The UC Board of Regents was planning to vote on restarting employer and employee contributions to the UC Retirement Plan at its Sept. 16-18 meeting in Irvine (after Dateline went to press).
In July, the regents reviewed and discussed a proposed funding policy that recommends restarting employer and employee contributions on July 1, 2009 (the proposal is subject to collective bargaining where applicable). The actual amount of employer and employee contributions was not to be decided at this week's meeting — that will occur at a future meeting.
Since the early 1990s, no employee or employer contributions to the UCRP have been necessary — but the stock market has weakened, and UC has determined that contributions need to be reinstated within the next few years in order to keep the plan 100 percent funded.
More information is available at www.universityofcalifornia.edu/regents/regmeet/sept08/f8.pdf.
Media Resources
Clifton B. Parker, Dateline, (530) 752-1932, cparker@ucdavis.edu