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Message from the Vice Chancellor:
It's Your Money!
OK, let's all admit it. As we mature in our careers, one of our biggest financial fears is outliving our retirement funds. Yet most of us are content to skim over our quarterly retirement investment statements in blissful ignorance. And we'd rather collect Walgreen's coupons than pore over that pesky prospectus that arrives every third quarter, analyzing fee disclosures and figuring out how to minimize them. But believe me, doing just that will save you a lot more money!
Back in 2009, 60 Minutes did an exposé on how high (and often obfuscated) fees were affecting the retirement savings of millions of people investing in their companies' 401(k) plans, and it's been a hot topic ever since. The 60 Minutes report suggested that some fund fees "could eat up as much as half of the income in some 401(k) plans over a 30 year span." According to Ryan Alfred, president of BrightScope Inc., writing in The Wall Street Journal, "The thing that will surprise people the most will be the non-investment charges ... such as fees that go toward plan audits or attorneys."
Of course, we understand that there are necessary fees. However, do you really know where your returns are going? If not you, then who? Let me show you an example of how fees can impact the return on your investment. According to Meridian Wealth Management, the average annual charge for variable annuities is 2.25%; mutual funds charge 1.4% annually, and no-load index funds 0.18%. The impact over 35 years is undeniable:
Total value of investment after 35 years, assuming $250 contributed monthly
with an 8% average annual return:
Source: Meridian Wealth Management
Note: This example is for illustrative purposes only and is not a predictor
of any actual investment.
To protect its employees' interests, in 2014 CUNY's Board of Trustees adopted an Investment Policy Statement for the University's Optional Retirement Program and Tax Deferred Annuity Plan. Over the past year, a Task Force led by Trustee Valerie Beal and comprised of members of the Faculty Senate and the University's finance, legal and human resources groups has been working with a consultant, Cammack Retirement Group, to review the retirement investment opportunities that CUNY offers its employees. The Task Force is conducting a detailed evaluation of the administrative model currently used, its impact on the cost of funds and services, and the effectiveness of the education being provided to CUNY participants. I would like to take this opportunity to thank Trustee Beal and the other members of the Task Force, including Trustee Terrence Martell and Vice Chancellor Matthew Sapienza, for their diligence in this critical undertaking, and I look forward to sharing their findings and recommendations with you in a future issue of Insights. So, the next time that complex little pamphlet full of wordy legalese about administrative charges and transaction costs shows up in your mailbox, remember that it's really worth your while to take a look. Use an online calculator like the one available at www.403bwise.com to see how fees are impacting your savings, and consider how you might lower them by switching some of your investments. And don't be shy about having a conversation with your retirement plan advisor to ensure that you've done due diligence with some comparison shopping. After all, it's your money!
 Gloriana B. Waters Vice Chancellor for Human Resources Management
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Welcome to the first issue of OHRM Insights for 2015! The long hard winter finally seems to be waning, and to celebrate spring's arrival we have some very interesting topics for you, including a new column entitled Mythbusters that exposes some persistent fables permeating CUNY HR. Also be sure to check out the great training and development opportunities being offered for the benefit of your employees!
Eileen Hawkins, Editor
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The past few months have brought some welcome new faces to the Office of Human Resources Management, some filling essential vacant positions and others joining us from the campuses to complete the long road to consolidation of the University's payroll operations. Click here to learn about our new colleagues! Read more
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Spring Forward with PDLM!
OHRM's Office of Professional Development and Learning Management (PDLM) is offering a wide variety of professional development and training opportunities for Spring 2015. Read more
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HCM Training for CUNY HR Professionals
OHRM's Office of Professional Development and Learning Management will coordinate instructor-led HCM learning sessions for campus HR professionals who work in CUNYfirst. The sessions are scheduled for March through June, 2015. Read more
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CUNY HR Reaps Productivity Awards
Individuals from OHRM and Queens College were among twelve teams recognized with Productivity Awards at the CUNY Financial Management Conference on November 18, 2014. Read more
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Diversity Briefs ... from the Office of Recruitment and Diversity
Implicit Bias
Most people believe that they are not biased and can objectively judge a person based on her or his merits. As HR professionals, hiring managers and chief diversity officers, our professional judgment is a critical factor in the hiring process, so how can we better understand factors that may influence these decisions? Let's look at one example. In his acclaimed book Blink, Malcolm Gladwell pointed out that not only are most CEOs white males, but they are also tall. This is a curious fact when one considers that only about 14.5% of men in the United States are six feet or over, while 58% of CEOs in Fortune 500 companies are over six feet. What can explain this data? Do tall white men really make better leaders or have we somehow internalized this belief? http://gladwell.com/blink/why-do-we-love-tall-men/
As people who care about equity, how did we get here and what can be done to correct what is clearly a negative stereotype or bias? Why do our actions not reflect our principles?
