New U.C. Pension Oversight Considered
U.C. employee pensions would get new oversight under a proposed amendment to the state constitution. The measure was approved in a key committee Tuesday.
Tuesday, June 24, 2008
Democratic Assemblyman Anthony Portantino says U.C. workers are the only state employees without a direct say in governing their own pensions. His proposed constitutional amendment would replace the U.C. Regents’ authority over pensions with a new board that would include faculty representatives. Portantino says that would add more transparency to the process and likely have financial benefits as well.
“Having a robust debate and having people from different perspectives shepherd the process returns more to these long time public employees who deserve to have their pensions preserved and thrive…”
A Vice President for the U.C. system says the measure would put new board members in a difficult position between their own self interests and those of the broader U.C. community. She says the pension fund is in excellent financial health due to strong management by the U.C. regents.