Penn State Intercom......September 19, 2002

New-look Senate
convenes 2002-03 session

By Tysen Kendig
Public Information

A new gavel and improved venue greeted the University Faculty Senate last week as it convened for another academic year of work to help promote the teaching and learning environment at all 24 Penn State locations.

New Senate Chair John Moore, associate professor of English and comparative literature, and more than 250 senators assembled in newly renovated Kern Building auditorium. While the group did not deliberate policy items -- not uncommon for a year's initial meeting -- senators did hear a number of informational reports dealing with key personnel issues.

In light of recent economic woes suffered nationwide, the report on the TIAA-CREF retirement program was of particular interest. TIAA-CREF, which is used by 62 percent of Penn State employees to manage retirement funds, recently expanded its reach of financial services beyond its initial clientele of academic communities. The report suggested that by entering the public market, TIAA-CREF no longer is able to give exclusive attention to higher education institutions -- and with no other retirement plan options beyond the State Employees Retirement System (SERS), TIAA-CREF may not have additional incentive to service colleges and universities.

Still, the report acknowledged that the performance of TIAA-CREF investment funds was marginally above national benchmarks, despite the struggling economy.

"Most of our retirement plans and most of their competitors have experienced the worst year in 25 years," said Keith Burkhart, chair of the Senate's faculty benefits committee. Indeed, the most popular account -- CREF stock -- had an above-average annual five-year return of 8.3 percent but lost nearly 14 percent in 2001, far exceeding the average losses experienced by world markets.

Other benefits information brought before the Senate outlined changes to health care, specifically rates and premiums, health-plan issues and changes, a new online selection format for employee benefits, student immunizations and military leave benefits. Future plans for enhancements to benefits offerings also were highlighted.

A final presentation by Gordon Turow, University architect, detailed Penn State's intermodal transportation concept at University Park. The plan, which has been presented for feedback on and around the campus since the spring, would impact the way most people commute to and from campus, as well as how they move from place to place on campus.

The concept was developed to: prioritize pedestrian safety; reduce congestion and improve vehicular circulation in the core; maximize the efficiency and effectiveness of the transit system; enhance accommodations for bicyclists and pedestrians; and provide a low-cost parking alternative on the campus periphery.

For more on the intermodal transportation concept presented to the Senate, visit http://www.opp.psu.edu/divisions/cpd/trans/ITChome.htm.

The University Faculty Senate is the representative body of the faculty of the Pennsylvania State University with authority on all matters that pertain to the educational interests of the University. The Senate also acts as an advisory and consultative body to the president on any matter that may affect the attainment of the educational objectives of the University. For more on the senate, including meeting agendas and minutes, go to http://www.psu.edu/ufs.

Tysen Kendig can be reached at tysen@psu.edu.

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