The Research Research demonstrates that our decisions are often based on unconscious assumptions, despite our best intentions to exercise fairness and impartiality. Also known as unconscious or hidden bias, an array of unconscious stereotypes may be at work to influence our behaviors. Many of our assumptions are learned at an early age and are reinforced by our families, peers, communities and the media. Social psychologists and neuroscientists have been researching what's been called "implicit bias" for over 30 years, and these studies have revealed some interesting findings.
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CUNY Search Secrets Revealed!
by Anne Chamberlain University Director for Talent Acquisition
It is sometimes the case that we continue doing things just as we always have, without questioning whether the rule or the process is still the right choice. One such example involves the CUNY search process. The fact is, the University's rules about this might be more flexible than you think. How many of these recruiting myths have you heard?
Myths: "A staff position has to be posted for at least a month," and
"The search committee can't see résumés until the posting has closed."
Reality: A staff vacancy can be posted with the status "open until filled," allowing a review of résumés to begin two weeks after the posting date, so long as this is approved by your campus Chief Diversity Officer (CDO) and is stated on the job posting under "closing date."
Myth: "Interviews must be conducted in person."
Reality: You may conduct screening interviews via telephone and/or videoconference (such as Skype). If you are conducting telephone screenings, all candidates should be screened by telephone. All finalists should visit the campus and have in-person meetings.
Myth: "Interviews must take place during business hours."
Reality: For many candidates, attending an interview during the day can be a hardship due to daytime activities, such as work or school; also, they might not want to reveal to a current employer that they are seeking other employment. It might also be difficult to find daytime hours when all committee members are available. So it may work best for all parties to have some flexibility in interview schedules. Read more
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CUNY Time and Leave Project Update
It's official! The University's new Time & Leave System has been branded "CUNY eTime." Over the past several months, the CUNY eTime Implementation Team has visited all the campuses and held a series of demonstrations to show our CUNY subject matter experts (SMEs) how the system has been designed to meet the University's requirements. System design has been completed and our vendor, SumTotal, is nearly finished building the new system. When the build phase is done, SumTotal will commence the testing process, and once their test cycle results are certified, CUNY will begin user acceptance testing (UAT), currently slated for late spring/summer 2015.
Here are some GREAT benefits of "CUNY eTime":
- Simple and Easy to Use
- Automated Timekeeping
- Fast Payroll Processing
- Employee Self-Service Options
Stay tuned for project updates in future editions of OHRM Insights and on CUNY HR websites.
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OHRM Employee Awards 2014
On December 15th, Vice Chancellor Waters and the Office of Human Resources Management recognized employees who have made significant contributions to CUNY HR over the past year. Honored were:
OHRM 2014 Employee of the Year
Starr Hargraves
Professional Development & Learning Management
Vice Chancellor's Star Award for Leadership
Harold Andrieux
HR Information Services
"Rookie of the Year" -- Shared Services/University Payroll
Ethelyn Clark
"Most Valuable Player" -- Central Office Human Resources
John Conway
"Most Valuable Player" -- OHRM Executive Office
Sahana Gupta
"Most Valuable Player" -- Office of Recruitment & Diversity
Denise Olivares
"Most Valuable Player" -- Shared Services/University Benefits
Yvonne Rodriguez
"Rookie of the Year" -- Campus HR Advisory Services
Gerard Serpico  From left, Ethelyn Clark, Yvonne Rodriguez, Harold Andrieux, Gerard Serpico, Vice Chancellor Ginger Waters, Starr Hargraves, John Conway, Denise Olivares, Sahana Gupta.
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About Us
The CUNY Office of Human Resources Management is responsible for developing and maintaining the University's human resources program. From talent acquisition through retirement, we provide guidance on best practices and required procedures that enable the University to manage its diverse workforce. We ensure compliance with the CUNY Board of Trustees' policies and procedures, governmental rules including affirmative action and equal opportunity employment, as well as with the University's collective bargaining agreements. OHRM administers employee benefits and professional development programs for University staff and oversees the administration of CUNY's Civil Service obligations.
Our Mission: To provide strategic, consultative and effective human resources services that promote organizational success, individual achievement, inclusiveness and excellence.
Our Vision: OHRM will serve the University community by embracing the dual roles of transaction and transformation in response to the current and emerging needs of the University and its workforce. It will become a model for human resources as internal consultant and problem-solver; it will provide expertise and leadership to enable the campuses and the University to achieve their goals while complying with pertinent HR policies and regulations. In all matters, OHRM will carry out its duties in a manner that is respectful, knowledgeable, and that reflects the highest standards of inclusiveness and excellence.
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 A quarterly newsletter published by The City University of New York
205 East 42nd Street
New York, New York 10017
Editor
Eileen Hawkins
HR Communications and Media Manager
Sheraine D. Gilliam
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