Thursday, November 19, 2015

No Change

As we have been posting, there is an inaccurate and misleading sentence in Regents Item F2 on the agenda for the Regents meeting that is scheduled for later today. Despite our numerous alerts, it has not been corrected. Item F2 effectively commits the Regents - without discussion or analysis - to offer a defined-contribution-only (DC-only) pension option to new hires. There is supposed to be a committee established by UC president Napolitano considering pension options. It has made no decisions. Unless the intent of Item F2 was to preclude appropriate consideration of DC-only by that committee, the item needed to be amended and reference to the DC-only option removed.

It appears that high officials in UCOP have given silent consent to an undermining of the president's pension committee and are seeking tacit approval of a pension option via an obscure sentence in a resolution ostensibly dealing only with pension funding. Of course, we won't know for sure until the pension matter is finally decided, presumably some time in winter. But if there is a DC-only option for new hires, you'll know what happened.

If you haven't followed our prior posts on this matter, here are the links:

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