uc retirement

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Anyone know what Regent Crane said? Inquiring Minds Want to Know

Byuclafaculty

Anyone know what Regent Crane said about pensions at this fair and balanced seminar at the Hoover Institution? (Scroll down) Hint: It might be good to find out. From the Hoover Institution website: http://www.hoover.org/news/83027 June 20, 2011 State and Municipal Fiscal Default Workshop On June 15–16, 2011, scholars and practitioners gathered for the State and Municipal Fiscal Default Workshop at the Hoover Institution. Experts from the fields of public policy, economics, finance, law, and state and local politics consulted about the nature of the problem, the current legal structures, and the possibility of legislative or other reform to avert the…

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No Way San Jose

Byuclafaculty

There has been a concern at UC that some future ballot proposition might sweep UC into a statewide public pension change that would affect current employees, contrary to the Regents’ action on pensions last December. The state attorney general, Kamala Harris, recently raised possible objections concerning a San Jose city plan that would affect current employees there. Whether she would challenge a ballot proposition that had similar effects at the state level is unknown. From the San Jose Mercury-News of 6/21/11: San Jose Mayor Chuck Reed’s proposal to declare a fiscal state of emergency and seek a ballot measure to…

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Document indicates GOP price for cooperating with governor

Byuclafaculty

The Republican prices for the votes the governor needs to have his budget passed with temporary tax extension until the extensions get on the ballot are listed below. There is some ambiguity about the pension although it definitely covers UC. The pension cap may cover current employees, not just new hires. (It’s not clear to yours truly.) Also as part of a tentative deal is a state spending cap and other provisions. As written, the pension provisions seem to define the kind of part-time recalls to retired faculty as “double dipping” and thus would kill such arrangements. No one would…

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Average State Retirement Ages Including UC

Byuclafaculty

The Sacramento Bee today carries the table below on average retirement ages under various state pensions. UC faculty (not clear how that is defined; probably a lot more than ladder Senate faculty) have the oldest age. Source http://www.sacbee.com/2011/06/12/3694100_a3693990/roger-niello-others-push-raising.html

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Judge dismisses Livermore lab retirees’ lawsuit against UC: Transfer of retiree health plan deemed legal

Byuclafaculty

Background: A group of retired nuclear lab employees sued UC with regard to their transfer to a less desirable retiree medical plan than currently covers other UC employees. Readers may remember that for decades UC ran the labs as a legacy of the World War II Manhattan Project. When administration of the labs – after various security-related scandals – was transferred to a consortium of private contractors and UC, benefits such as pensions and health care became an issue. Judge dismisses Livermore lab retirees’ lawsuit: Transfer of retiree health plan deemed legal By Suzanne Bohan, Contra Costa Times, Updated: 06/08/2011…

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San Diego (and maybe California) gets a lesson on the letter C

Byuclafaculty

The City of San Diego just discovered that the C in a DC pension stands for Contribution. Actually, it stands for immediate Cash Contribution. San Diego was the poster child for bad defined benefit pension management even before the current pension crisis in California. However, a potential ballot measure in that city that would switch over to a defined contribution plan is raising questions. The discovery of what C means is good for UC even though we have nothing directly to do with San Diego. Among the various pension changes that have been floating around at the state level as…

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Bemoaning the CAP

Byuclafaculty

Below is an excerpt from the New York Times Bay Area online edition. It points to the various times when the UC pension was overfunded but pay was frozen (or cut), the Regents diverted some pension funds to the CAP programs in lieu of cash. The CAP programs were basically like mini cash balance plans, i.e., tax deferred savings accounts with a fixed interest rate on the balance. A little-noticed cash benefit for some University of California employees is adding strain to the system’s battered pension plan just as the university prepares for a $500 million reduction in state aid,…

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UC Pension Swept In (and away?)

Byuclafaculty

As noted in a prior post, an organization known as the “California Foundation for Fiscal Responsibility” issued a study yesterday on public pensions. UCRP is included in the study but is not discussed. As often noted on this blog, that has been a general problem of discussions of the pension issue in California. UC is swept in but, at the same time, its special features are neglected and the focus is instead on CalPERS and other plans. In the frenzy over public pensions – with possible ballot initiatives (or possibly some deal on the state budget that would involve pensions…

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UC Pension Plan May Be Targeted Today

Byuclafaculty

A group whose funding sources are cloudy – the California Foundation for Fiscal Responsibility – plans a grand unveiling today of a study on pension funding in California. The report below indicates it covers California’s 5 biggest pension funds. After CalPERS and CalSTRS, UCRP is the 3rd largest at the state level. As numerous posts on this blog have indicated, ballot initiatives aimed at capping pensions could affect UC and override the Regents’ action on the UC pension taken last December. UC could be swept into some statewide initiative even if it is not a central target of the study….

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Part III: UCOP & Regents – Have You Talked With the Governor (Yet)? Where Are You?

Byuclafaculty

Below is a press release from Governor Brown’s office issued yesterday. It explicitly mentions CalPERS and CalSTRS. Less clear is what other state plans – including UC’s plan – would be included. One of the headings say that it applies to state and local plans. The release has definite items and some items that are under consideration. I have put in large italics some of the latter items that could pose problems for UC – depending on the precise details. Note that a pension cap is mentioned, but there is no reference to the precise $106,000 figure that earlier press…