The Retirement Subcommittee is a standing subcommittee of the Senate Committee on Faculty Affairs (SCFA) charged to:
(i) oversee and facilitate communication among faculty members, the SCFA and University administration regarding the operation of the University's Faculty Retirement Plan, Optional Retirement Plan, and Section 457 Deferred Compensation Plan (collectively, the Plans);
(ii) develop and communicate to SCFA, to the Retirement Plan Governance Committee (RPGC) and to University administration its recommendations regarding Plan terms and modifications, investment alternatives available under the Plans, selection of service providers, and other similar matters related to the Plans;
(iii) monitor the University's participation in the Minnesota State Retirement System Plan (MSRS Plan);
(iv) advise University administration regarding the dissemination to Plan participants of information related to the Plans; and
(v) advise University administration regarding the dissemination to Plan participants and University participants in the MSRS Plan of educational information related to retirement financing generally.
The Retirement Subcommittee may request the research and other assistance of the Office of Investments and Banking as it determines to be appropriate. All of the functions of the Retirement Subcommittee described herein shall be considered non-fiduciary in nature.
The Retirement Subcommittee shall consist of seven faculty members holding regular appointments (as defined in Regents Policy: Faculty Tenure); three members of the professional and administrative staff; two members of the civil service staff; and one retiree. Members shall be appointed for three-year staggered terms. The chair shall be appointed for a term of one year. Two representatives from the Office of Human Resources and one representative of the Office of Investments and Banking shall be ex-officio members of the Subcommittee. The Office of the General Counsel shall be invited to appoint a representative to serve as counsel to the Subcommittee.
At the request of SCFA, all members of the committee other than the retiree member are appointed by the Committee on Committees. The retiree member is appointed by the Retirees Association.
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