uc retirement

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Duelling PEB Reports

Byuclafaculty

When the Post-Employment Benefits (PEB) Task Force finished its deliberations, it published a majority and minority report. See earlier postings. UCOP responded to the dissenting report with a rebuttal. The dissenters replied to that response. In turn, UCOP responded to that response. Depending on when you looked at the UCOP webpage on PEB, you may not have seen the full back and forth. So here is the menu as of today: The full report of August 30 is at http://universityofcalifornia.edu/sites/ucrpfuture/files/2010/08/peb_finalreport_082710.pdfThe minority dissenting report of August 30 is http://universityofcalifornia.edu/sites/ucrpfuture/uncategorized/files/2010/08/peb_dissenting_082510.pdf The UCOP response to the dissent of Sept. 14 is at http://universityofcalifornia.edu/sites/ucrpfuture/files/2010/09/peb_dissenting_response_0910.pdf…

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Upcoming Events of Interest

Byuclafaculty

The final gubernatorial debate between Jerry Brown and Meg Whitman will take place on Tuesday, Oct. 12, 6:30 PM. Channel 4 – KNBC – will carry it. UPDATE: Local public radio stations as of the morning of the debate are not listing on their websites whether or not they will carry the debate. KQED radio in San Francisco will carry the audio and its programs are streamed on line at http://www.kqed.org/radio/listen/ FURTHER UPDATE: Apparently KCRW 89.9 will carry it. There will be a campus-level forum on the Post-Employment Benefits (PEB) Task Force report on Thursday, Oct. 14, Royce Hall. See…

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PEB Options vs. CalPERS New Hire Plan? UC vs. CSU? What’s in It for Me?

Byuclafaculty

The governor made pension reform part of the proposed budget deal. Some state unions negotiated two-tier plans with bigger contributions by employees. Under two-tier, new hires get a lower pension; incumbent workers stay in the old plan. However, the big missing piece was the contract with SEIU Local 1000 which has now been negotiated. (The deal has to be ratified by members and approved by the legislature.) The workers involved are under CalPERS and as the deal spreads across other state workers under CalPERS, it might cover CSU. But in the state budget proposal, CSU gets an even more generous…

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Out of Time? How Detailed a PEB Review Will UCLA Have on October 14?

Byuclafaculty

UC-Santa Cruz’s Academic Senate presented its program on the recommendations of the Post-Employment Benefits (PEB) Task Force. As noted in a prior posting, UCLA has its session scheduled for Thursday, Oct. 14, 10 AM, Royce Hall. The Santa Cruz program apparently featured a detailed and extensive set of slides, available at http://senate.ucsc.edu/PEB/CFW%20PEB%2017CFWslides0920.pdf If you click on that link, you will see that the slides are complicated as they work through the implications of the various pension options. They could not have been presented in a brief time period and must have been accompanied by a detailed oral narration. It is…

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UCLA Town Hall on Post-Employment Benefits: October 14

Byuclafaculty

There will be a UCLA Faculty/Emeriti Town Hall on Post-Employment Benefits (PEB): Thursday, October 14, 2010,10:00 a.m. to noon, Royce Hall Auditorium. Some concerns have been expressed about a controlled agenda. It is important that the dissenting report to the PEB Task Force be adequately expressed along with the views of UCFW (which supports the dissenting report). Yesterday, the University Emeriti and Pre-Retirement Relations Committee passed a resolution endorsing the UCFW position. If you attend, look to see that there is full discussion. Attempts to control (censor) messages or protect the audience from alternative views are counterproductive.

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UCOP’s Webinar on Retirement Benefits Available

Byuclafaculty

UCOP ran a Town Hall webinar on the Post-Employment Benefits Task Force report last Friday. It is now available as a streaming video. You can access it below or by going to http://www.ustream.tv/recorded/9789931 Because there is no guarantee of how long it may remain available, I have additionally recorded it. If at some point the streaming video becomes unavailable, I can repost it. The entire session runs about 90 minutes. Pay special attention to the comments by UC-Berkeley Prof. Robert Anderson, vice chair of the systemwide Academic Council and the chair of TFIR, the subcommittee on retirement issues that reports…

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Most Thorough Report on UC Pension Mentions $2-for$1 Problem

Byuclafaculty

Perhaps not surprisingly, since calpensions.com covers California public pensions exclusively, the most thorough report on the recent Regents meeting on the Post-Employment Benefits Task Force recommendations and other retirement issues appeared on that source today. It includes mention of the $2-for-$1 problem – the fact that roughly $2 out of $3 in contributions that would fund the pension comes from non-state sources. Below is an excerpt from the calpensions report. The full report – scroll down for URL – contains photos of the demonstration at the Regents. A recording of the Regents meeting on the pension and retirement issue is…

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The Clock is Ticking on UC Pension Reform

Byuclafaculty

The clock is ticking. An interview with gubernatorial candidate Meg Whitman reported today in the online Capitol Alert service of the Sacramento Bee serves as a reminder of the need for the Regents to put together a UC pension reform plan before January. In the interview, she pushes for new hires to be under a defined-contribution plan and hints that a ballot proposition to do that might be her approach. Any such proposition might well not exclude UC if UC has no plan by January. UC might then be swept into some larger statewide change. Of course, there is no…

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U.C. Proxy Voting on Investment Portfolio Said to Skirt Social Issue Review Guidelines

Byuclafaculty

U.C. Proxy Voting Skirts Review Guidelines, Documents Show (excerpts) Tess Townsend, NY Times/Bay Area Citizen, 9/16/10 The University of California, which prides itself as a leader on social and environmental issues, voted against hundreds of shareholder resolutions designed to promote human rights, environmental sustainability and efforts to fight discrimination, a review of U.C.’s voting record shows. The resolutions involved corporations like Exxon Mobil, PepsiCo and Occidental Petroleum and pertained to about one-third of the university’s $65 billion investment portfolio, a portfolio that includes some 5,000 companies. Like many other universities, U.C. employs a private firm to manage its investments and…

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Listen to Audio of Regents Meeting of 9-16-10 (Approval of Increased Pension Contributions)

Byuclafaculty

The Regents provide a live audio stream of their meetings but they don’t place the recordings online afterward. However, yours truly recorded the Regents meeting of earlier today. It involved preliminary discussion of the retirement system – pension and retiree healthcare – and the raising of the employer and employee contributions to the pension. Also approved was an augmentation of the members of the Investment Advisory Board to the pension fund. See the earlier post on this blog on that subject. I had to convert the audio into videos (just a still picture on the screen) so that it could…