Faculty and staff who missed the UC town hall meetings on post-employment benefits in October can see the video online on UStream.
A PowerPoint presentation is also available here.
The UC Regents on Sept. 16 voted unanimously to increase the amount UC and its employees contribute to the pension plan. Beginning in July 2011, employee members of the UC Retirement Plan (UCRP) will begin contributing 3.5 percent of salary into the plan; UC will contribute 7 percent. The amount will increase again in July 2012, with employees paying 5 percent and UC paying 10 percent.
The new contribution levels are subject to collective bargaining for represented employees. The Regents’ actions do not change employees’ pension benefits, only the amount they and the university pay toward the cost.
The Regents’ action comes as the University begins to address significant unfunded liabilities in both its pension and retiree health programs.
Increasing UCRP contributions was one of several recommendations from the Post-Employment Benefits Task Force. UC President Mark Yudof appointed the task force in March 2009, charging it with developing recommendations that would ensure UC’s retiree health and pension benefits are both financially sustainable and market competitive. Under the current structure, the unfunded liability for the two programs is $21 billion, roughly the size of UC’s annual budget.
The president is considering the other task force recommendations, as well as those contained in a “dissenting statement” issued by a group of members who disagreed with some task force recommendations. He also is soliciting feedback from UC faculty, staff and retirees. Yudof will likely submit his proposals to the Regents for discussion in November, with the board taking action at a special meeting in December.