacy, and/or financial decision-making within minority and low-income communities.

6. Goal III: Implement on-going assessment activities that will demonstrate project outcomes. Goal III: Outcome The final evaluation will demonstrate how well the project met the goals and objectives set forth in grant application and if stakeholders derived a benefit.

7. Research Program The project is designed as an intensive research apprenticeship for minority student scientists. The research project is designed to collect data from low-income and minority communities as it relates to financial literacy and financial decision-making interventions, analyze, build models, make recommendations.

8. The first year would be spent on doing: A comprehensive literature review Analyze and evaluate the existing methodologies utilized by previous studies Identify regional data sources Conduct preliminary regression analysis, evaluate current or build new mathematical models using the existing data for the south side

9. Present the preliminary findings and models. Construct Survey Questionnaires and identify ways through which SQ could be distributed, completed, and collected. Investigate the associated costs and time required for SQ completion.

10. Fellows are assigned to one of three interdisciplinary research workgroups of 2-3 students per team. Fellows will have access to all mentors

11. Group I will design a research program to analyze/collect data on the impact, scope and duration of behavioral change among minority groups who have participated in financial literacy interventions. Group II will design a research program to analyze/collect data that focuses on demographics and wealth disparities among retiring low income and minority groups. Group III will be trained to analyze the findings from Group I and Group II in order to develop mathematical models on retirement security and financial literacy for low income and minority communities.

12. Group I: will design a research program to analyze/collect data on the impact, scope and duration of behavioral change among minority groups who have participated in financial literacy interventions. Faculty Mentor: Dr. Elizabeth Arnott-Hills Student Fellows: Austin Percy TorellPernel Tamara Williams

13. Group II: will design a research program to analyze/collect data that focuses on demographics and wealth disparities among retiring low income and minority groups. Faculty Mentor: Dr. Philip Aka Student Fellows: Rosemary Spaulding Thomas Buckner Keith Brown

14. Group III: will be trained to analyze the findings from Group I and Group II in order to develop mathematical models on retirement security and financial literacy for low income and minority communities. Faculty Mentor: Dr. Aref A. Hervani Student Fellows: SaeidDelnavaz KoffiDossussssss?

15. Publishing / Writing Workshops: A series of workshops that will focus on enhancing the quality of the written and oral presentations of the fellows’ research and introducing them to the intricacies of getting work accepted by scholarly publications will be conducted. Standing Seminar: Biweekly throughout the academic year, the fellows will make presentations on the papers they are assigned to read to peers and mentors.

20. Data Collected: State of Illinois (1) Pension plan participation for Whites and Low Income Minorities. (2) Household Asset for Whites and Low Income Minorities. (3) Marital Status for Whites and Low Income Minorities. (number of married & single people). (4) Asset allocation for Whites and Low Income Minorities. Income Levels for Whites and Low Income Minorities.

21. Partial Data Collected: State of Illinois (1) Retirement account balances for Whites and Low Income Minorities. (2) Social Security payout for Whites and Low Income Minorities . (3) Employment-based retirement plans for Whites and Low Income Minorities. (4) Education levels for Whites and Low Income Minorities (college & Masters graduates). (5) Home ownership for Whites and Low Income Minorities . (6) Rental Housing for Whites and Low Income Minorities

22. Partial Data Collected: State of Illinois Mutual funds for Whites and Low Income Minorities. Level of Saving for Whites and Low Income Minorities . Credit card debt for Whites and Low Income Minorities . Amount of Social Security income & withdrawal for Whites and Low Income Minorities. Household Size for Whites and Low Income Minorities . Owner for Whites and Low Income Minorities . Gender for Whites and Low Income Minorities. Financial Net Worth for Whites and Low Income Minorities

26. The Illinois Department of Aging Dr. John Holton, Director of the Illinois Department of Aging. Fathers, Families and Healthy Communities Dr. Kirk E. Harris, MPA, JD, PhD, Esq. Senior Advisor

27. Thank You