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Two-Tier/Two-Part Pension Stew?

Byadmin


The latest in discussion of two-tier pension plans for the state – not specifically UC – is two-tier/two-part. That is, there would be a degraded pension for new hires which would be a mix of defined-benefit and partly defined contribution, cooked into a single plan through some formula. See the report:

http://calpensions.com/2010/07/31/pension-reform-brown-picks-up-where-he-left-off/

Relevant quote by an official of a group pushing pension issues:
Fritz said she has been talking to a labor representative about a “hybrid” plan. Salary up to a certain level, for example $50,000 a year, could be covered by a pension. Then any part of a salary above $50,000 would be covered by a 401(k)-style plan.

“I’ve been saying, ‘If you guys don’t get on this, you could lose control,’” she said.

That last sentence could well apply to the UC Regents. If there is no UC pension proposal by the Regents by the time a new governor takes office, UC could be swept into pension changes that are really aimed at CalPERS and CalSTRS.

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