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Report to the Executive Board from the Benefits Committee MeetingDecember 1, 2020FCBC – Hal Moellering reported on the November 18th FCBC meeting which included a presentation by Pam Doseck from HR that highlighted the new HR 2021 Retirement Enhancements. During the discussion Hal Moellering made mentioned the OSURA SRA recommendations that were sent to OSU/HR; FCBC asked for a copy of the recommendations and after consulting with the Benefits leadership, a copy was sent to FCBC for their information. There was also discussion of the CARES Act and implications on OSU SRA Plans; preparation for the January meeting with OSU President Johnson; a note that OSU enrollments for Spring and Fall seem to be somewhat lower and a question about the philosophy of the compensation model. STRS/HPA- Jerry Newsom reported on the November meeting of the STRS Board which concentrated on educational presentations for Board members, especially for new Board members. Their chief internal actuary urged caution in their financial planning as they consider changes to the assumed rate of investment returns. They continue to discuss when they might resume COLA’s, but it does not appear to be likely very soon.Legislative Update –Jerry Newsom indicated that another stimulus bill does not seem close to emerging from Congress. Republicans in the Senate object to any bill that appears to bail out public defined-benefit pension plans with federal funds. More dialogue is underway to have new hires to public jobs participate in Social Security and convert these defined-benefits plans to defined contribution.As of the end of Oct. 2020, state and local governments have lost over 1.3 million jobs (6.8% of their total employment), concentrating in state and local education. OCHER – Nancy Wardwell and others participated in a discussion about the enrollment declines s at public universities in Ohio due to covid especially at Wright State, Ohio University and the University of Toledo, which is reportedly down 20%. Elder Care – Meg Teaford reported on early research on the impact of social isolation (quarantining) on older adults indicating that loneliness improved over time, with the greatest negative impact on those who require assistance with tasks of daily living. A second study examined the problems for hearing impaired made worse by the need to wear masks. Researchers at John Hopkins have created a checklist covering technology concerns, environmental modifications, and communication considerations There seems to be a link to the relationship of loss of hearing and dementia. Meg also reported that two OSURA Health and Wellness events were offered over the last two months and were looking to continue these events. The November program had 28 viewers. This type of activity is important to show OSURA was doing things. Financial Matters – Doug Jones reviewed his written report noting a decline in the number of persons receiving traditional unemployment benefits this month, but the new filings continue to be high; and state tax revenues have improved slightly. GDP in the 4th quarter will probably slow down to about 2.5%. The 4% rule is now considered a floor not a ceiling in terms of retirement draw down. During the covid it logically seems that insurance rates should go down but will probably increase because drivers are going faster and having more accidents.Meg mentioned her concern for evection rates after Dec. 31st when the moratorium on evictions ends. Doug said he had not really heard of any specific plans for stimulus money for renters vs owners but policy usually leans towards renters.A few policy developments providing some relief deserve mention.? On the tax side non-itemizers can deduct more when giving to tax-exempt organizations and the limit on the amount of charitable cash contributions you can claim (60% of Adjusted Gross Income) is suspended for 2020.? Social Security benefits will rise 1.3% beginning in January via COLA adjustment, about $20.00 a month for the average beneficiary.Tax Seminar – Hal Noltimier shared that the tax seminar will be on January 29th from 1-2 pm. True Point Wealth team will be presenting—third year in a row. Registration is required. Fall Conference –Sally Dellinger mentioned that all recordings from the conference were online on the OSURA webpage. They are seeking new members for the conference committee. They will meet next in January and are currently reviewing the survey feedback. Meg volunteered to pursue President Johnson speaking at the 2021 conferenceSRA Working Group – Hal Moellering indicated that he has not yet had a formal reply from HR to our recommendations regarding Retirement Enhancements. Continuing or New Business - Carol mentioned that today was the Big Give and encouraged consideration for end-of-year donations.Jerry Newsom suggested that the OSURA food insecurity fund as a worthy recipient for donations. Meg mentioned there will be a zoom tour of the OSU food pantry on December 2. . Nancy mentioned that there were 2 pitches for the food insecurity endowment in the new newsletter. Gemma reminded everyone to look for the news of the holiday party on Dec. 14th and to remember that Program 60 sign-up for Spring is beginning soon.Next Benefits Committee Meeting –January 5, 2021 ................
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