The University of California is under no legal obligation to raise the pensions of its highest-paid executives, and it’s too expensive to do so, UC President Mark Yudof and regents Chairman Russ Gould said Tuesday, speaking out for the first time since dozens of top employees signed a letter threatening to sue over the issue… "The hypocrisy is that Mark Yudof is standing on a soapbox and positioning himself as the guy against high benefits for executives," she said. "But guess what? He’s got the highest benefits paid in the history of the University of California." Yudof earns $600,000 a year. His contract raises his pension significantly each year for seven years, as long as he remains employed at UC. If he retired this year, Yudof’s annual pension would be $92,000. If he stays until 2015, it rises to $350,000.

Read full article [here].
by Nanette Asimov, The San Francisco Chronicle.

Posted: January 5th, 2011, by: admin. Categories: . Awaiting Comments.