The Retirement Subcommittee is a standing subcommittee of the Senate Committee on Faculty Affairs (SCFA) charged to:
(i) oversee 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 Fiduciary Advisory Committee (RPFAC) 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 RPFAC with respect to issues requiring financial or investment expertise as it determines to be appropriate.
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. The Director of Retirement Programs, one representative of the Office of Investments and Banking, and one representative from the Employee Benefits Department 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 civil service members are appointed by the Committee on Committees. Civil service members are appointed by the Civil Service Committee or its successor. The retiree member is appointed by the Retirees Association.
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