Vendors will be there to provide information regarding their product and types of investments. They are also planning financial planning workshops. A brief overview on financial planning may also be given at a Staff Council meeting. A handout was provided comparing the ERA and ARP Plans. ARP is a defined contribution plan so the benefit received upon retirement is based on how long you have worked and the amount you have contributed.
Eligible participants are faculty and high level staff positions.
This plan was made available because these individuals move around more and were losing the employer contributions. Sheryl reported that 43 percent of UNM retirees are under the age of 65 and this could eventually stress the fund if the same level of contributions remain. It is a supplement to either of the two mandatory plans and there is flexibility with money, investments and designing a portfolio. The benefits office is creating a web page that will allow employees to look at various benefits packages and look up their own benefits. This should be available in a few months.