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TIAA-CREF Institute E-Notes | June 2007
Transformational change in higher education: Positioning colleges and universities for future successThis paper summarizes ideas and best practices shared among college and university presidents and other higher education thought leaders at the TIAA-CREF Institute 2006 National Higher Education Leadership Conference. Strategies and insights focus on the critical issues of funding and student access, as well as aligning institutional vision and leadership with the needs and demands of stakeholders.
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Author: Mimi Lord, formerly of the TIAA-CREF Institute)
The reshaping of America’s academic workforce
The characteristics, work patterns, career progression and retirement plans of American college and university faculty provide insights to the continuing transformation of higher education. While the profession appears to remain generally attractive and satisfying, there are troubling signs. This paper explores these signs and the implications for whether higher education will continue to bring the best and brightest to a profession that has led the world in both mass higher education and in the discovery and application of knowledge.
(Author: David W. Leslie, The College of William and Mary and TIAA-CREF Institute Fellow)
Pensions and Retirement
Designing public-sector pensions for the 21st century
Public policy makers are often bombarded with emotion-laden arguments as to the relative merits of defined benefit (DB) and defined contribution (DC) plan designs. Public officials must look past the standard “DB vs. DC” rhetoric and assess public retirement design in a more considered and objective way. This paper examines many of the issues in such a way, by focusing on development of appropriate benefits and funding policies and the use of risk management principles.
(Authors: Roderick B. Crane and Michael Heller, TIAA-CREF; Paul Yakoboski, TIAA-CREF Institute)
Retiree Health Care Benefits
Are there special health coverage planning considerations for those aiming to retire early?
Those who plan to retire before age 65 must think about how they will cover health care costs up through age 65, when eligibility for Medicare begins. Coverage of retirees by employers is becoming less common, and less generous when it is available. It is crucial for individuals to find out what rules for employer-provided coverage exist. Often, for example, employees do not qualify for health insurance unless they have both a specific number of years of service and carry the insurance for several years before retirement. The author explores these considerations and additional issues to factor into planning.
(Author: Marilyn Moon, American Institutes for Research and TIAA-CREF Institute Fellow)
Corporate Governance
Critical mass on boards: Why three or more women enhance governance
To improve board governance, this study reveals that boards should actively seek qualified women board members and not be satisfied with just one or two women on their boards. According to this study, having a critical mass of women directors is good for corporate governance in at least three critical ways. Specifically, women bring a collaborative leadership style that benefits boardroom dynamics. They also bring new issues and perspectives to the table, and may be more likely than men to ask tough questions and demand direct and detailed answers. Nominating committees may need to think outside the box to recruit women, but this should be part of their responsibilities.
(Authors: Vicki Kramer, V. Kramer & Associates; Alison M. Konrad, University of Western Ontario; Sumru Erkut, Wellesley Centers for Women)
Congratulations to the winners of the 2007 TIAA-CREF Theodore M. Hesburgh Award
The TIAA-CREF Hesburgh Award recognizes exceptional programs designed to enhance undergraduate teaching and learning. Named in honor of Theodore M. Hesburgh, C.S.C., president emeritus of the University of Notre Dame and former member of the TIAA and CREF Boards of Overseers, this award seeks to strengthen the teaching tradition at America’s undergraduate colleges and universities by highlighting that an energized faculty is key to educational excellence.
The 2007 winning institution is The University of Wyoming in recognition of its Synergy Program.
Columbia College of South Carolina was selected to receive a Certificate of Excellence for its meritorious faculty development program.
Congratulations to the winners of the 2007 TIAA-CREF Ruth Simms Hamilton Research Fellowship
This Fellowship, administered by the TIAA-CREF Institute, was established to honor the memory and outstanding work of Dr. Ruth Simms Hamilton, the former Michigan State University professor and TIAA Trustee. She was an early pioneer of research concerning the African Diaspora – the dispersion and settlement of African peoples once they left Africa. The fellowships support cutting-edge, graduate-level research that advances the study of the African Diaspora.
The 2007 recipients are:
Sonia Beatriz dos Santos, University of Texas at Austin, “Afro-Brazilian Women’s NGOs and Their Activism Around Health Issues: An African Diasporic Perspective on Black Womanhood”
Liza A. Gijanto, Syracuse University, “Change and the Era of the Atlantic Trade in Niumi, The Gambia”
Grete Viddal, Harvard University, “’Sueno de Haiti’: Danced Identity in Eastern Cuba”
Anna L. Pagano, University of California, San Diego, was awarded alternate status for her work “Relations between Afro-Brazilian Religions and Public Health in Brazil: Perspectives on ‘Tradition’ and ‘Modernity.’”
Submissions are now being accepted for the 2007 TIAA-CREF Paul A. Samuelson Award
Named in honor of the Nobel Laureate and former CREF trustee, this award is given each year in recognition of outstanding published research that the public and private sectors can use to maintain and improve Americans’ financial well being. To submit an entry, please use the online application form. Applications must be received by the TIAA-CREF Institute no later than September 7, 2007.
TIAA-CREF Institute Partnerships
One way the TIAA-CREF Institute pursues its mission is to partner with higher education associations and other like-minded organizations to advance knowledge on topics of mutual interest and concern. Two such partnerships yielded the following research reports:
American College President, 2007 Edition
The 2007 edition, sponsored by the TIAA-CREF Institute, is the sixth report in the American College President Study series, conducted by the American Council on Education since 1986, describing the backgrounds, career paths, and experiences of college and university presidents. The report also includes an essay summarizing two daylong roundtable meetings of long-serving presidents, to add a qualitative perspective to how the complex role of the president has evolved.
Survey of Changes in Faculty Retirement Policies
This survey was conducted by the American Association for University Professors. It examines trends in the ways that higher education institutions and faculty are approaching retirement. Topics covered include the prevalence and characteristics of retirement incentive and phased retirement programs, policies applicable to retired faculty, and the availability and cost of medical insurance and long-term health-care options for retiring faculty.
TIAA-CREF Institute Publications
Research Dialogue
Presents research and in-depth information on a single subject related to an Institute field of study.
Policy Brief
Examines public policy issues of interest to legislators, regulators, plan sponsors, and plan participants.
Trends and Issues
Provides information that supports the study and understanding of challenges confronting higher education and lifelong financial security.
Special Offer
We are pleased to offer two Institute books, part of the TIAA-CREF Institute Series on Higher Education, to interested individuals on a first come, first served basis. Supplies are limited. If you would like a copy of one or both of the books listed below, send a message to aollen@tiaa-cref.org.
The New Balancing Act in the Business of Higher Education
Higher education leaders explore the twin challenges of revenue enhancement and cost containment, balancing innovative policies to increase revenues without compromising student access.
Recruitment, Retention and Retirement in Higher Education: Building and Managing the Faculty of the Future
Presents original research and discussions on issues of strategic importance for the future vitality of higher education, including the aging of the faculty, shifts in faculty employment patterns, adoption of phased and early retirement programs, and the trends in retiree health insurance.
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