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HR Forum: Connecting HR… Serving the Duke Community August 9 9 a.m. – 10:30 a.m. Medical Center Board Room Agenda • • • • • • • • 9.11 Memorial Events Simplified 403(b) Investment Options 2011 State of Health Care Policy Updates Employee Kick-off Run/Walk Club Transit Changes HR Staff Updates 2 HR Forum REMEMBERING 9.11 Campus Events on Sept. 11 University Worship Service 11 a.m. Duke Chapel “Rebirth” Film Screening 1 and 3 p.m., Nasher Museum of Art Lecture Hall Full Frame Documentary Film Festival 10th Anniversary Memorial Concert – Mozart Requiem 4 p.m., Duke Chapel 4 Other Events Now-through Oct. 16: “The Life of Memorials,” Perkins Gallery exhibition Sept. 7: Flesh and Metal, Bodies and Buildings – Works by Jonathan Hyman, 5:30 p.m., Perkins Library Sept. 8: “The Lives of Veterans Since 9-11,” Office Hours with Bruce Kuniholm and son Jonathan, Noon, Duke’s Ustream Channel “Esse Quam Videre: Muslim-American Self-Portraits,” 4:45 p.m. Rubinstein Hall; Fleishman Commons Sept. 8, 9, 12: Ten Years Later: Reflecting on 9-11; Conference at Duke/UNC/NC State, Symposium: Did 9-11 Change Everything? Anything,” On Duke’s campus 9-5 p.m., Sept. 9, Bryan Center Sept. 10: Reflections on 9-11: Concert with Karen Walwyn, 8 p.m., Nelson Music Room Sept. 15: Muslims in America: The Next Ten Years, Religion Newswriters conference, Bryan Center Oct. 4: O’ Say Can You See, Exhibit through Oct. 22, 6-9 p.m. Center for Documentary Studies Oct. 24-Dec. 11: Iraq | Perspectives, Photographs by Benjamin Lowy, 5:30 p.m. Nov. 10, CDS 5 HR Forum MAKING YOUR INVESTMENT CHOICES EASIER Making Your Investment Choices Easier • What’s changing: – Simplified Enhanced Investment Line Up – Lower Fees – Ongoing Evaluation by Investment Advisory Committee • Effective September 1, 2011 • Applies to both 403(b) Plans – The Faculty and Staff Plan – The Savings for Retirement Plan 9 What’s Changing • Duke has formed an Investment Advisory Committee (IAC) to ensure that you have access to high quality investment options at the lowest reasonable cost. • The IAC has chosen a group of funds that will be regularly monitored to ensure they remain appropriate investment options for the retirement plans. • To make it easier to navigate your choices, investments will be grouped into three tiers. 10 What’s Changing Tier 1 • Asset Allocation Funds for a ready made portfolio. Tier 2 • Core Line Up include investment options from the three major asset classes that have been carefully reviewed and selected by Duke’s Investment Advisory Committee as best in class options. • Chosen based on their suitability for inclusion in a customized retirement portfolio. Tier 3 • All other funds that were offered by the retirement plan vendor. • Not monitored by the IAC. • For experienced investors 11 Asset Allocation Fund (Tier 1) • The Asset Allocation Funds offer a way to make a single choice for your retirement needs based on your expected years to retirement. – The Balanced Fund offers a fixed exposure to stocks and bonds – The Target Funds include a diversified mix of stocks, bonds and short-term instruments that changes automatically over time 12 Core Funds (Tier II) • These funds represent the primary asset classes and have been chosen based on their suitability for inclusion in a customized retirement portfolio. • This option may be good if you are more comfortable diversifying your own investments. 13 Other Funds (Tier 3) • Other Funds include all investment options available through Duke’s retirement plan that are not already listed under Tier 1 or Tier 2. • These funds will not be monitored regularly by the IAC, so you will be responsible for monitoring the holdings and performance of these funds to ensure they remain in line with your investment strategy. 