Rising Employee Pension Contributions

A note from the Daily Bruin of 10/20/11:

Faculty and staff could be paying more toward retirement within two years in a proposal to be discussed by the UC Board of Regents in November.

Under the proposal, employee contributions to the University of California Retirement Plan would rise to 6.5 percent of covered salary starting July 1, 2013. The UC, meanwhile, would pay 12 percent.

Right now, faculty and staff contribute 3.5 percent and the UC pays 7 percent.

This is the second time in about a year that the regents will vote to raise employee and UC contributions. Last September, increases were set to begin in July 2011 and July 2012...

The proposed increase to 6.5 percent would cover the yearly cost of the retirement plan for the first time in years, said Steve Montiel, a spokesperson with the UC Office of the President. Every year, the plan’s costs total about 17 percent of annual pay...

Full article at:

http://www.dailybruin.com/index.php/blog/off_the_press/2011/10/board_of_regents_to_discuss_another_increase_in_employee_contribution_to_uc_retirement_plan

Worrying about it? Don't:

Note: This may be in keeping with the state's new In-God-We-Trust-All-Others-Pay-Cash policy. See http://www.sacbee.com/2011/10/21/3992291/gov-brown-rejects-proclamation.html