Paul L. Caron

Tuesday, December 14, 2010

UC Regents Vote to Raise Faculty Retirement Age From 50 to 55

The Regents of the University of California yesterday approved the budget cuts proposed by UC President Mark Yudof. From my prior post, UC President Proposes Raising Faculty Retirement Age From 50 to 55:

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.

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When I saw this in the LA Times I thought, OMG, UC is not in California, it is in France

Posted by: Sid | Dec 14, 2010 12:36:18 PM

Will Chemerinsky bail due to funding issues like he did on North Carolina? Nah, he's way too invested in this experiment.

Posted by: BB | Dec 14, 2010 2:28:39 PM

Compared to the carnage in the private sector this is pretty mild.

I doubt you will see many UC employees bailing out to try their luck in the real economy.

Posted by: save_the_rustbelt | Dec 15, 2010 7:30:06 AM

No wonder California has huge fiscal problems - they think these changes amount to taking drastic, effective action.

No bailout for California.

Posted by: Over50 | Dec 16, 2010 5:27:31 AM

THe question here should be is that enough to balance the actuarial deficit.

Posted by: drtaxsacto | Dec 16, 2010 6:48:30 AM

How about going to a defined contribution plan? Seems like it would make even more sense.

Posted by: Stan Olshefski | Dec 16, 2010 9:02:34 AM

Very interesting. My question is whether any tenured faculty retire at less than the age of 90? Being a tenured faculty is not like being a cop or fire man. There is no heavy lifting, no running, and no outdoors work in bad weather.

Posted by: Walter Sobchak | Dec 16, 2010 9:16:40 AM

I guess that's a start.

There's a parody to Sammy Hagar's "I Can't Drive 55" just waiting to be made.

Posted by: Alan K. Henderson | Dec 16, 2010 1:03:34 PM

It does bear mention that the faculty of the UC do contribute to their pension. This isn't a no-cost benefit they get.

The problem is that the numbers don't work out. Their contributions can never cover these benefits.

What this really shows is that politicians in California, in general, have promised things in the future that simply can't happen. They won't be around when the shit hits the fan, so they don't care. It's easy to buy votes with someone else's problem, and with promises that someone else will have to keep.

This is true about the entire state, not just the small niche that is the UC faculty.

Posted by: Barry D | Dec 16, 2010 1:39:57 PM