Employee Assembly Meeting Minutes
Wednesday, April 19, 2000
12:15 - 1:30 p.m.
Day Hall Board Room

I. Call to Order and Introductions

M. Esposito called the meeting to order at 12:15 p.m.

Attendance:

Present: Trudie Calvert, Dawn Darby, Michael Esposito, Brian Goodell, Denise Howland, Sarah Johnson, CJ Lance-Duboscq, Dawne Martyniak, Marlene Reitz, Cheri Woodward

Excused: Joe DeMarco, Tom Hoebbel

Others Present: T. Anguish, L. Clougherty, S. Maynes, M. Moschella, D. Stein, C. Gardner, K. Riley

II. Approval of Minutes

The minutes of the April 5, 2000 meeting were unanimously approved.

III. Open Forum

M. Esposito announced that the Business of the Day section would be added to the agenda, so that a representative from the University Benefits Committee could present their proposal concerning the ten-year exit from TIAA.

M. Esposito also announced that he would like to have a gathering of new and old EA members and would like to know which day and time would be better. The members present decided that a weekday evening would work best.

T. Calvert explained that at the last PawPrint meeting, it was mentioned that there was no EA News and Views section. She asked that arrangements be made for someone to write the column for each issue of PawPrint.

C. Woodward announced that her recent absences from EA meetings are due to her fianc� being diagnosed with thyroid cancer. She explained that she might not be able to be as involved as she would like with EA activities while he is undergoing treatment.

B. Goodell apologized for his absence from the last meeting, but expressed his support for the idea of planting a tree in honor of Michelle Evans.

S. Johnson announced the Frontline Feedback report for the sessions in the Vet School are finished and have been submitted to the EA. M. Esposito suggested posting the report on the web site so all EA members can view it.

M. Esposito informed the group that Joe DeMarco, Francisco Berry, and Tom Hoebbel are excused from the meeting.

IV. Announcements

Spring 2000 Election Results

C.J. Lance-Duboscq announced that the University Ombudsman’s Office finished their recount of the Employee-Elected Trustee election, and the previously determined results, which named Cynthia Tkachuck the winner, were verified. D. Stein informed the assembly that Cynthia Tkachuck has been absent from work for two weeks because of a painful right leg.

M. Esposito announced that the IOC met and has decided on two candidates, Dawne Martyniak and Dawn Darby, to recommend to the EA to fill the two vacant seats on the 2000–2001 Employee Assembly.

Shadows 2000 Pilot Program

Student Assembly liaison, M. Moschella announced that the Shadows 2000 Pilot Program had a final count of twenty-eight participants, and each one will receive a survey. There is also a resolution planned in the Student Assembly to establish the Shadows Program as a permanent program at Cornell and assure representation from each constituent assembly on the Shadows committee. Participants have been invited to the President’s Year-end Reception.

V. Report from the Chair

Opperman-Craft Lunch-April 17, May 15

M. Esposito reported that the last Opperman-Craft luncheon was well attended. Hal Craft gave an update on the physical changes on campus. The next meeting will be held on May 15, 2000. A sheet of paper was passed around for EA members to record any questions they wished to be addressed at the next meeting.

VI. Business of the Day

UBC Proposal 10-Year Exit from TIAA - Scott Maynes

C. Woodward introduced Scott Maynes, Chairman of a subcommittee on TIAA, who spoke about the UBC’s proposal concerning the ten-year exit from TIAA. S. Maynes explained that the UBC examined the retirement investment vehicles a year ago and found many problems with TIAA and CREF. One major problem was that money put into TIAA could only be taken out in ten annual installments. The UBC felt that this ten-year requirement was not justified. A subcommittee of the UBC was formed to formulate a proposal concerning this problem. The proposal they devised asks TIAA to shorten the ten-year exit system. The UBC adopted the statement, and now they are asking that the EA and Faculty Senate also adopt it.

The methods they decided on to get TIAA to change include sending a letter to TIAA lodging their complaint, asking other Ivy League schools to adopt the same position, and sending letters to personal acquaintances on the TIAA and CREF Board of Directors.

S. Maynes explained that they do not wish that their request impair TIAA returns. Whether a shorter exit time would do so depends on two variables, “�the extent to which TIAA holds/receives new, uninvested funds and �the number of those currently enrolled in the Transfer Pay Out Annuity who might choose to exit.” But, they would like TIAA to explore ways to shorten the exit period.

C. Woodward pointed out that it appears the ten-year requirement is being concealed from those that do currently or might want to use TIAA, as she cannot find where it is addressed on their web site.

A motion was made and seconded to adopt this position statement. The motion passed unanimously as follows:

Position: We would like a shorter exit for everyone, subject to specific conditions. We do not wish to impair the return of TIAA. Whether a shorter exit would do so depends upon two variables: (1) the extent to which TIAA holds/receives new, uninvested funds and (2) the number of those currently enrolled in the Transfer Payout Annuity who might choose to exit. Last Spring two of TIAA’s Staff-Charles Head and Mark Wright-addressed our University Benefits Committee and dealt with the 10-year exit requirement. In April, 1999 your Chief Actuary and another staff professional phoned our Consultant, Professor of Finance and Economics Harold Bierman, to discuss the 10-year Exit. On neither occasion did your representatives deal with the possibility of having conditions that would allow a more rapid transfer than 10 years. We would like TIAA to explore ways of shortening the Exit Period. S. Maynes also explained that the UBC has examined the portfolios of mutual funds and compared their returns to the return of CREF. Another problem is that the CREF return is 2% less than the Vanguard Index 500 and 3% less than the Fidelity Magellan Fund. He remarked that the UBC will send their criticisms regarding these returns to TIAA/CREF. The UBC is also planning to send a letter to all Cornell employees to warn them of the ten-year exit requirement.

VII. New Business

IOC Recommendations to fill 2000–2002 EA Vacancy-Endowed At-Large Seat

M. Esposito explained that the IOC recommendations for the vacant 2000–2002 seats are Dawne Martyniak and Dawn Darby. A motion was made and seconded to accept these Candidates. The motion passed unanimously.

VIII. Adjournment

The meeting was adjourned at 12:40 p.m.

IX. 2000–2001 EA Organizational Meeting

The 2000–2001 EA Organizational meeting was held from 12:45–1:30. The following slate of officers for the 2000–2001 Employee Assembly was developed:

Members were asked to verify their interest in the positions by contacting the Office of Assemblies. The Office of Assemblies agreed to email all members the final slate prior to the next meeting at which time elections for officers will take place.

Respectfully submitted,

Kristen Riley