14 Tier 1 - Asset Allocation Funds for a ready-made portfolio Target Date Funds: Vanguard Target Retirement Your current age or Years to Retirement Target Fund 69+ 64-68 59-63 54-58 49-53 44-48 39-43 34-38 29-33 24-28 18-23 In Retirement About 4 About 9 About 14 About 19 About 24 About 29 About 34 About 39 About 45 About 47 Income 2010 2015 2020 2025 2030 2035 2040 2045 2050 2055 Balanced Fund: Vanguard Wellington 15 Tier 2 - Core Funds — to build your own portfolio 16 Tier 3 - Other Funds: for the experienced investor • Other Funds include all investment options available through Duke’s retirement plan that are not already listed under Tier 1 or Tier 2. • These funds will not be monitored regularly by the IAC, so you will be responsible for monitoring the holdings and performance of these funds to ensure they remain in line with your investment strategy. 17 Tier 1 - Asset Allocation Funds for a ready-made portfolio 18 Your current age or Years to Retirement 78+ 73-77 68-72 63-67 58-62 53-57 48-52 43-47 38-42 33-37 28-32 Currently in Retirement Currently in Retirement Currently in Retirement About 1 About 4 About 9 About 14 About 19 About 24 About 29 About 34 Up to 27 About 45 Target Fund Income 2000 2005 2010 2015 2020 2025 2030 2035 2040 2045 2050 Tier 2 - Core Funds — to build your own portfolio 19 Tier 3 - Other Funds for the experienced investor • Other Funds include all investment options available through Duke’s retirement plan that are not already listed under Tier 1 or Tier 2. • These funds will not be monitored regularly by the IAC, so you will be responsible for monitoring the holdings and performance of these funds to ensure they remain in line with your investment strategy. 20 Tier 1 - Asset Allocation Funds for a ready-made portfolio Target Date Funds: T. Rowe Price Retirement Funds Your current age or Years to Retirement 69+ 59-68 49-58 39-48 Up to 38 Currently in Retirement About 1 About 9 About 19 About 29 Target Fund Income 2010 2020 2030 2040 Balanced Fund: John Hancock Balanced 21 Tier 2 - Core Funds — to build your own portfolio 22 Tier 3 - Other Funds for the experienced investor • Other Funds include all investment options available through Duke’s retirement plan that are not already listed under Tier 1 or Tier 2. • These funds will not be monitored regularly by the IAC, so you will be responsible for monitoring the holdings and performance of these funds to ensure they remain in line with your investment strategy. 23 Tier 1 - Asset Allocation Funds for a ready-made portfolio Target Date Funds: TIAA-CREF Lifecycle Retirement Funds Your current age or Years to Retirement 69+ 64-68 59-63 54-58 49-53 44-48 39-43 34-38 29-33 Up to 27 Currently in Retirement About 1 About 4 About 9 About 14 About 19 About 24 About 29 About 34 About 39 Target Fund Income 2010 2015 2020 2025 2030 2035 2040 2045 2050 Balanced Fund: CREF Social Choice 24 Tier 2 - Core Funds — to build your own portfolio 25 Tier 3 - Other Funds for the experienced investor • Other Funds include all investment options available through Duke’s retirement plan that are not already listed under Tier 1 or Tier 2. • These funds will not be monitored regularly by the IAC, so you will be responsible for monitoring the holdings and performance of these funds to ensure they remain in line with your investment strategy. 26 Tier 1 - Asset Allocation Funds for a ready-made portfolio Target Date Funds: T. Rowe Price Retirement Funds Your current age or Years to Retirement 74+ 69-73 64-68 59-63 54-58 49-53 44-48 39-43 34-38 29-33 24-29 Currently in Retirement Currently in Retirement About 1 About 4 About 9 About 14 About 19 About 24 About 29 About 34 About 39 Up to 23 About 45 Target Fund Income 2005 2010 2015 2020 2025 2030 2035 2040 2045 2050 2055 Balanced Fund: Columbia Balanced 27 Tier 2 - Core Funds — to build your own portfolio 28 Tier 3 - Other Funds for the experienced investor • Other Funds include all investment options available through Duke’s retirement plan that are not already listed under Tier 1 or Tier 2. • These funds will not be monitored regularly by the IAC, so you will be responsible for monitoring the holdings and performance of these funds to ensure they remain in line with your investment strategy. 