March 23, 2011
Regents approve borrowing options to fund pension plan
The University of California Board of Regents on March 17 authorized the university to use a combination of low-cost borrowing options to transfer $2.1 billion to the UC Retirement Plan in 2010-11 and 2011-12.
The $2.1 billion is in addition to previously approved employer and employee contributions and enables UC to pay the unfunded portion of pension costs for those two fiscal years.
In this video, Chief Financial Officer Peter Taylor explains how this action will reduce UC’s overall pension costs in the coming years and improve the current financial status of the retirement plan.
- Category: News & Updates
- One comment
I am an employee of the University. Is there any chance there will be a \golden handshake\ as there was about 10 years ago? There are many employees who are close to retirement, but have to stay just because of medical benefits. Any discussion about the savings of those employees who would retire a little early?