10AM – Regents were in closed session because they ran late yesterday…so we opened public comment kind of late. There is a number union workers here, a couple of students. They’ve filled pbulic comment, but I don’t see too many students.
Many union workers, from AFSCME talking about pension funds, employee contributions. UCLA students talk about privitization and student fees!
Quick note on the public comment: I’m sorry, I didn’t get to track what the public comment time was listed and changed online from time to time. I know that Thursday’s public comment was originally listed for 8:30AM, but yesterday’s Regent’s meeting over, so the closed session that was happening yesteray was pushed into today. I think the closed session here also ran late, and pushed the public comment from 9:10 to 10AM. Does anyone know if the livestream is working now?
10:40AM – UCRP Presentation hapepnign right now. The retirerment plan is only 71% funded right now, meaning that we have more people that we need to pay out to, than we have actual assets. Extremely dangerous situation for the UC.
Based on current contribution rates, our unfunded liability (employee payouts that we don’t have covered by assets) will be 26billion dollars by 2022. However, even with the UCRP funding policy proposed by the task force, we would still have 1 or 2 billion dollars of liability.
UC Retiree Health Plan (seperate plan)…by 2014 we will have unfunded liability by 32.4billion dollars. So we will be 32.4billion dollars off of revenue from where we need to be.
11AM – We’re now moving on the contribution rates for plan years for this year. This is the item, j5, that the unions were protesting earlier today. The item increases employer contributions this year to 7% and 10% next year. The item also increases employee contributions this year to 3.5% and 5% next year. The unions are protesting becaseu the contributions go into the retirement plan, but also result in a drop in your take-home pay.
The Regent’s just passed the contribution increase rate for 2010-11, and 11-12. We’re now moving on compensation, they are consent items, that were originally worked on in closed session. However, the items are public, and you can see which people are being hired or increase in salary, and why, in the C2, c3, and c4 items on the Regent’s website.