The statement from Yudof and Gould argues that even though the IRS lifted the cap, UC is not compelled to grant the higher pensions. “For reasons of fiscal prudence in a changing economy,” Yudof and Gould said, UC never gave final approval to augmenting the pensions. The fatter pensions the executives seek would cost UC $5.5 million a year, according to UC documents, plus $50.6 million more to make them retroactive to 2007, as the executives request. The Berkeley Faculty Association announced Tuesday that it had started circulating a petition opposing the executives’ request for larger pensions and that nearly 1,000 professors and staff had signed in the first two days of signature-gathering.

Read full article [here].
by Laurel Rosenhall, The San Jose Mercury News.

Posted: January 6th, 2011, by: admin. Categories: . Awaiting Comments.