29 What does this mean for plan and participants? Investment Option Expenses by Vendor Current Lineup Core Lineup * DWS 0.90% 0.58% $ 24,397,454 $ 78,072 Fidelity 0.66% 0.58% $ 868,125,889 $ 694,501 TIAA-CREF 0.51% 0.51% $ 990,339,812 $ VALIC 1.27% 0.81% $ 516,889,303 $ Vanguard 0.32% 0.32% $ 373,767,479 $ $ 2,773,519,937 $ Vendor 30 Assets (as of 12/31/2009) Estimated Annual Savings 2,377,691 3,150,263 Default Investment Option • Where do your contributions go if you do not choose a retirement plan vendor? – Vanguard – Target Retirement Fund closest to your 65th birthday. • Where do your contributions go if you select a retirement plan vendor but do not select investment funds/investment options? – Target Retirement Fund closest to your 65th birthday. 31 Learning More About Retirement Options at Duke • Annual Personal Benefits Statement • Log on to Retirement Manager at: www.hr.duke.edu/benefits/retirement/manager • Sign up for free Retirement Planning Workshops, offered monthly. www.hr.duke.edu/benefits/retirement/finplan/seminar • Attend Duke’s annual Financial Fitness Week • One-on-one meeting with a representative from any of the five retirement plan vendors. • Quarterly statement from your retirement plan vendor. • Review “Retirement Planning Guide” on the Duke Human Resources website. 32 Enrolling in the 403(b) Plan • Set up your payroll deduction and your vendor allocation • ONLINE – Duke’s Retirement Manager System (https://www.myretirementmanager.com?duke ) • PAPER – download forms at http://www.hr.duke.edu/forms • Complete the investment vendor enrollment application (http://www.hr.duke.edu/forms) • Send all forms to HR by mail or fax 33 To Do List … • Review your personal retirement information • Meet with your preferred retirement plan vendor • Review your retirement investment choices for diversification • Consider increasing your contribution. 34 Information Being Mailed Home • The information being mailed to all employees includes: – Fund information from all 5 vendors – Default investment options – How to learn more about retirement options at Duke 35 HR Forum 2011 STATE OF HEALTH CARE The cost of health care • Duke is self insured, which means our costs are directly related to cost of care for those we cover. • Health plans currently cover 59,607 individuals, including employees, spouses and children. • That represents nearly 2,094 more people than last year. • Average cost of health care per employee last year was $6,650, most of which was covered by Duke. 37 Cost of Health Care at Duke 38 Health costs continue to rise 39 Balancing increasing costs • Duke contributes about 25 cents in additional benefits for every dollar an employee earns. • Duke invested an additional $34 million in 2010 just to maintain its benefits. • Duke continues to pay 82% of an individual employee’s medical insurance premium. 40 Health Plan Participation Growth 65,000 2007 2008 2009 2010 2011 2012 (projected) 63,000 61,000 59,000 57,000 55,000 53,000 51,000 49,000 47,000 45,000 Jan 41 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Medical Expenses Breakdown Mental Health/ Substance Abuse 2% Pharmacy 24% Administrative 8% Medical Expenses (Prof., Technical, Facilities) 66% 42 42 Health Plan Participation by Plan Duke Plus (retirees) 11% Duke Options 9% Blue Care 14% Duke Select 57% Duke Basic 9% 43 Participation by Coverage Type 17,496 18,000 16,000 14,000 12,000 10,000 8,000 5,223 6,000 3,015 4,000 3,852 2,279 2,000 0 Individual Individual + Child Individual + Children Individual + Spouse/SSSE Family 44 45 45 Increasing Use of Generic Drugs • Use of generic drugs rose to 79.2% in first quarter of 2011, compared to 74.6% last year. • Rise in generic use saves faculty and staff co-pays at the pharmacy • Projected to save at least $2.3 million this year 46 HR Forum POLICY UPDATES Changes Effective Aug. 15, 2011 DIVERSITY & INSTITUTIONAL EQUITY Harassment & Discrimination: Additional details have been to the policy to be consistent with the language from the Office of Institutional Equity, which maintains the policy. WORKPLACE EXPECTATIONS & GUIDELINES Protected Health Information and Patient Privacy: This new policy expands upon the Confidentiality policy and provides specific details regarding the management of protected health information and patient privacy, including definitions, reporting responsibilities, process and corrective action. Confidentiality: Language has been updated to reflect the addition of the Protected Health Information and Patient Privacy policy. 