Change - USM Forum -- Message Board

Date: May 10, 2006

Change

Date: May 10, 2006

All well and good, but a few questions (and these are sincere questions):

-- how many of the supervisory employees were previous USM employees?

-- what happened to the USM employees' PERS contributions?

-- do the employees still have the tuition benefit they had as USM employees, for themselves as well as their children?

-- how does the Aramark health insurance compare to the state insurance?

Date: May 10, 2006

1. All of them. Bob Lowe, Jim Outland, Wes Barrett, . . . . etc., et al.

2. Either they retired, draw, and continue to work; invested if vested, or are waiting to draw

3. Yes, the exact same tuition plan as before (50% for dependent, 6 hours for themselves)

4. Health insurance is tremendously better than State - MUCH lower premiums (free for employee), MUCH lower deductibles, better coverage. State insurance plain-sucks.

Date: May 10, 2006

Thanks!

Date: May 11, 2006

What about the one or two who were within 3 to 5 years of retiring that Aramark would not place? I know that one of these individuals relocated to Physical Plant which is now in negotiations of outsourcing.

Date: May 11, 2006

I thank God we live in a world of 401-k type retirement plans,instead of the stalinist-like employer pension plans. With 401-K there's portability and the opportunity to ride the golden wave of capitalism.

Date: May 11, 2006

Mr. Capitalist wrote:

I thank God we live in a world of 401-k type retirement plans,instead of the stalinist-like employer pension plans. With 401-K there's portability and the opportunity to ride the golden wave of capitalism.

And I'm grateful that thanks to PERS I have a lifetime income my spouse and I can't outlive. (I also have other funds invested but, like 401-K's, on a risk basis. Thanks to PERS you'll never have to support me with your taxdollars if my risk investments go belly up.) Why should the taxpayers be subject to your investment risks?

Date: May 11, 2006

Southern Belle wrote:

What about the one or two who were within 3 to 5 years of retiring that Aramark would not place? I know that one of these individuals relocated to Physical Plant which is now in negotiations of outsourcing.

And here is the problem with this board ~ persons speaking of issues they know nothing about as if it were first-hand, but is only hearsay, and wrong. There was NO ONE that Aramark "wouldn't place"! It was written in the contract that ALL were guaranteed employment. A few left. One just left, one went to Res Life. I can't think of anyone that went to PP, but had they stayed they would be happy like the rest of the former dining staff.

Geesh, just like the other thread with the "spy" who knew that negoiations have been happening all along. No such thing - that's just stupid. Not everything is a conspiracy. Yesterday was the very first day that any negotiations occured. The letter of the law has been followed very closely. To speak otherwise is to call into question the integrity of some very fine people.

Date: May 11, 2006

Mr. Capitalist wrote:

I thank God we live in a world of 401-k type retirement plans,instead of the stalinist-like employer pension plans. With 401-K there's portability and the opportunity to ride the golden wave of capitalism.

Oh, No!! You mentioned that word, capitalism, again. Now we will get "Off the Plantation" and "Lest We Forget" into a long debate on this thread. Please, in the future, watch your language.

Date: May 11, 2006

S. Truett Cathy wrote:

Geesh, just like the other thread with the "spy" who knew that negoiations have been happening all along. No such thing - that's just stupid. Not everything is a conspiracy. Yesterday was the very first day that any negotiations occured. The letter of the law has been followed very closely. To speak otherwise is to call into question the integrity of some very fine people.

That post is being removed at the poster's request.

Date: May 11, 2006

Mr. Capitalist wrote:

I thank God we live in a world of 401-k type retirement plans,instead of the stalinist-like employer pension plans.

And do you also plan to relinquish Medicare when you reach the age of eligibility? I can see you now invading your private investments to pay through the nose for health insurance issued by a private insurance company when you are 65.

Date: May 11, 2006

PERS has been great. When I first moved to Mississippi (an eon ago), there were concerns about it. It has turned out to be a much better plan than most of my friends have--especially when combined with TIAA, Valic, or some such other saving. Unfortuntately, nowadays most faculty don't stay long enough to take full advantage of it. And now, at USM, all the young people are looking to leave long before they get 25 years in the system--and that's when it really starts paying off well.

Date: May 11, 2006

Retiree 3 wrote:

PERS has been great. When I first moved to Mississippi (an eon ago), there were concerns about it. It has turned out to be a much better plan than most of my friends have--especially when combined with TIAA, Valic, or some such other saving. Unfortuntately, nowadays most faculty don't stay long enough to take full advantage of it. And now, at USM, all the young people are looking to leave long before they get 25 years in the system--and that's when it really starts paying off well.

Retiree, young professionals (and others) like the opportunities that present themselves at other institutions, companies, and/or industries and would like to take there savings with them. Choice is not a bad thing.

Our retirement system is out-dated; holding nothing of value to many persons. It really is.

Date: May 11, 2006

Retiree 3 wrote:

all the young people are looking to leave long before they get 25 years in the system--and that's when it really starts paying off well.

One doesn't have to have 25 years in the system to draw an annuity. Doesn't vesting takes place in 4 years? There are some other conditions under which a hefty annuity can be drawn.

Date: May 11, 2006

Right. You don't have to have 25 years in. But it pays best for those who do--especially those who've spent most of their career at USM. For the 25-30 year folks, the 13th check is a huge boost.

Outdated? Maybe. If I were a new faculty, I certainly wouldn't elect it. But it has been great for me.

Date: May 11, 2006

Great. So, after 5 years I can pay my penalties, leave the contributions, draw the residual, and bebop on down the road. How about an mobile investment plan?

Date: May 11, 2006

Choose TIAA.

Date: May 11, 2006

Retiree 3 wrote:

Choose TIAA.

