UC proposes cut in pension for faculty & staff but not top administrators

Attempts to alter the pension and retirement benefits of government workers are continuing to bubble up across the state.

The University of California (UC), facing an estimated $20-billion deficit in its retirement plan, released a proposal last week to reduce the amount it spends on employee benefits.

The proposed changes at the UC would reduce benefits for new employees starting in 2013, raise the minimum retirement age from 50 to 55, shift some health-care costs to employees, and sharply increase employer and employee contributions to the system’s struggling pension plan.

What’s most disturbing about this proposal is that at the same time the UC is looking to cut the pensions of rank and file faculty and staff, the system’s Administration is attempting to add to the pensions of 250 top-paid employees.