Several unions representing UC employees — AFSCME, CNA and UPTE — have hired Pension Trustee Advisors, Inc. (PensionTrusteeAdvisors.com), to examine the UC Retirement System. This pension consultant will be presenting the results of his research online in a “webinar” to be held Thursday, November 1, at 1pm. UC faculty are invited to “meet’ the consultant online. People can participate by rsvp-ing with AFSCME’s Trevor McNeil: tmcneil@afscme3299.org.
The unions feel this adviser has identified cost saving measures and are trying to get this issue placed on the November Regents’ agenda. I spoke with Trevor and asked him about these cost savings and have pasted his response below:
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William “Flick” Forina – a contributor and leader in his field – is the actuary we’ve asked to look at the UCRP. He has found that the funding policy adopted by the UC Regents in 2008 amortizes the University’s unfunded liability incorrectly which results in a front-loading of liabilities and an inflation of pension costs. What that means for UC faculty and our members is a new two-tier system of greater contributions, less benefits, and a less attractive tool for recruiting and retaining top talent.
We think the UC Regents should hear us out at their November meeting and we hope that after you hear from our actuary and ask him questions in this webinar, you’ll agree with us.