Friends and Colleagues:

Hope you had a great Thanksgiving.  I do love those long weekends. 
 
I had the real pleasure of attending the Gerontological Society of America conference in Washington DC last week.  The pleasure wasn't so much in the content (although, as the years go by, that does get more and more interesting to me), as it was in the opportunity to meet so many of our Gerontology alums.  It is an impressive and high spirited group of professionals, and I am very pleased that they are considering organizing some kind of an alumni association.  Particularly moving was the Saturday night reception on behalf of Frank Caro, our recently retired and very distinguished gerontology professor.  Frank is obviously beloved by his former students and admired by his peers.  He has set an elegant standard for teaching, research and service to which we must continue to aspire.
 
If you haven't already done so, you might want to read the final update on Carol Hardy-Fanta's blog from her recent trip to Chile.
 
It's been interesting to watch the current economic meltdown, as a relative newcomer to state service, in the context of a state university.  My retirement investments, like those of most people in this country, have been managed by my wife and me, and ebb and flow with the markets.  Also like most Americans, our retirement accounts have lost 30-40% of their value, and we are having to dramatically rethink our retirement plans.  State employees, including employees at UMass Boston, participate in a "defined benefit" plan: the post-retirement benefits are guaranteed by the taypayers of the Commonwealth.  Those benefits include healthcare for life after 10 years of service, and a guaranteed percentage of an employee's 3 highest years of state income, up to a maximum of 80% of that income after 30 years of service.  Even though the state pension fund has lost about a third of its value (around $15 billion), the retirement benefits of many of my peers at UMass Boston will not be affected.  The taxpayers of Massachusetts will continue to contribute $500 million-$1 billion of their money each year to make up the difference for state retirees' pension and health benefits.
 
State employees have earned these benefits.  They are contractual obligations, and in at least some cases, trade-offs have been made against income and working conditions, for long-term security.  But it is in times like these that we can appreciate what an extraordinary benefit this is, and what a privilege it is to be able to serve as a state employee.  It's worth remembering.
 
Sincerely yours,



Steve Crosby

Dean