Retirement plan benefits to change after curator vote
After brief discussion Thursday concerning changing the retirement benefits plan, the Board of Curators began preparing to make a final decision Friday.
Board chairman Warren Erdman noted the UM System has been studying whether to implement a new policy for two years. The results of these studies showed that it is in the System’s best interests to implement the new policy.
The majority of the board agreed, passing the proposal in a 7-2 vote. Curators Wayne Goode and Don Downing voted against the proposal.
What the vote means is that a new policy will eventually be adopted, likely around October. The committee in charge of the retirement plan will begin looking at new options throughout the summer, and will present a new plan design sometime in September.
Goode said he hopes to provide input on the plan before it is brought to the board for the final vote, and Interim UM System President Steve Owens assured him this will happen.