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Missouri S&T Faculty Senate

Missouri S&T Faculty Senate. November 19, 2009. UM Board of Curators. Employee Contribution to Retirement Plan. 1% of first $50,000 in salary 2% of salary in excess of $50,000 Projected Contributions - $12,000,000 per year. How Does the Money Flow?. When UM share is Greater than budget.

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Missouri S&T Faculty Senate

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  1. Missouri S&T Faculty Senate November 19, 2009

  2. UM Board of Curators

  3. Employee Contribution to Retirement Plan • 1% of first $50,000 in salary • 2% of salary in excess of $50,000 • Projected Contributions - $12,000,000 per year

  4. How Does the Money Flow? When UM share is Greater than budget

  5. Comparator Institution BenchmarksHewitt Associates Relative Value Study *After 7/1/09 pension plan amendment

  6. Benefit Plans Contribution AnalysisBased on 2009 Contribution Rates

  7. UM Retirement, Disability & Death Benefit Plan Financial Status

  8. Actuarial Value of Liabilities: The total actuarial accrued liability of pension benefits for all plan members including active employees, retired employees and terminated, vested employees. • Actuarial Value of Assets: Value of all assets held in trust using the Expected Return Asset Valuation Method. Using this approach allows for an amortization of unrecognized return over a 5 year period. The result is a “smoothing” of changes in market value over a 5 year period. • Market Value of Assets: Market value of all assets held in trust under the plan.

  9. UM Retirement, Disability & Death Benefit Plan Billion

  10. History of Actual UM Contribution Rates % of payroll

  11. UM Medical Benefit Plan • Great West Healthcare (CIGNA) • 1/1/10 Plan Design • 1/1/10 Premiums • Prescription Drug Benefits

  12. Premium Changes

  13. Prescription Drug Benefits • Express Scripts – St. Louis Business Health Coalition • Home Delivery

  14. Allocation of Drug Spending

  15. Key Brand Drugs Losing Patent Protection More than $63.5 billion within the next five years

  16. Legislation Overview – State Level • Consolidated Health Care Program • Pharmacy Benefit Management • Autism

  17. Legislation Overview – Federal Level • Mental Health Parity Bill • American Recovery & Reinvestment Act • COBRA Premium Assistance Subsidy • HIPAA Privacy and Security Rules • Children’s Health Insurance Program Reauthorization Act of 2009 • Michelle’s Law (HR 2851) • Genetic Information Nondiscrimination Act (GINA) • Medicare Secondary Payer Reporting Requirement • Newborn’s and Mother’s Health Protection Act • IRS Cafeteria Plan Guidance

  18. National Health Care Reform

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