Latest Entries

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.

February 3, 2011

Post Employment Benefits Update

The University of California Board of Regents approved changes to UC’s retiree health and pension programs in December 2010. For more detailed information on specific changes, please see the fact sheets below. All of the fact sheets (including Spanish language versions) are also posted under Fast Facts.

The Regents will likely consider additional proposals at meetings in 2011. Watch for more information here and on the Regents website.

January 21, 2011

Fact sheet on approved changes to retiree health benefits

This fact sheet summarizes changes to eligibility for and contributions to retiree health benefits. The University of California Board of Regents approved the changes in Dec. 2010.

December 16, 2010

Fact sheet on approved changes to UC retirement programs

The University of California Board of Regents on Dec. 13 adopted President Yudof’s recommended changes to post-employment benefits.  This fact sheet summarizes the changes.

December 13, 2010

Regents approve changes to UC’s retiree health and pension programs

The University of California Board of Regents voted at a special meeting today (Dec. 13) to change some of UC’s retiree health and pension programs.

President Mark G. Yudof recommended the changes after consulting with faculty, staff and retirees about how the University should approach the problem of a $21 billion unfunded liability for its retirement benefits. The president’s goal was to preserve attractive, high-quality benefits, but at a cost that the university could sustain over the long-term.

Pension benefits for current employees and retirees will not be affected by the changes as earned pension benefits are protected by law and cannot be revoked or reduced.  Current faculty and staff, as well as UC, will contribute more to the pension program, and roughly half of current faculty and staff will come under new eligibility rules for retiree health care. Continue reading: Regents approve changes to UC’s retiree health and pension programs