July 19, 2013
At a meeting of the Board of Trustees on July 15, 2013 at the University of Maine System, the Board approved the following actions:
Acceptance of Minutes. The following minutes were approved as presented:
May 13, 2013 – Human Resources & Labor Relations Committee
May 16, 2013 – Finance/Facilities Committee Meeting
May 17, 2013 – Audit Committee Meeting
May 19-20, 2013 – Board of Trustees Meeting
May 30, 2013 – Finance/Facilities Committee Meeting
May 30, 2013 – Investment Committee Meeting
Adult Baccalaureate Completion/Distance Education (ABCDE) Recommendations. The Board of Trustees approved the recommendations of the ABCDE Committee, as presented.
Approval and Ratification of CAPTRUST Financial Advisors – Defined Contribution Plan Recommendations. The Board of Trustees approved and ratified the Investment Committee’s following recommendations:
Consolidation of the UMS Defined Contribution Plan from the current multi-vender environment to a single vendor with that vendor being TIAA-CREF.
A Three tiered approach to menu construction including target-date mutual funds, a core line-up of active and passive funds and a mutual fund brokerage window.
The investment lineup as supported by the internal UMS Defines Contribution Plan Investment Subcommittee with the exception that a bond index fund will not be offered until improvements in the interest rate and bond market environments.
Implementation is to occur upon resolution of collective bargaining matters related to the Defined Contribution Plan.
Confirm Faculty Representative to the Board of Trustees. The Board Trustees approved the appointment of the following Faculty Representative to the Board of Trustees: Raymond Albert, UMFK (reappointed for a two year term: June 2013 – June 2015)
Proposed Board of Trustees Bylaw Changes. The Board of Trustees approved the proposed changes to the Board of Trustees Bylaws Section 3.1 – Standing Committees, as amended.
Proposed Changes to Board of Trustees Policy 205 – Faculty & Student Representatives to the Board of Trustees. The Board of Trustees approved the proposed changes to the Board of Trustees Policy 205 – Faculty & Student Representatives to the Board of Trustees.
The Board of Trustees reviewed the following agenda items as forwarded by the Finance/Facilities Committee to the Consent Agenda from its meeting on June 27, 2013, and allowed it to remain on the Consent Agenda:
Approval of the Human Resources Administrative Review Recommendations. The Board of Trustees approved the Human Resources Administrative Review recommendations as discussed previously and as presented.
Date of Next Meeting. The next meeting of the Board of Trustees will be held on September 23, 2013 with the location to be determined.