iOMe Retirement Competition Winners
Graduate students and a faculty member, Michael Finke, from the Texas Tech Personal Financial Planning division visited Washington DC to meet with policymakers and members of congress to discuss retirement policy ideas as part of the national iOMe retirement competition.
Texas Tech won the competition earlier this year, which included a cash prize of $10,000 for the four students and a trip to Washington to present their ideas. The students emphasized the importance of improving retirement policy for the millennial generation, who are facing reduced future entitlements and increased responsibility for funding their own retirement.
The students met with Senator Herb Kohl and Dr. Debra Whitman, Staff Director and chair of the Senate Special Committee on Aging, to discuss coming retirement policy initiatives. The team explained their proposal for improved simplicity and retirement defaults to increase savings rates and improved information disclosure to allow employees to make better decisions. One of the teams most unique ideas is a statement that provides employees with an estimate of their expected retirement income based on their current 401(k) savings.
The team also met with Senator John Cornyn, Representative Reid Ribble of Wisconsin and with Representative Randy Neugebauer. Representatives Naugebauer and Ribble were particularly interested in discussing the importance of the current budget debate to the younger generation who face either much higher taxes to fund the growing retiree population or significantly reduced social security and medicare when the millennial generation retires. (click photo for larger version)
HUMAN SCIENCES NEWS FLASH
Dean's Administrative Team
Dr. Linda C. Hoover, Dean
Dr. Lynn Huffman, Executive Associate Dean for Academics and Faculty Development
Dr. Tim Dodd, Associate Dean for Administration and Finance
Dr. Kitty Harris-Wilkes, Associate Dean for Outreach, Engagement, and External Relations
Dr. Michael O'Boyle, Associate Dean for Research
Dr. Dorothy B. Durband, Department Chair, Community, Family, and Addiction Services
Dr. Vickie Hampton, Interim Department Chair, Design
Dr. Jean Scott, Department Chair, Human Development & Family Studies
Dr. Shane Blum, Department Chair, Nutrition, Hospitality and Retail Management
Dr. Vickie Hampton, Department Chair, Personal Financial Planning