Archive for February, 2009
UC Senate Statement on UCRP
All members, especially those nearing retirement age, will be interested in the UC Senate statement in regards to the safety of our retirement system and the wisdom, or lack of it, in cashing out. Go to this link for the statement:
http://www.universityofcalifornia.edu/senate/reports/Lump%20Sum%20Cashouts%2022JAN09%20Final.pdf
UCRP Discussion at Thursday’s Regents’ Meeting
Tough times continue for UCRP, as discussed at the recent UC Regents’ meeting. Here is a brief excerpt from a San Diego Union Tribune article does a fairly good job of describing the situation:
UC pension system faces economic reality
Contribution-free days ending; benefits eyed
By James P. Sweeney…UC regents voted yesterday to start regular payments and, along with UC President Mark Yudof, served notice of a possible reduction in benefits for thousands of retirees. “I see no way around restructuring the benefits,” Yudof said at the end of a frank discussion that appeared to startle some regents, one of whom expressed concern about a coming pension “train wreck.” “I don’t know what we’re legally allowed to do, but we’ll find out,”
Yudof continued…
The full article is available at http://www3.signonsandiego.com/stories/2009/feb/06/1n6pension235823-uc-pension-system-faces-economic-/?uniontrib