Academic Senate Rejects New Pension Tier

Representatives of UC faculty on all campuses delivered a strongly worded rejection of the proposed 2016 pension tier. Reports from the campuses were extensive and overwhelmingly negative (link to PDF). Berkeley faculty called the proposal "imprudent and potentially fiscally irresponsible." Davis faculty said, "It is a myth that UCRP is too generous," and went on … Continue reading Academic Senate Rejects New Pension Tier

Faculty Voice Opposition to Pension Proposal

On Friday, the UCLA Academic Senate hosted an informational meeting that explained in clear terms that this is a bad, bad plan for faculty. What to do about it was less clear cut. Shane White gave a deeply detailed account of financial aspects of the plan (Slides here: Pension Presentation by Shane White). Among the … Continue reading Faculty Voice Opposition to Pension Proposal

Pension Changes Proposed: lower benefits, little savings, weaker UCRS

The University of California will soon have a third pension tier if the Regents approve a plan put forth by the Retirement Options Task Force on Friday. UC President Janet Napolitano charged the Task Force, which included management and Academic Senate representatives, with finding a way to implement her agreement with Gov. Brown to set … Continue reading Pension Changes Proposed: lower benefits, little savings, weaker UCRS

If You Don’t Want to Talk to the Piper, Why Not Talk to the Piper’s Paymaster?

As blog readers will know, there is currently a potential ballot initiative on public pensions and other retiree benefits (health care) that as written sweeps in UC.  We won’t rehash why it would be best if UC was excluded – as it ultimately was from the governor’s pension bill.  But let’s just say for purposes … Continue reading If You Don’t Want to Talk to the Piper, Why Not Talk to the Piper’s Paymaster?

Shying Away from Retiring

Inside Higher Ed today carries an article about surveys of faculty who say they don't plan to retire at the "normal" age or maybe ever.  The work-til-you-drop response is attributed to such motivations as wanting to be intellectually active but also importantly to concerns about having sufficient funds and health insurance to retire.  When UC … Continue reading Shying Away from Retiring

Promises, Promises on UC Retiree Health

Jim Chalfant pointed me to the item below about retirees at one of the labs (Livermore) suing UC for not providing what they view as promised retiree health care benefits.  They were given a right to sue – which is not the same thing as obtaining a final favorable decision – on appeal.  UC has … Continue reading Promises, Promises on UC Retiree Health

Reading the Electoral Tea Leaves on Pensions

Two major cities had pension reform propositions on the ballot yesterday and were being watched concerning voter attitudes on the subject.San Jose voters Tuesday handed Mayor Chuck Reed a crucial victory with his nationally watched pension reform measure passing by a decisive margin.  It was a big night for pension reform, with a San Diego … Continue reading Reading the Electoral Tea Leaves on Pensions

Goodbye Crane – And Thanks for Your Kind Remarks

Pension reform crusader David Crane steps down today as a member of the University of California Board of Regents.  That's because the state Senate didn't confirm his appointment to the post within the year prescribed by law.…Crane, a Democrat, was Schwarzenegger's point man on public pensions. He contended that the state's three largest funds, including … Continue reading Goodbye Crane – And Thanks for Your Kind Remarks

Optimistic CalSTRS Board Lowers Its Assumed Rate of Return But Not All the Way Down to Our 7.5%

Since CalSTRS' new assumption is still above ours, we can claim to be more conservative in our pension funding planning. See below:CalSTRS lowers forecast on future investment returns (excerpt) Dec. 3, 2010, Dale Kasler, Sacramento BeeAfter agonizing for months, CalSTRS made a decision Thursday that seems subtle but has enormous financial implications. The teachers' pension … Continue reading Optimistic CalSTRS Board Lowers Its Assumed Rate of Return But Not All the Way Down to Our 7.5%