It’s not news that the UC is leading a frontal assault on workers’ pensions. What’s less widely known, however, is the extent to which this attack disproportionately affects the lowest paid workers on our campuses and actually increases the pensions of the highest paid executives and bureaucrats. With the Academic Senate and UCOP enthusiastically supporting the plan, it was overwhelmingly approved at the November Regents’ meeting. This from the Sacramento Bee:
A worker who makes $26,000 a year now and retires at age 65 after 20 years of service can expect a $12,202 annual pension under the current UC plan, according to the American Federation of State, County and Municipal Employees union. Under the proposed changes, that worker would receive a pension between $7,800 and $10,400.
On the other end of the income spectrum, UC employees who now make $360,000 a year – and retire at 65 after 20 years of service – earn a pension of $121,702, the union said. Under the proposed changes, their pensions would go up to $180,000.