Citing the need for more consultation and analysis, as well as the University of California budget process, the UC Board of Regents at their May 18 meeting took no action on a specific schedule to reinstate contributions to the UC Retirement Plan.
The regents continued to review information on how best to ensure the long-term financial health of the retirement plan (UCRP) and heard an update on the current funded status of the plan. The presentation by Mercer Human Resource Consulting updated projections of the UCRP funded status to take into account investment performance through March 31, 2006, and refinements to the impact of catch-up pay increases in future years.
The presentation also included an illustration of a UCRP contribution schedule. The sample contribution schedule reflects possible total contributions over the next several years, but does not specify how contributions will be divided between UC and its employees.
The presentation is posted on the regents’ Web site at: (www.universityofcalifornia.edu/regents/regmeet/may06/8c.pdf
UC is continuing active consultation and discussions regarding the restart of contributions to UCRP with faculty, staff, unions and retirees.
The regents at a future meeting will hear specific recommendations as to when contributions will be restarted and how costs will be divided between the university and employees. Future decisions by the regents on this subject will be informed by collective bargaining, availability of funding and the budget process.
To keep informed, visit UC’s special Web site, “The Future of the UC Retirement Plan,” which is updated with the latest information. Go to: www.universityofcalifornia.edu/news/ucrpfuture/welcome.html.
# # #