People, I AM NOT FACULTY - only faculty have that option.

Date: May 11, 2006

Young worker wrote:

Retiree 3 wrote:
Choose TIAA.
People, I AM NOT FACULTY - only faculty have that option.

Is this correct? I am an old guy. I never knew this. Not good. Not fair. Unless you know you'll be here a long, long time. If you do, don't underestimate it.

Date: May 11, 2006

if your not covered you are not covered...........but 403(b) is federal tax code not a rule of the mississippi retirement system

Date: May 11, 2006

Ms. Cathy pointed out--

Pre Aramark Dining (June 2004)

Non-Supervisory Employees

172 employees, avg hourly wage: $6.43

Supervisory Employees

23 employees, avg hourly wage: $15.91

Aramark Dining (May 2006)

Non-Supervisory Employees

195 employees, avg hourly wage: $7.93 (23.32% increase)

Supervisory Employees

32 employees, avg hourly wage: $18.51 (16.34% increase)

The take home message is not that Aramark or outsourcing is the great savior--It is how poorly the state of Mississippi has taken care of its line employees (a $6.43 average hourly wage is criminal) and infrastructure.

Date: May 11, 2006

It's Mr. or Dr. Cathy please (lol - just a joke, no flames please)

Date: May 11, 2006

I'm pretty sure that I've posted previously that staff are not eligible for TIAA or any of the alternatives. I had TIAA at LSU-Med, and the great part is that you can withdraw your contributions in a structured plan (say, over 10 years) without a penalty. If you leave USM with only a couple of years, your options are to pay the penalty or roll over the money to another plan. Fortunately, we have a temporary waiver due to Katrina, so I pulled my PERS money out as soon as they announced that option, with no penalty.

But it is extremely unfair that staff are not offered the options that faculty have. And imagine making $6.43 and having almost a dollar of that held out for PERS plus FICA. And if you think that's a criminal wage, have you looked at what your secretary makes?

Date: May 11, 2006

Worse than criminal, bad strategic management. In the old days, USM was the best game in town and the school could hire from the top down. For the last 10 years, at least, workers have had more options and USM could no longer assume it would get the cream of the labor market. A well managed university can always get more productivity than the wages would indicate as some workers would rather take part of their "pay" in a pleasant work environment. Since the work environment has gone to hell (especially for the staff) you would be hard pressed to get quality at above average wages. We faculty are going to be much easier to replace than financial aid specialists, HVAC technicians, and all the other people who are so vital and now get so little respect. I'd bet lunch that most of our upper administrators couldn't tell you the name of the person that cleans their office. I'll be long gone, but the school will pay a high price in terms of lower productivity for the shortsighted "savings" in pay and benefits.

Date: May 11, 2006

i find it interesting that when secretaries make (at the department level) around $20,000, that anyone thinks PERS or any alternative retirement system will be great. and the same is true for hourly employees as well. assume they work long enough to make 100% of their pay--still is pretty pitiful. in many cases, the state insurance system is better than what they can get in the private sector.

however, also remember that when people focus on our tier or ranking that staff salaries seldom, if ever, factor into those equations. it's an unfortunate consequence of higher education.

Date: May 12, 2006

#1 - I am not a spy! I have been on campus for ten years and have been outspoken in the past. Unfortunately with the current administration, I have to watch what I say and to whom it is said.

#2 - One individual, formerly with Unique Catering, was not offered a position with Aramark even though he was an excellent employee and had received several awards for his years of service to the university. He had been an employee for approixmately 17 or 18 years. Like I said in my previous posting, the Physical Plant hired him so that he could stay in the PERS retirement system.

#3 - Contracts are written on paper. I have never heard of an unbreakable contract. I do not think you will find many attorneys that have either.

Apparently, someone needs to do some further checking....

Date: May 12, 2006

LVN wrote:

I'm pretty sure that I've posted previously that staff are not eligible for TIAA or any of the alternatives. I had TIAA at LSU-Med, and the great part is that you can withdraw your contributions in a structured plan (say, over 10 years) without a penalty. If you leave USM with only a couple of years, your options are to pay the penalty or roll over the money to another plan. Fortunately, we have a temporary waiver due to Katrina, so I pulled my PERS money out as soon as they announced that option, with no penalty. But it is extremely unfair that staff are not offered the options that faculty have. And imagine making $6.43 and having almost a dollar of that held out for PERS plus FICA. And if you think that's a criminal wage, have you looked at what your secretary makes?

Unfortunately LVN I believe that neither the school nor the state have a choice in this: I beliee that TIAA/CREFF was established as an educator's savings plan. I'm not sure that people other than those holding faculty positions are eligiable.

Date: May 12, 2006

I belonged to TIAA-CREF when I was a residency coordinator at LSU School of Medicine. I still get a little check from them.

Date: May 12, 2006

TIAA/CREF is available to anyone working at an educational instiution. It is one of many annuities available. The option of not being in PERS retirement is faculty only. If you look at the documentation, individuals that opt out of the retirement system(PERS) and use some other annuity program are leaving money on the table. All of faculty contributions go to which ever plan they choose. Of the state match all goes to PERS if that option is selected. If the alternate is chosen only a portion of the match goes to the individual plan the rest goes to PERS. Only time will tell which option is best.

Date: May 12, 2006

History wrote:

... All of faculty contributions go to which ever plan they choose. Of the state match all goes to PERS if that option is selected. If the alternate is chosen only a portion of the match goes to the individual plan the rest goes to PERS. Only time will tell which option is best.

I want to thank all of the faculty that do not select the PERS option. I'm "PERS retired" and you are subsidizing PERS and keeping it strong by not taking the full state share of your retirement.