The Regents Committee on Compliance and Audit is meeting via teleconference on Nov. 7 in advance of the general Regents meeting the following week. We will post the audio when it becomes available.
The agenda for the full Regents meeting has not been posted yet, but the Regents are likely to have some discussion related to the governor’s pension proposals.
Included in the Committee’s agenda is an audit of the pension plan. Below is a data summary taken from that audit. The full document is at:
http://www.universityofcalifornia.edu/regents/regmeet/nov11/a5attach4.pdf
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Summary statement for year ended June 30, 2011
Net assets $41.9 billion
Net investment gain $7.6 billion
Contributions $1.8 billion
Benefit payments (excluding member withdrawals and lump-sum cashouts) $1.8 billion
Plan administrative and other expenses $31.1 million
Active Membership
Senate Faculty and Non-Faculty Academics 22,991 members
Management/Senior Professional 8,842 members
Professional/Support Staff 83,735 members
Total 115,568 members
Average Annual Salary
Senate Faculty $117,972
Non-Faculty Academics $75,762
Management/Senior Professional $120,564
Professional/Support Staff $61,405
Average Age
Senate Faculty 50 years
Non-Faculty Academics 44 years
Management/Senior Professional 50 years
Professional/Support Staff 43 years
Inactive Membership/Other
Total 60,903 members
Retiree Membership
Faculty 5,187 retirees
Management/Senior Professional 7,049 retirees
Professional/Support Staff 35,007 retirees
Total 47,243 retirees
Average Retirement Age
Faculty 64 years
Management/Senior Professional 60 years
Professional/Support Staff 59 years
Average Service Credit at Retirement
Faculty 26 years
Management/Senior Professional 22 years
Professional/Support Staff 20 years
Average Annual UCRP Income
Faculty $72,809
Management/Senior Professional $52,834
Professional/Support Staff $28,730
Survivor/Beneficiary 6,969 recipients
Disabled 2,084 recipients
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There is much additional pension news floating around. Proponents of stricter pension changes than the governor is proposing have started the process of filing two initiatives. You can find them at:
http://ag.ca.gov/cms_
and
http://ag.ca.gov/cms_
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From Calpensions.com today comes:
…This time the group, now led by Dan Pellissier, raised $250,000 for polling and legal experts before filing initiatives designed to withstand court challenges and quickly cut government pension costs, particularly important for some struggling cities. He said the next step is to raise about $3 million, enough to pay for a drive to gather 1.3 million voter signatures and provide a cushion well above the minimum needed to place a state constitutional amendment on the ballot.
“Not today,” Pellissier said, when asked at a news conference if the group had the money. “But we have some commitments for future funding, and we have what we think is a good path in order to raise that amount of money.”
He said George Shultz, a former U.S. secretary of state in the Reagan administration, is a part of the campaign team and “has a tremendous amount of influence with major donors.” …
Full article at http://calpensions.com/2011/11/03/pension-initiative-faces-two-tests-funding-courts/
See also the Sacramento Bee account at:
http://www.sacbee.com/2011/11/03/4026758/ballot-proposals-seek-change-in.html
and
http://www.sacbee.com/2011/11/03/4026493/the-state-worker-former-gop-chair.html
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An official of another pension group wrote an op ed in yesterday’s LA Times in effect saying to public sector unions that they better go along with the governor’s plan or they will get worse via initiative. See:
http://www.latimes.com/news/opinion/commentary/la-oe-fritz-pension-20111102,0,7172321.story
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You may well feel you have too much pension news. But there is bound to be more as time goes on.
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