Erroneous
statements were made by one Regent that Stanford and Harvard had no pension
plan, when – as was pointed out – what they have is a generous defined contribution
plan (although not a defined benefit plan).
It was said that now that the state has a new plan for CalPERS, etc., UC
should conform to the state (although UC just made a considerable effort not to be
included in the state plan after it initially was). In general, since the Regents are the
trustees of the pension fund, their comments suggested a significant lack of
understanding about basic information.
Several Regents suggested that if we cut the benefits, we
could use the savings to raise salaries.
But since benefits have preferred tax status and cash does not, on the
face of it, moving a dollar from benefits to cash is a reduction in total
compensation to the employee. This
discussion was not the highlight of the retreat.
You can hear the discussion at:
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