At the Regents meeting of March 15, 2018, the full board passed a recommendation from UCOP cancelling a previously-planned increase in the employer contribution to the UC pension fund from 14% to 15% for budgetary reasons. Lieutenant Governor Gavin Newsom, an ex officio regent, expressed concerns about the potential implications for the unfunded liability. Although we have earlier preserved the audio of that meeting, it is worth below presenting the video and audio of his expressed concerns. According to recent polls, Newsom is the leading candidate for governor in the upcoming 2018 elections.
Below is the relevant segment of the March 15 meeting:
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