The State Assembly Subcommittee on Education voted last Tuesday to withhold $171 million in funding from the University of California until UC Regents rescinds their new series of retirement benefits for executives and faculty, which will cost more than $500 million over the next 15 years.
As a widening scandal involving misuse of public funds and other ethical breaches by its top brass grips the University of California, The Sacramento Bee’s editorial board criticized UC’s largest employee union for advocating greater scrutiny of potential conflicts of interest at UC (“Let’s step back from UC Davis turmoil”; May 1). The board also criticized AFSCME Local 3299 for legislation that would encourage UC elites to stop squandering public funds on private contractors that exploit low-wage workers.
RELEASE: New 401k Benefits for UC Elites to Cost over $500 million, Assembly Panel votes to Block Plan (0)
Oakland: A new University of California retirement plan that encourages UC’s highest paid employees to circumvent the cap on pensionable compensation (also known as the PEPRA cap) required by the Governor as part of a 2015 budget deal to boost state funding for UC will cost the university over $500 million over the next fifteen years, according to a new actuarial study.