We at the Clog saw it fit to awaken from our winter slumber to bring you this heartwarming bit of holiday cheer.
It seems three dozen of the UC’s highest paid executives have sent a letter to the Board of Regents demanding a dramatic increase in retirement benefits. Because the existing benefits along with their $245,000+ a year paychecks are clearly not enough.
As it seems, the current calculation does not calculate pensions as a percentage of salary for those earning more than $245,000 a year, instead it calculates benefits only on the first $245,000. We know, it’s tragic.
Under UC’s formula, which calculates retirement benefits on only the first $245,000 of pay, an employee earning $400,000 a year who retires after 30 years would get a $183,750 annual pension.
Mark Yudof has said he opposes the increase. (You never thought he’d seem like the reasonable, level-headed one, didya?) If instated, the increases would cost $5.5 million annually and $51 million to make the changes retroactive to 2007, as the letter-writers are demanding (but of course).
Not that you probably need reminding, but this comes in after years of massive budget cuts to university programs and massive tuition increases.
Seriously guys, what gives?
Tags:executive pay, Mark Yudof, things that will make you angry, UC Regents
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