Regents move on UC pension problem

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Source: San Francisco Chronicle

(09-16) 18:11 PDT SAN FRANCISCO -- Angry University of California employees staged a mock arrest of UC President Mark Yudof today outside the regents' meeting in San Francisco, even as the regents praised Yudof for pushing an unpopular but critical pension fix.

The regents voted unanimously to increase pension contributions from the university and about 200,000 UC employees over two years - the first step in what is shaping up as a bitter debate over how the university system should wrest control over its vast unfunded retirement liability in the long-term.

"No pension, no peace!" shouted dozens of picketers from unions representing gardeners, custodians, bus drivers and other low-wage workers who say UC's long-term retirement proposals would drastically reduce their pensions while benefiting high-paid employees.

Read more: http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2010/09/16/BA6G1FF2K1.DTL