Highest-paid UC execs demand millions in benefits

[ljm2002]

http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2010/12/29/MNDC1GUSCT.DTL

Three dozen of the University of California's highest-paid executives are threatening to sue unless UC agrees to spend tens of millions of dollars to dramatically increase retirement benefits for employees earning more than $245,000.

"We believe it is the University's legal, moral and ethical obligation" to increase the benefits, the executives wrote the Board of Regents in a Dec. 9 letter and position paper obtained by The Chronicle.

"Failure to do so will likely result in a costly and unsuccessful legal confrontation," they wrote, using capital letters to emphasize that they were writing "URGENTLY."

Their demand comes as UC is trying to eliminate a vast, $21.6 billion unfunded pension obligation by reducing benefits for future employees, raising the retirement age, requiring employees to pay more into UC's pension fund and boosting tuition.


Read more: http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2010/12/28/MNDC1GUSCT.DTL#ixzz19ZBbO3KW

More of that "shared sacrifice" thing, eh?

[midnight]

1. University executives get paid really well.... Is this warranted?

[aquart]

2. What, I wonder, are the benefits of the less well paid?

[WHEN CRABS ROAR]

3. 1,400 a month for this retired UC worker.

[dana_b]

4. argh!! this makes my blood boil

my deartment is being dissolved. Before that I hadn't had a raise in years and they want all the rest of the employees to pay more for their pensions but Laret (the CEO of UCSF,-where I work for another 3 weeks) who makes well over half a million a year (plus 30% bonuses) and the other execs think that they deserve increased retirement beneits?! Fuck them.

edit - I sent the article to my fellow workers and nurses. I hope they get as irate as I am. When California is suffering and publi pensions are already under attack, this b.s. doesn't help and these execs know it.

"Under UC's formula, which calculates retirement benefits on only the first $245,000 of pay, an employee earning $400,000 a year who retires after 30 years would get a $183,750 annual pension.

Lift the cap, and the pension rises to $300,000." holy shit!!

[WHEN CRABS ROAR]

5. Why all this greed at the top ? What world do they live in ?

These very same people asked for reduction of benefits from employees. We fought for two years for a 1 1/2% pay raise, yes that's right, one and a half percent.