When you listen to
Regents’ comments at their meetings on the state budget, you have the impression at times that
they think that the state and governor have reversed course and now acknowledge
responsibility for the UC pension plan. So,
for the record, here is the Legislative Analyst’s summary of the latest state
budget and the UC pension:
Contains Intent
Language Regarding UC Retirement Costs. The budget plan does not designate any
funding for UC employer retirement costs, though the university expects these
costs to increase by $67 million in 2013-14. Budget trailer bill language
states, however, that the absence of such an earmark does not imply legislative
support for UC employees paying more toward retirement. In addition, trailer
legislation requires UC to apply any reductions in annual debt-service costs
achieved as part of a debt restructuring... towards
its pension costs, including its unfunded pension liabilities.
Sorry to rain on your parade, Regents. What's that you said?:
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