Author: uclafaculty

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The Daily Californian: UC Struggles to Fill Multi-Billion Dollar Pension Deficit

Byuclafaculty

I couldn’t find any write-ups on the Post-Employment Benefits Task Force report in the press so far, including in the Daily Bruin. However, UC-Berkeley student paper does have a write-up with the graph above as part of the article. Note that the article correctly identifies the long contribution holiday as the major source of the underfunding problem. For the text, see below: The Daily Californian UC Struggles to Fill Multi-Billion Dollar Pension Deficit By Jordan Bach-Lombardo and Javier Panzar Monday, August 30, 2010 http://www.dailycal.org/article/110146/uc_struggles_to_fill_multi-billion_dollar_pension_ A decision made nearly 20 years ago to stop paying into the University of California’s pension…

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Texas Goes for the Gold as an Investment; UC Is Unlikely to Do So

Byuclafaculty

Inside Higher Ed reports that the University of Texas is investing part of its portfolio in gold, ostensibly as a hedge against inflation. It is unlikely that UC will follow that route. As the article notes, a possible explanation for the U of Texas decision is the idea favored in conservative circles – and particularly enhanced by Glenn Beck’s promotion of gold sales on Fox – that the US economy is about to experience a wave of inflation. There is in fact an indicator of what financial markets expect in the way of inflation over the next decade. The difference…

Faculty from UCLA and Other Universities Removed from Environmental Pollution Panel

Byuclafaculty

The online service California Watch reports that several faculty from UCLA, other UCs, USC, and Stanford have been removed from a state environmental panel that identifies toxic substances. The full report is at http://www.californiawatch.org/watchblog/after-warning-about-toxic-farm-chemical-scientific-panel-gutted-4332 Excerpts: Five out of nine members of a scientific panel that advises the state on toxic chemicals have been fired in recent weeks, following disputes with the chemical industry and a conservative group that targets environmental laws… Among the dismissed members is panel chairman John Froines, who also heads the Department of Environmental Health Sciences at UCLA’s School of Public Health. Froines has served on the…

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Reflections on Two-Tier Pay Plans

Byuclafaculty

The recent majority report of the UC Post-Employment Benefits Task Force (PEB) proposes a two-tier retirement plan and makes long-term projections about the financial implication for the pension plan. (See the earlier post for the majority and minority PEB reports.) Keep in mind that two-tier pay plans have a history of instability. Such plans were introduced in the 1980s when various unions signed concessionary contracts during that era. New hires who were under such contracts were offered lesser pay and benefits than incumbents. However, pressures soon began to arise to remove the perceived inequity as the new hires become a…

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UC Borrowing Absent a State Budget

Byuclafaculty

UC, CSU, community college chiefs plead for quick budget passage (Excerpts) Chancellors say that without a state budget, ‘We are operating with a blindfold on.’ The delay has already forced campuses to borrow money and threatened some students’ enrollment and financial aid. By Larry Gordon, Los Angeles Times August 28, 2010 The leaders of California’s three systems of public higher education made a joint plea Friday for quick passage of the much-delayed state budget, warning of negative consequences on campuses if the deadlock in Sacramento continues much longer… UC and Cal State in effect are lending lower-income students the financial…

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Post-Employment Benefits Task Force Report Now Available Including Academic Senate Dissent

Byuclafaculty

The long-awaited (long delayed?) Post-Employment Benefits Task Force report is now available. (See the earlier posting of a letter from President Yudof anticipating the report’s release.) The report – which is advisory to the president and regents – includes two-tier retirement options for new hires. There is also a “choice” option for current employees to enter the lower-tier (which raises some legal issues). A dissenting report by Academic Senate representatives is also included in the posting. All material can be found at http://www.universityofcalifornia.edu/news/ucrpfuture/emp_task.html

California Back to IOUs

Byuclafaculty

The California state budget crisis and impasse has triggered a repeat of the issuing of a form of IOUs rather than cash to certain state providers. As a previous post noted, the legislature – by retiming tax withholding – was able to bring in enough cash to stave off the need for IOUs over the past few weeks. But now that temporary remedy is running its course and the state – rather than literally running out of cash – is beginning to ration resources. The “registered warrant” form of IOUs – shown in the picture – is still not slated…

University of California Scientists won’t be boycotting Nature

Byuclafaculty

Note: See the earlier post on this matter. Aug. 27, 2010, USA Today By Ben Ailes It appears the University of California is no longer contemplating a boycott of the esteemed science journal Nature. In a statement released Wednesday by the University of California and Nature Publishing Group, the entities announced “an agreement to work together to address the current licensing challenges as well as the larger issues of sustainability in the scholarly communication process.” This June there had been rumblings that the massive university system might consider a publishing boycott if Nature’s proposed hike in prices — as much…

More Good PR for UC

Byuclafaculty

August 26, 2010, NY Times Bay Area edition University to Manage Home Costs of PresidentBy STEVE FAINARUhttp://www.nytimes.com/2010/08/27/us/27bcyudof.html?_r=2&hpw The University of California has appointed an official to manage spending and operations at President Mark G. Yudof’s new private residence, after Mr. Yudof ran up nearly $700,000 in expenses and involved senior university officials in time-consuming personal matters over a rented mansion in the Oakland Hills. University officials said the action was necessary because of a lack of oversight and accountability during Mr. Yudof’s two-year stay at the Oakland property. The announcement came after The Bay Citizen disclosed the costly housing ordeal…

What Happens When The Rhetoric Shifts from Top University to Top PUBLIC University

Byuclafaculty

We can debate the factors in the rankings. But aspirations matter. Top university or top public university? Just an observation for California officials, voters, and UC administrators. The article is at http://www.latimes.com/news/local/la-me-rankings-20100827,0,1956749.story