Saturday, June 11, 2016

Proposed pension funding cut now dead

The proposal from the state assembly to block contributions to the UC pension fund if the university did not eliminate the defined contribution option is now reported in the Sacramento Bee to be dead:

...(The budget negotiators) rejected (an) Assembly suggestion (that) would have reversed a deal between the governor and UC to create a new tier for the university’s underfunded pension system. The move was sought by employees unions who argued that shifting the retirement plan away from guaranteed benefits would undermine its stability...

Full story (with other info on what's in and what's out of the UC budget) is at:

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