Unions Reply To Proposed Pension Changes
Wednesday, March 23, 2022
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A coalition of UC unions has seat together a laid upward of shared principles regarding the UC pension organisation (UCRP). We innovation to acquaint the next at the adjacent Regents coming together Nov 16-18:
1. Since unions stand upward for 45% of the employees currently covered past times UCRP, whatever changes to our pension plans volition conduct hold to live on accepted past times represented workers. Collective bargaining on proposed create goodness changes must precede, non follow, such changes for unrepresented workers.
2. The Union Coalition of the University of California (UCUC) is united inward our rejection of the proposed pension create goodness cuts: the minute tier as well as UCRP opt-out/DC innovation choice. The proposed pension changes create non ameliorate the financial wellness of UCRP, are divisive as well as unfair, as well as target low- as well as middle-income workers disproportionately. Similarly, nosotros spend upward the eligibility as well as cost-shifting changes to the retiree wellness create goodness equally premature because plans to pre-funding the create goodness conduct hold non been fully explored.
3. We are willing to visit a innovation that would brand UCRP to a greater extent than secure as well as hold its tradition of fair treatment. We are likewise willing to visit a innovation to prefund the retiree wellness create goodness to maintain the electrical current degree of benefits as well as the electrical current eligibility criteria.
4. Keeping the UCRP adequately funded is the key issue. We suggest that the academy moves speedily to fully funding the normal toll of UCRP inward 2011, using employer as well as employee contributions. Restarting a higher degree of contributions before volition hold time to come costs downward as well as capture available funding from the medical centers as well as contracts as well as grants. Total contributions must hence gradually increment at levels needed to hold the innovation healthy. Because of currently underfunding, nosotros realize the innovation tin dismiss non to larn to 100% funding inward the nearly future, hence the goal should live on to hold it at salubrious funding levels. Since none of the proposed plans past times the draw forcefulness volition compass 100% funding inward the adjacent x years, nosotros believe the academy should alter its funding policy to reverberate this reality. We back upward borrowing from STIP if necessary to fund the normal toll inward 2011 as well as beyond. We asking an adjustment of several of the actuary assumptions to more accurately reverberate electrical current as well as time to come work statistics (i.e. the predicted salary increases, inflation rate).
5. How much of the total contribution is borne past times the employee is the dependent plain of collective bargaining. However, nosotros believe the academy should provide to the historical ratio betwixt employer as well as employee contributions (5:1). Further, whatever increment inward employee contributions should live on coupled amongst salary increases.
6. If the Unions are fully involved partners inward shaping funding plans as well as preserving benefits, nosotros would commit to partnering amongst UC inward Sacramento to secure dry reason funds for the UCRP.
7. We demand articulation governance for the pension innovation through the creation of a pension board of trustees amongst equal numbers of electrical current as well as retired innovation participants as well as Regents or their appointees. Placing a nuptials instance on the Investment Advisory Board solely deals amongst one, albeit real important, arena of concern. The Union Representative to the IAB as well as an alternate must live on chosen past times the UCUC.
8. To cutting costs as well as promote fairness, the academy must eliminate all supplemental retirement for highly compensated UC employees, including the following: The Senior Management Supplemental Retirement Program that puts an extra 5% into retirement savings accounts, along amongst whatever innovation that would supervene upon it; the 415(m) “restoration” innovation that increases retirement income for employees whose UCRP income exceeds $195,000; as well as 401(a)(17) “restoration” innovation that increases retirement income for 200 employees whose salaries are greater than $245,000.
It is clear from these principles that the unions are non only proverb no to whatever novel pension changes; rather, nosotros are providing a to a greater extent than effective as well as fair solution. The uncomplicated fact of the affair is that the proposed changes past times the PEB Task forcefulness create non address the key job of funding the shared pension system.
On roughly other front, several unions (AFT, AFSCME, UPTE, CNA) inward consultation amongst CUCFA as well as members of the senate faculty welfare committees conduct hold seat together an additional articulation laid upward of principles regarding possible pension changes:
1. We demand to motion to a total funding of the normal toll of UCRP. The suggested novel tiers create non address this issue.
2. There has to live on a credible innovation for total remuneration approved past times the regents.
3. We must laid out paying downward the UCRP liability now. This tin dismiss live on done inward purpose from borrowing from STIP or Pension Obligation Bonds.
4.We demand to a greater extent than people paying to a greater extent than into UCRP as well as non fewer people paying less.
5. There should live on a total intelligence of choice plans amongst the inclusion of faculty, unions, as well as staff at all levels of the process.
6. We demand a innovation to pre-fund retiree healthcare.
7. We volition function together to larn the dry reason to pay its portion of the employer contributions.
8. The academy should destination supplemental retirement packages for Senior Managers.
9. Any changes to the pension innovation as well as retiree wellness should non discriminate against low- as well as medium-wage employees.
10. We oppose raising the employee contributions to a high degree inward lodge to stimulate electrical current employees to opt into a novel system.
