pensions

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LA Times Characterizes Pension Demand as “Gimme, Gimme”

Byuclafaculty

LA Times Editorial: Tone-deaf at UC (excerpt) UC is rightly balking at granting additional retirement perks to about 200 highly paid administrators. A group of highly paid executives at the University of California has adopted an unseemly attitude best described as “gimme, gimme.” Although each of them already earns at least $245,000 a year, along with generous pension benefits, they’re threatening to sue if the university, which has imposed hefty tuition increases on its students over the past two years, doesn’t give them more. …Legislation has been introduced to take away some of UC’s historic independence from state government. Those…

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Now We Get Bipartisan Legislation on Pension Caps

Byuclafaculty

Assembly bill caps public worker pensions (excerpt)January 7, 2011, San Francisco Chronicle,Nanette Asimov Spooked by the University of California’s pension revolt – in which its highest paid executives are threatening to sue unless UC fattens their retirement benefits – a Democratic state lawmaker introduced a bill Thursday to prevent all public employees from gaining dramatically increased pension benefits. And Republicans are applauding. “You’re witnessing a moment of bipartisan joy,” said Assemblyman Tim Donnelly, R-San Bernardino, vice chairman of the Higher Education Committee. “I’m ashamed that I didn’t think of this myself.” The UC executives, some of whom earn more than…

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Media Continues Anger on UC Executive Pension Issue: Flogging a Dead Horse?

Byuclafaculty

PropZero blog, KNBC LA, Joe Mathews, 1/6/11 University of California President Mark Yudof this week rejected a demand for a boost in pension from some of the university’s systems highest paid employees. That was the right move, but it didn’t go far enough. The request came from executives who said it was unfair their pensions would be calculated only on their first $245,000 in income. They make more. Such a request — at a time of state budget cutbacks, cuts in university offerings and big tuition hikes — was so out of line that it deserved not just rejection, but…

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Pension Rejection Hits the Press

Byuclafaculty

In an earlier post, the press release from UCOP rejecting the lifting of the pension cap for high-paid execs was reproduced. So now the story is in, where else?, the press: UC’s top leaders reject bigger pensions for top earners: Thirty-six highly paid employees have threatened to sue if benefits were not based on full salaries. The UC president and the regents board chairman support the $245,000 limit. (excerpt) Larry Gordon, LA Times, Jan. 5, 2011 The University of California system’s two top leaders on Tuesday rejected a politically controversial demand by some of the university’s most highly paid employees…

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Gall and Chutzpah: The Pension Editorials Continue to Flow

Byuclafaculty

The tone of the editorial below makes it clear which definition of chutzpah (see right-hand box) the newspaper is using. Monday, January 3, 2011, Editorial The Riverside Press-Enterprise Pension gall The tallest ivory towers at the University of California apparently have no windows, or top administrators would see that they are wildly out of touch with reality. UC executives should drop their insulting quest for bigger retirement benefits. And if not, the university’s Board of Regents should flatly reject a proposal the university cannot afford. A group of 36 UC executives sent a letter to regents last month, in advance…

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Yudof Declares There Is No Legal Pension Obligation to Raise Ceiling for High-Paid Execs

Byuclafaculty

The following news release was issued today by UCOP:UC Newsroom Statement on executive pension benefits http://www.universityofcalifornia.edu/news/article/24746 Date: 2011-01-04Contact: University of California Office of the PresidentPhone: (510) 987-9200 In light of recent media reports about a letter by 36 University of California executives regarding pension benefits, Board of Regents Chairman Russell Gould and University President Mark Yudof today (Jan. 4, 2011) issued the following statement: Ten years ago the University of California sought a determination from the IRS that a proposed new method for calculating pension benefits complied with federal tax rules. The new method would have resulted in higher pension…

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UC Executive Pension Issue Discussed on Local Radio Program

Byuclafaculty

KPCC’s Patt Morrison interviewed Nanette Asimov of the San Francisco Chronicle who broke the story on the demand by high-paid UC executives for lifting the cap on their pensions. One tidbit that comes out is that – so far at least – no one has located a Regents vote in 1999 that said the pension cap would go up if the IRS approved. (The IRS did approve several years later.) Apparently, a committee of the Regents endorsed the idea back then, but if there was no vote of the full body, it is difficult to see how a legal commitment…

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In Inauguration Address Jerry Brown Mentions Budget & Pensions But Mainly Talks About History and Need for Cooperation

Byuclafaculty

I have put a video of the inauguration on YouTube. It is divided into two parts to meet the time duration limits of YouTube. There are considerable references to California history and personal history of Brown ancestors. There are references to the state budget crisis and pensions but no specific proposals. Part 1 Part 2 It’s not over ’til it’s over:

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More Newspaper Editorial Comment on High-Paid UC Execs’ Demand for Lifting Pension Cap: This One Says “Outrageous”

Byuclafaculty

Are they paying attention? UC execs’ threatened lawsuit over pensions misses the point (excerpt) Jan.3, 2011, Stockton Record Three dozen of the University of California’s highest-paid executives are threatening to sue unless their pensions are substantially raised. Incredible. Perhaps these men and women, all of whom make more than $245,000 a year, are so busy doing the public’s good works that they missed that: » The state is facing a $28 billion budget deficit. » Student tuition at UC increased 32 percent last fall and will jump an additional 8 percent next fall because of sagging state support. » The…

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Sacramento Bee Editorial Says UC High Paid Execs Threatening to Sue “Live in Bubble”

Byuclafaculty

UC executives offer further evidence they live in bubble (excerpt) Jan. 02, 2011, Sacramento Bee We’re in a time in California when everyone has to share the pain, and leaders have to set the right example. It is dumbfounding that some top officials at the University of California are doing the exact opposite. Thirty-six executives sent a letter to UC regents on Dec. 9 with an ultimatum: Give us higher pensions or we’ll sue. They had the gall to call it a “legal, moral and ethical obligation.” What’s appalling is that people – who already earn far more than the…