Tag: retirement

2017-2018, Anonymous, Answered

TIAA and Retirement Options for Faculty

December 7, 2017

Questioner: Anonymous

Posed to: FA President Radha Pyati

Many UNF employees have much of the retirement savings in TIAA (which now owns the Jacksonville-based bank EverBank). Several recent news stories, especially in the New York Times, have shown that TIAA’s operations may not be as stellar as their reputation (e.g., https://www.nytimes.com/2017/11/13/your-money/tiaa-403b.html ). Has UNF or the SUS been keeping track of the performance of the TIAA accounts commonly held by employees and comparing their past performance and predicted performance to other possible retirement investments? If there are concerns, would UNF consider more options for employee flexibility in how our retirement savings are invested?

 

Response by: Vice President Shari Shuman

While we are aware of the recent news regarding TIAA, the investment and optional retirement plans are all handled through the State’s Department of Management Services.  Similar to other benefits, such as health insurance, while we facilitate the process we do not directly handle or oversee any of the options or investments.  Also, please be aware that these companies’ performance are closely tracked by the State and information regarding their performance can be found on the department’s website.  Additionally, there are also numerous other investment options, including both companies and products, other than TIAA.

Shari Shuman

Vice President, Administration and Finance

University of North Florida

2016-2017, Anonymous, Answered

Undo Entry into Drop Program

January 12, 2017

Questioner: Anonymous

Posed to: Radha Pyati, President/Designee, UNF Faculty Association

Faculty who have sought to un-do entry into the Drop [Deferred Retirement Option Program] program have found this impossible. If President Delaney or, for instance, Dean Chally, were try to un-do their entry into the Drop program, would the university have any financial responsibility or provide any financial reimbursement of any kind?

Response:

Here is the response to the question from the last FA meeting concerning drop:

Per the Division of Retirement, if an employer agrees to rescind a previously established DROP termination date, the employee’s membership in the State Retirement System would be reestablished, as if he/she had not participated in DROP. As such, there would be no payout of funds to the employee from the retirement system or the employer (UNF). There is no university financial responsibility to pay the employee anything, and no requirement to reimburse the employee anything for not receiving DROP money.

Greg Catron, Director
Employee & Labor Relations
University of North Florida
904-620-2981