The following report is meant to clarify how the proposed changes to our pension system will affect current and future lecturers and librarians. I also discuss some of the actions UC-AFT and other groups are taking to protect our shared pension system (UCRP). Most urgently, UC-AFT is working to delay the Regent's decision on pension reform until complete analysis has been conducted and all UC employees are informed of possible changes. Please read on.
On October 11, UCSB Professor Chris Newfield added a new post on UC pension reform to his blog, Remaking the University. The post includes the following compilation of recent pension analyses by unions and faculty groups from across the UC system.
Several unions (AFT, AFSCME, UPTE, CNA) in consultation with CUCFA and members of the senate faculty welfare committees have composed the following joint set of principles regarding possible changes to the pension plan:
1. We need to move to a full funding of the normal cost of UCRP. The suggested new tiers do not address this issue.
2. There has to be a credible plan for total remuneration approved by the regents.
3. We must begin paying down the UCRP liability now. This can be done in part from borrowing from STIP or Pension Obligation Bonds.
