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Guess having common sense and an understanding of economics is NOT a qualification for the UC Board of Trustees--being openly corrupt like the Chairman, Richard Blum (husband of the most corrupt member of the US Senate, Dianne Feinstein) or just being a big donor is the way to get on the Board.
"Some regents began urging that pension contributions be resumed about five years ago. Despite the delay, Regent Bruce Varner, presiding at a joint committee meeting last week, said UC is acting earlier than “other constituent entities” on retirement issues.
“We really are ahead of it,” said Varner. “If we do this right we are going to have made some long-lasting contributions to this university.”
"Ahead of it"? The system has $21 billion in unfunded liabilities and waited FIVE years before doing something. The only contribution Blum, Varner and their ilk can make to the University is apologizing for their incompetence, resign and donate billions to pay for their lack of action.
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"Some regents began urging that pension contributions be resumed about five years ago. Despite the delay, Regent Bruce Varner, presiding at a joint committee meeting last week, said UC is acting earlier than “other constituent entities” on retirement issues.
“We really are ahead of it,” said Varner. “If we do this right we are going to have made some long-lasting contributions to this university.”
"Ahead of it"? The system has $21 billion in unfunded liabilities and waited FIVE years before doing something. The only contribution Blum, Varner and their ilk can make to the University is apologizing for their incompetence, resign and donate billions to pay for their lack of action.
More...