Monday, November 16, 2015

The Lost Weekend for Correcting Regents Pension Item F2

As we have been posting, there is an inaccurate and misleading sentence in Regents Item F2 on the agenda for the Regents meeting of Nov. 19. So far, it has not been corrected. If the item stays as is, it 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 is to preclude appropriate consideration of DC-only by that committee, the item needs to be amended and reference to the DC-only option removed.

Each day that passes without a correction raises the suspicion 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.

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

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