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The Feds says that pensions are to be capped for salaries over $245,000. UC employees--VERY WELL PAID-- want the cap to be thrown away.
"The $245,000 cap imposed by the federal government limits an employee’s pension calculation to their highest average salary over a three-year period up to $245,000 which means that their pension would amount to roughly $183,000 per year. Without the cap in place pension payments could reach $300,000 a year or higher.
The legislation would put the federal government’s pension limit in state statute forcing UC to honor the cap despite the 2007 IRS waiver."
It should be noted the poorly managed UC system pension plan--chaired by Richard Blum, the husband of the most corrupt member of the US Senate, Dianne Feinstein has $21 billion in unfunded liabilities. Thanks to this, Blum is thinking of raising tuition another 8% or a total of 35% in two years--since he is a billionaire, it does not matter to him.
I have a better idea--cap the PAY of ALL UC employees at $245,000--that will save lots of money and stop the tuition increase. We could cut the tuition costs if we stopped forcing the UC workers from paying bribes to unions, just to keep their jobs.
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"The $245,000 cap imposed by the federal government limits an employee’s pension calculation to their highest average salary over a three-year period up to $245,000 which means that their pension would amount to roughly $183,000 per year. Without the cap in place pension payments could reach $300,000 a year or higher.
The legislation would put the federal government’s pension limit in state statute forcing UC to honor the cap despite the 2007 IRS waiver."
It should be noted the poorly managed UC system pension plan--chaired by Richard Blum, the husband of the most corrupt member of the US Senate, Dianne Feinstein has $21 billion in unfunded liabilities. Thanks to this, Blum is thinking of raising tuition another 8% or a total of 35% in two years--since he is a billionaire, it does not matter to him.
I have a better idea--cap the PAY of ALL UC employees at $245,000--that will save lots of money and stop the tuition increase. We could cut the tuition costs if we stopped forcing the UC workers from paying bribes to unions, just to keep their jobs.
More...