48 HR Forum EMPLOYEE KICK-OFF CELEBRATION Game-Day Parking • Parking is free only for Duke employees with valid 2012 or 2013 Duke parking permit. Otherwise, parking costs $10 (cash only). • Employees are encouraged to park in offsite lots (H Lots and PG-I) and use shuttle service • Additional public parking will be available in the Chemistry and Circuit Drive lots, (no shuttle service). • General public parking for persons with disabilities will be located in the B-2, B-4 and B-7 portions of the Blue Zone. 50 Shuttle Service • Shuttles will run from 4 p.m. to 10:30 p.m. (or until one hour after the game) every 15 to 20 minutes, depending on traffic flow. • Shuttles will travel between the H Lot and PG-I to the Chapel Drive circle, in front of Duke Chapel. 51 Shuttle Service Fan Zone 52 Shuttle pick-up/drop-off locations: • Flowers Drive/Yearby Avenue • Flowers Drive/Trent Drive • Chapel Drive Circle (in front of Duke Chapel) Reminders • Bring Duke ID to pick up tickets • Wear Duke Blue shirt • Fan Zone opens at 4 p.m. • Team Walk through Fan Zone at 4:30 p.m. • Game starts at 7 p.m. • Fireworks at halftime 53 Employee Appreciation Contest • As a way of thanking faculty and staff for their support, Duke Athletics is conducting an Employee Appreciation contest. • Anyone who signs up to stay informed about special updates and ticket offers during the year will be entered into a drawing for two tickets to a Duke men's ACC basketball home game, football tickets and more. 54 Test Your Duke Football IQ, Win Prizes • As part of the football season spirit, Duke employees are invited to participate in a Duke football trivia contest. • Five trivia participants will be randomly drawn to receive prizes, which include (clean) game-worn jerseys, and a mini football autographed by Cutcliffe. 55 Get In the Game SCORE!! Are we winning? Go Duke! 56 HR Forum RUN/WALK CLUB 58 59 Download this poster at www.hr.duke.edu/runwalk 60 HR Forum TRANSIT CHANGES Transit Changes Effective Aug 22 • Extending the H-5 route to include Hock Plaza, Lenox Baker Children’s Hospital, the Duke Center for Living and Dialysis Center. – The extended route will run M-F, every 15 minutes from 7:15 a.m. to 6:12 p.m. • The LaSalle Loop, which runs from Duke Clinics to Sprunt Avenue extended for an extra two hours and run from 7 a.m. to 1 a.m. Monday to Friday. • The C-5 route that runs from West Campus to Brightleaf Square will be discontinued. – GoPass and Bull City Connector provide downtown access. • The Robertson Scholars Express Bus will maintain its normal schedule but use a van on Saturday and Sunday. 62 Transit Changes Beginning Sept 19 To reduce congestion in the Duke Hospital circle: • H-1, H-3, H-5, and H-6 routes will no longer drop off passengers in the Duke Hospital traffic circle • Instead, additional stops will be made: – H-1 will drop off passengers on both sides of Fulton Street. – H-3 will stop at the Fulton Street and Erwin Road intersection. – H-5 will stop on both sides of Erwin Road near Duke Hospital. – H-6 will stop at the Fulton Street and Erwin Road intersection. 63 HR Forum HUMAN RESOURCE STAFF UPDATES Reminders • “Check Yourself” campaign begins Aug. 29 • GoPass – free bus pass for area public transit Staffing Changes • Matt Marchione – Chief HR Officer for Duke Health Technology Solutions (DHTS) • Cindy Armstrong – Manager of Compensation Strategies. Cindy will continue to support the implementation of RACI² initiatives across the University and Medical School. • Richard Holcomb – Manager of Compensation Strategies. Richard will remain responsible for specific analytical projects and services including the supervision of an HR Data Analyst. • Leigh Fickling, JD, Director, Student Disability Access Office, will serve as Interim Director for DMS. – Mary Thomas, Director of Disability Management System (DMS), has accepted a newly created position at Harvard University. 66 HR Forum THANKS FOR COMING Please sign an attendance sheet