Thursday, July 30, 2020

Listen to the Regents Meeting of July 28, 2020

Yesterday we posted an interim summary of goings on at the Regents this past Tuesday.* The meeting actually contained two sessions: the Investments Committee and the Special Committee on Basic Needs.

The Investments Committee started with public comments. Speakers touched on the UC Police Department, mental health, abortion issues, Green New Deal and fossil fuels, the Hawaiian telescope, a suggestion that any pay cuts should be higher at the higher income levels, nurse testing and staffing, labor relations issues, layoffs, anti-Semitism, intellectual property related to coronavirus research, and the UC-Santa Cruz grad student strike.

At the Investments Committee there was a review of returns on the UC portfolio of $130 billion (pension, endowment, etc.) The pension fund earned only 1.7% during the year ended June 2020, well below the target rate. There was substantial discussion of a new annuity option to be rolled out on a voluntary basis in view of the fact that new employees may have only defined-contribution pension income. The annuity option would be opt-in rather than opt-out.

At Basic Needs, much of the discussion involved letters by which UC campuses make offers of financial aid and the need for clarity of such offers.

You can hear the July 28th sessions at the link below:

or direct to:

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