Friday, November 13, 2015

Less than a week left to correct inaccurate & misleading Regents pension item

As we have been posting, the Regents on Thursday, November 19, are due to consider Item F2, an "action item" ostensibly dealing with pension funding.* But, as we have also noted, the item contains an obscure sentence that preempts President Napolitano's committee that is working on pension options for new UC hires. The sentence pre-commits UC to offer a defined-contribution-only (DC-only) option to employees hired started July 1, 2016, despite the fact that the president's committee has made no such decision:

“New employees will have the opportunity to choose a fully defined contribution plan as a retirement option, as an alternative to the PEPRA-capped defined benefit plan.”

We have notified the powers-that-be of the offending sentence and are hoping to see a correction of Item F2. Unfortunately, as of this morning, the sentence has not been corrected (deleted). But since today is Friday the 13th, we are hoping to get lucky by tomorrow and see a correction of F2. Still, time is running out.

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