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The Horror, Horror of UC Pension Reform

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    NEWSLETTERS

    UC Berkeley
    UC President Mark Yudof during an address at UC Berkeley

    There's hell. And then there's pension reform hell.

    This observation is based on the news that the University of California's pension plan faces a $20 billion shortfall. So the administration at UC is offering some bitter, bitter medicine.

    Consider: Raising the employee contribution to pensions from 2 percent to 5 percent of each paycheck. The UC itself would increase its own contribution from 4 percent to 10 percent.

    I know. I know. An outrage. And that's not even the worst part.

    While the current system allows employees to retire and receive a pension at age 50, under the recommendations new UC employees would not be able to retire and receive a pension until they reach the highly advanced age of 55.

    I don't know why anyone would take this sort of thing lying down. To the barricades!