The Tier 3 Pension: Three Bullet Points to Remember

Just remember these three points:

• The proposal involves many complicated elements and there is no time at the March Regents meeting to sort them out. Indeed, the compressed time frame for getting the plan into operation by July 1 is not adequate for a major institutional change.

• The Academic Senate has rejected the plan. Note that no members of the Senate are directly affected by the plan which applies only to new hires after July 1. The Senate's interest is only in the future welfare of the university. Self-interest is not a factor.

• The task force created to come up with the plan operated under the constraint that there had to be monetary savings from the new plan. A cheaper plan is bound to be of lesser value to participants than the existing plan.