UM Curators Budget Cuts
COLUMBIA - The UM System Board of Curators has a reglarly scheduled meeting Thursday and Friday, during which they are expected to vote on changes to the retirement plan for UM employees. Curators discussed these changes for almost two years.
The Board voted Thrusday to bring the issue out of committee and have the entire Board of Curators vote to close the plan September 30, 2012.
There would be no impact to current employees of the University. The advisory commitee for the new employee retirement plan has not come up with a design for the new plan yet. However, it is planning on making the new plan a "combination" of defined benefit and defined contribution elements, along with other mechanism for reducing risks.
This would change the retirement plan for employees hired after September, 30 2012. A news release said curators don't expect the new plan to increase costs for the university or employees.
The goal is to bring the recomended plan to the Board of Curators' October meeting.