The Investments Subcommittee of the Regents met on May 16, ahead of the other sessions. In the public comments period, there were complaints about investments in fossil fuels. A Teamsters spokesperson complained about fees in the savings plan. Later in the session, Chief Investment Officer Bachher said he preferred to invest in assets that promoted sustainability rather than divest. (However, it appears that in fact there have been moves to divest from various unpopular industries.) Most of the discussion involved reviewing recent developments in the UC portfolio. There were various comments to the effect of there being a great deal of uncertainty (risk) despite recent good returns.
It was also mentioned that under the most recent tier, almost two thirds of new hires are picking the defined-contribution-only option. The new hires were said to be staff and faculty combined. It's not clear, however, what the breakdown has been and - in fact - since ladder faculty hires were made effective before July 1, 2016, whether any significant number are included in the two thirds.
You can hear the audio of the meeting at the link below. As often noted on this blog, the Regents archive their recordings only one year (so "archive" is a misnomer). We preserve the audio indefinitely.