Please allow me (bobsamuels_us@yahoo.com) know if you lot would similar to sign on to these principles. We demand to submit our documents to President Yudof past times Oct. 13th.
1. Since unions stand upward for 45% of the employees currently covered past times UCRP, whatever changes to our pension plans volition conduct hold to live on accepted past times represented workers. Collective bargaining on proposed create goodness changes must precede, non follow, such changes for unrepresented workers.
2. The Union Coalition of the University of California (UCUC) is united inward our rejection of the proposed pension create goodness cuts: the minute tier as well as UCRP opt-out/DC innovation choice. The proposed pension changes create non ameliorate the financial wellness of UCRP, are divisive as well as unfair, as well as target low- as well as middle-income workers disproportionately. Similarly, nosotros spend upward the eligibility as well as cost-shifting changes to the retiree wellness create goodness equally premature because plans to pre-funding the create goodness conduct hold non been fully explored.
3. We are willing to visit a innovation that would brand UCRP to a greater extent than secure as well as hold its tradition of fair treatment. We are likewise willing to visit a innovation to prefund the retiree wellness create goodness to maintain the electrical current degree of benefits as well as the electrical current eligibility criteria.
4. Keeping the UCRP adequately funded is the key issue. We suggest that the academy moves speedily to fully funding the normal toll of UCRP inward 2011, using employer as well as employee contributions. Restarting a higher degree of contributions before volition hold time to come costs downward as well as capture available funding from the medical centers as well as contracts as well as grants. Total contributions must hence gradually increment at levels needed to hold the innovation healthy. Because of currently underfunding, nosotros realize the innovation tin dismiss non to larn to 100% funding inward the nearly future, hence the goal should live on to hold it at salubrious funding levels. Since none of the proposed plans past times the draw forcefulness volition compass 100% funding inward the adjacent x years, nosotros believe the academy should alter its funding policy to reverberate this reality. We back upward borrowing from STIP if necessary to fund the normal toll inward 2011 as well as beyond. We asking an adjustment of several of the actuary assumptions to more accurately reverberate electrical current as well as time to come work statistics (i.e. the predicted salary increases, inflation rate).
5. How much of the total contribution is borne past times the employee is the dependent plain of collective bargaining. However, nosotros believe the academy should provide to the historical ratio betwixt employer as well as employee contributions (5:1). Further, whatever increment inward employee contributions should live on coupled amongst salary increases.
6. If the Unions are fully involved partners inward shaping funding plans as well as preserving benefits, nosotros would commit to partnering amongst UC inward Sacramento to secure dry reason funds for the UCRP.
7. We demand articulation governance for the pension innovation through the creation of a pension board of trustees amongst equal numbers of electrical current as well as retired innovation participants as well as Regents or their appointees. Placing a nuptials instance on the Investment Advisory Board solely deals amongst one, albeit real important, arena of concern. The Union Representative to the IAB as well as an alternate must live on chosen past times the UCUC.
8. To cutting costs as well as promote fairness, the academy must eliminate all supplemental retirement for highly compensated UC employees, including the following: The Senior Management Supplemental Retirement Program that puts an extra 5% into retirement savings accounts, along amongst whatever innovation that would supervene upon it; the 415(m) “restoration” innovation that increases retirement income for employees whose UCRP income exceeds $195,000; as well as 401(a)(17) “restoration” innovation that increases retirement income for 200 employees whose salaries are greater than $245,000.
It is clear from these principles that the unions are non only proverb no to whatever novel pension changes; rather, nosotros are providing a to a greater extent than effective as well as fair solution. The uncomplicated fact of the affair is that the proposed changes past times the PEB Task forcefulness create non address the key job of funding the shared pension system.
On roughly other front, several unions (AFT, AFSCME, UPTE, CNA) inward consultation amongst CUCFA as well as members of the senate faculty welfare committees conduct hold seat together an additional articulation laid upward of principles regarding possible pension changes:
1. We demand to motion to a total funding of the normal toll of UCRP. The suggested novel tiers create non address this issue.
2. There has to live on a credible innovation for total remuneration approved past times the regents.
3. We must laid out paying downward the UCRP liability now. This tin dismiss live on done inward purpose from borrowing from STIP or Pension Obligation Bonds.
4.We demand to a greater extent than people paying to a greater extent than into UCRP as well as non fewer people paying less.
5. There should live on a total intelligence of choice plans amongst the inclusion of faculty, unions, as well as staff at all levels of the process.
6. We demand a innovation to pre-fund retiree healthcare.
7. We volition function together to larn the dry reason to pay its portion of the employer contributions.
8. The academy should destination supplemental retirement packages for Senior Managers.
9. Any changes to the pension innovation as well as retiree wellness should non discriminate against low- as well as medium-wage employees.
10. We oppose raising the employee contributions to a high degree inward lodge to stimulate electrical current employees to opt into a novel system.
Please allow me (bobsamuels_us@yahoo.com) know if you lot would similar to sign on to these principles. We demand to submit our documents to President Yudof past times Oct. 13th.