|Why the horse? Its name is Stipulate.|
|Pay attention to the match!|
This issue is the 3-for-1 match problem. Roughly two out of three contribution dollars that do go into plan come from non-state sources such as research grants and patient revenues. Put another way, every dollar that should go into the pension - but doesn't - costs the Regents $3 in added liability. However, the regents can't go back after the fact at some future date and extract contributions from non-state revenue sources for past liabilities that were incurred. The match problem is not much of an issue for CSU since it does not have major research grants and hospital revenues. Yet the state favors CSU in its pension funding policy. Go figure.