uc retirement

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Faculty Association Sends Report on UC Pension to Legislative Committee

Byuclafaculty

The UCLA Faculty Association has submitted a report to the members of the legislative committee studying the governor’s proposals for public pensions. (See an earlier blog post.) The cover letter to the committee members is reproduced below. Below that is a link to the report which details the history of the UC pension system. ===== To: Members of the Conference Committee on Public Employee Pensions AB 340/SB 827 From: Faculty Association at UCLA Date: Dec. 1, 2011 Subject: Examining the Governor’s Twelve Point Pension Reform Plan Dear Representative Furitani, On behalf of the Faculty Association at UCLA, an independent association…

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Testimony in Sacramento Coming Up on UC Pension

Byuclafaculty

Two UC officials will be testifying tomorrow about the UC pension at a legislative hearing on the governor’s public pension proposals. We don’t know what the UC reps will be saying. Hopefully, it will be a polite version of “no thanks; we have our own plan.” If more info becomes available, we will post it. Meanwhile, the hearing agenda can be found below. Pension Agenda(function() { var scribd = document.createElement(“script”); scribd.type = “text/javascript”; scribd.async = true; scribd.src = “http://www.scribd.com/javascripts/embed_code/inject.js”; var s = document.getElementsByTagName(“script”)[0]; s.parentNode.insertBefore(scribd, s); })();

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Regents Expected to Approve Rise in Employee Pension Contributions Today

Byuclafaculty

The Regents at their postponed meeting today (11-28-11) are expected to raise the employee contribution to the pension plan to 6.5% as of 2013-14. See the chart below: The full item is at http://www.universityofcalifornia.edu/regents/regmeet/nov11/f5.pdf This will not be the last increase for either the employee or the employer contribution. No help from the state in sight. Au contraire:

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Regent Crane Leaves an Unhelpful Message

Byuclafaculty

Departing Regent David Crane, a last-minute appointment to the Board of Regents by Governor Schwarzenegger, would have had his last Regents meeting in November, since he could not get legislative confirmation. But the Regents’ meeting was canceled due to a fear of Occupy-type demonstrations. However, Crane has left behind a missive of sorts – a press release on state budget and pension matters in which he a) endorses the pension proposals by Governor Brown and b) wants to take those proposals further. No reference to the changes already adopted by the Regents for UC is made in the release. No…

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LAOmission

Byuclafaculty

Our previous post deals with the Legislative Analyst’s Office (LAO) report on the state budget. Quote from page 41 of the report: “…because the state is not required under current law to contribute additional funds to UC to address its unfunded pension and retiree health liabilities, the forecast assumes no General Fund resources to assist UC for these purposes.”

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UC Budget Proposal for 2012-13 Readied for Regents

Byuclafaculty

President Yudof’s UC budget proposal for 2012-13, scheduled for discussion at the Regents on Nov. 17, is now posted. The key links are http://www.universityofcalifornia.edu/regents/regmeet/nov11/f12.pdf and http://www.universityofcalifornia.edu/regents/regmeet/nov11/f11attach.pdf The proposal includes a request for increased “core” funding by 8%. Notably included is a contribution to the UC pension – which the state has not been doing since contributions resumed. There appears to be an arbitrary request for one fourth of the employer contribution ($87.6 million). See the last page of the second link. Why just one fourth is requested is not clear. Since this seems to be public pension year, given the…

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LAO Report on UC and Other Public Pensions

Byuclafaculty

The Legislative Analyst has just released a report on the governor’s proposal for public pensions. The report states that the “Governor’s Proposal Is a Bold, Excellent Starting Point” and then goes into a detailed analysis. Most of the report is not about UC, although it does note that changing the UC plan might well involve amending the constitution. But it does have a section on UC reproduced below: What About UC? UCRP Also Has a Major Funding Problem. From 1990 to 2010, UC and its employees enjoyed a remarkable two–decade pension funding holiday due principally to (1) substantial overfunding of…

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Statement by Academic Senate Task Force on Investments & Retirement on Governor’s Pension Plan

Byuclafaculty

October 31, 2011 ROBERT ANDERSON, CHAIR, ACADEMIC COUNCIL RE: Governor Brown’s Twelve Point Pension Reform Plan Dear Bob Following circulation of the Governor’s Twelve Point Pension Reform Plan, the Senate Task Force on Investments and Retirement (TFIR) discussed the proposed reforms, and prepared the attached document: “TFIR’s Comments in Response to the Governor’s Pension Reform Plan”; TFIR would like to post this document on the TFIR section of the Senate’s web site, and hopes that you will place a link to the document on the main page. The goals of the TFIR statement are 1) to let Senate faculty know…

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Crane Likely to Pick Up on Pension Issue at Next Regents Meeting

Byuclafaculty

Regent David Crane – a last-minute appointee to the Regents by Gov. Schwarzenegger – has been a public pension hawk and has made remarks about collective bargaining that ensured he would not be confirmed. Assuming he attends the November Regents meeting (Crane’s last given the non-confirmation), he is likely to say something about the pension issue. The Regents’ agenda for November is not yet posted. But even if the pension item is not a formal agenda topic, Crane can bring it up. That is not a Bad Thing. The Regents should be informed about the impact of the governor’s pension…

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Was that Jerry or Casey at the Bat (on pensions)?

Byuclafaculty

Now that it is clear the governor wants UC to be part of his public sector pension proposal, you might be curious about what the Legislative Analyst thinks: LAO calls pension plan excellent start Duane W. Gang, Riverside Press-Enterprise 10/27/11 California’s nonpartisan legislative analyst praised Gov. Jerry Brown’s pension plan Thursday and said it deserves consideration by the Legislature. “I thought it knocked the ball out of the park,” Mac Taylor, who heads the Legislative Analyst’s Office, said during a lecture series at his alma mater, UC Riverside. “I think it is an excellent start.” … Full article at http://www.pe.com/local-news/politics/duane-gang-headlines/20111027-inland-lao-calls-pension-plan-excellent-start.ece…