Tuesday, November 2, 2010
UC President Proposes Raising Faculty Retirement Age From 50 to 55
UC President Mark Yudof has ... laid out proposals to raise the minimum retirement age for future UC employees and reduce retiree health care benefits for existing employees. ... Under his proposals, employees hired by UC after July 1, 2013 would be eligible for retirement at age 55 (instead of age 50 for current employees) and could receive their maximum pension benefits at age 65 (instead of age 60 for current employees). Current employees would have less of their health care costs during retirement covered by the university, with costs being set by a graduated scale based on years of service and age at retirement.
https://taxprof.typepad.com/taxprof_blog/2010/11/uc-president.html
Comments
Shocked, that as a UC law professor, that you would post a story about UC and not clarify whether it was about THE University of Cincinnati (the Real UC), or some other cut-rate institution of higher learning in the land of fruits and nuts, also going by "UC" according to the Sacramento Bee.
Go Cats!
UC-CoE-1985
Posted by: joe | Nov 2, 2010 2:06:55 PM
It's called defined contribution plans. The days of defined benefit are dead and they probably never existed anyway.
Posted by: Stephen | Nov 2, 2010 1:35:31 PM
Man, government employment is just such a sacrifice!
Posted by: Bohemond of Taranto | Nov 2, 2010 12:35:54 PM
I'm wondering what will happen when there are conflicting claims from retirees (groups) for a limited pool of funds (pun coming). It sounds a bit lie water law.
Posted by: colin elliott | Nov 2, 2010 12:10:43 PM
The current UC retirement formula is rather heavily weighted on age as well as years of service. Most UC employees who choose to retire at 50 simply don't get much of a pension. However, I think they get full medical benefits.
Posted by: Henry Bowman | Nov 2, 2010 11:39:17 AM
Classes cut. Sitting room only in some core classs. Services cut. Fees and tuition raised in the middle of a recession. And there is the reason: the UC retires its coddled professors earlier than greece does its hazardous workers. Age 50! Must be all the disabilities . . .
Posted by: Alumni | Nov 2, 2010 11:30:59 AM
Professors tend not to retire at 50...administrative staff outnumber profs and do retire early. The main threat from profs early retirement age is lateral moves -- "retire" from one university at 50% salary and begin new position at 100%. A higher retirement age greatly lowers the attractiveness of such lateral moves -- it is 15 years of future service versus 10 or fewer.
Posted by: John Hawks | Nov 2, 2010 4:05:36 PM