Below is the agenda item regarding the pension. The full item including all features of the deal is at:
http://regents.universityofcalifornia.edu/regmeet/may15/j2.pdf
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J2 LONG RANGE PLANNING
May 21, 2015
Shared commitment to addressing UC’s
long-term pension liability. The Governor has agreed, subject to the Legislature’s
approval, to provide a total of $436 million in one-time funding over three
years, beginning with $96 million in 2015-16, to address a portion of UC’s
pension obligations. This funding will be provided from Proposition 2 debt funds,
which cannot be used for University operating costs or to pay the current costs
of the University’s pension contributions. In return, the University has agreed
to bring to the Regents by July 1, 2016 a new pension tier which would provide,
at the employee’s election, either a defined benefit plan that caps the amount
of salary used to calculate benefits at a level consistent with the State’s
2012 pension reform law (currently $117,020) plus a supplemental defined
contribution (DC) plan for certain employees, or an optional fully DC plan. The specific terms of new plans will
be developed in consultation with UC faculty and staff. The restructured pension
plan, the final form of which will be subject to Regental approval, will not
apply to current employees. For represented employees, it will be subject to
collective bargaining.
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