The Regents meetings this week began on Tuesday with a meeting of the Investments Committee. The meeting opened with public comments on UC admissions standards and the dropping of the SAT, state vs. out-of-state UC admissions, electrifying UC campuses in response to global warming, the Hawaiian telescope, textbook costs, the UC-San Francisco Parnassus project, and labor issues. Four students (3 in-person; one by phone) complained of antisemitic incidents at UC-Davis and UC-Irvine. Apart from the general link below in which they are embedded, we provide a separate link to those four comments.
As for the actual subject of the day, investment returns, there was nothing unexpected. In a prior blog post, we noted that returns to the pension were negative in the first nine months of the current fiscal year ending March 31, thanks to the sinking stock market. We also noted that in our prior post that there would be gloomy results in the period after March 31 - and there were.* No one seemed particularly upset. However, such results - which inevitably will be mirrored at the larger CalPERS and CalSTRS pension funds, are likely to revive talk about underfunded public pensions.
There was some discussion as to why UC assets can't be used to finance UC campus building projects. It was said that such use would save money but that there were legal hurdles raised whenever the subject arose. It was decided to have a presentation on what those hurdles were at some future meeting.
As always, we preserve Regents meetings indefinitely since the Regents, for reasons unknown, delete them after one year. Links to the session are below:
Full session: https://archive.org/details/regents-investments-5-17-22.
Four incidents: https://archive.org/details/regents-investments-5-17-22/4+comments+UC+regents+5-17-2022.mp4.
Full meeting: https://archive.org/details/regents-investments-5-17-22/regents+investments+5-17-22.mp4.
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*http://uclafacultyassociation.blogspot.com/2022/05/pension-finance.html.
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