Charter Committee Annual Report to the Shared Governance Council

Committee: Funded Retirement and Insurance Committee
Report Year: Academic Year 2024-2025

Committee Chair(s)Faculty Co-Chair: Julie Urmie 
Staff Co-Chair: John Laverty
Committee Members

Faculty Members: Cormac O’Sullivan, Daniel Katz, Julie Urmie, Anand Vijh, Anya Prince, Richard Peters, Mary Charlton 

Staff Members: Chuck Wieland, Josey Bathke, John Laverty, Angela Speers, Matthew Watson, Michael Weaver, George Hospodarsky

Committee Charge

The Committee shall be governed by the terms of the General Charter. In addition, the Committee shall

  1. suggest and review faculty and staff retirement programs, insurance programs, medical and health programs, and "fringe benefits" for University employees;
  2. represent the faculty and staff in discussion and negotiation with vendors of insurance as these are carried forward by responsible officers of the administration.
Current Year Meeting DatesAugust 9, 2024
September 6, 2024
October 4, 2024
November 1, 2024
December 6, 2024
February 7, 2025
March 7, 2025
April 4, 2025
May 2, 2025
Please indicate the typical frequency of meetings (e.g., first Tuesday of month at 4 pm). If there are subcommittees, please indicate the frequency of those meetings, too.

First Friday of the month for September, October, November, December, February, March, April, May from 11:30 a.m. – 1:00 p.m. plus an annual rate setting meeting in August.

Special meetings held as needed throughout the year

Current Year Activities
  1. Recommended premium rate structure for CY2025 for selffunded health and dental plans. Rate setting for health plans included both UI Choice and UI Select, and Dental plan
  2. University Benefits provided a series of regular updates regarding the overall health plan metrics associated with monitoring cost and performance of the health plans, and access to Level One providers
  3. Updates by John Laverty from the institutional Retirement Fund Investment Review Committee that provides fiduciary oversight for the retirement plans investment structures. Highlights included an overview of plan modernization for the UI sponsored retirement plans with recordkeeping through TIAA. Modernization will include strong performing funds with lower fees, more choice through a brokerage window option, and customization of the target date fund.
  4. University Benefits provided regular updates on the selection of a Pharmacy Benefit Manager through RFQL process. UI Executive Leadership selected WellMark/CVS as the PBM provider entering into a 3-year agreement effective January 1, 2025. The agreement provides for significant savings for the plan while delivering on enhanced reporting requirements.
  5. Presentations from UI Health Care by UIHC Specialty Pharmacy as the sole provider of specialty pharmaceuticals for the UI Choice and UI Select health plans and by UIHC leadership regarding the opening of the new North Liberty facility, services at the Downtown campus, and the acquisition of Mission Cancer.
  6. The FRIC committee was updated at each meeting on the GLP1 Pilot program that was approved in May 2024. The pilot was developed by an advisory group inclusive of FRIC members. Applications were taken during fall 2024, random selection by lottery of 500 participants occurred in November 2024, and the pilot was launched January 1, 2025. Initial process results are positive with eligibility requirements, workflows, approval by exception and prescription fills working optimally. Initial results will be shared during the 25-26 year.

The FRIC Committee approved the following recommended design plan changes

  1. Dental Plan – Increase deductible from current $15 annually to $30 Premier Network annually/ $50 Non-Par Network annually.
  2. Health Plan 
    UIChoice: Increase OPMs for level 1&2 by $300 and $600 for single and family members respectively; level 3 increase by $500 and $1000 respectively 
    UISelect: Increase OPMs $400 and $700 for single and family respectively for level 1; Increase OPMs $600 and $1100 for single and family respectively for level 2
Topics your committee will address during the coming year
  • Premium Rate Setting for medical and dental plans for CY2026
  • Access and Capacity at UI Health Care and other Level One network providers
  • Discuss updates of GLP1 Pilot Program
  • Plan design review
  • Any new regulations or legislation impacting benefit programs
  • Updates regarding PBM contract
  • Updates on planned implementation of new voluntary benefits.
Other issues of concernNone
What should we tell applicants for this committee regarding expectations of members (anticipated workload, existence of subcommittees, etc.)?Commit to attending all meetings. Rare exceptions are understood. Significant learning curve (as new member) requires commitment to study, learn, and attend meetings.
Does your committee have a website? If so, what is the URL?Yes. Website: https://uiowa.edu/fric/meetings-minutes
What is your process for passing on previous agendas and minutes to the new committee chair(s)?Past minutes are available on the FRIC website. The administrative liaisons for FRIC, Joni Troester and Rebecca Olson (University Human Resources) can provide the previous agendas and are an excellent resource for information about the committee.
Recommendations, if any, to the shared governance groups.Please continue to exempt this committee from the two-term limit rule applicable to other committees. Membership requires expertise and that is developed over time.