Your Future Needs Your Attention
We encourage all staff members to find ways to attend or view the Post-Employment Benefit Forums online. Supervisors, please consider your operational schedules to allow staff to attend or view the forum sessions online during work hours. We also encourage supervisors to stay informed and know the resources by which their staff can get their questions answered. Information regarding the forums and how to sign up is below.
UC POST-EMPLOYMENT BENEFITS FORUMS - NOVEMBER 9
The University of California President's Task Force on Post-Employment Benefits is holding forums on November 9 to give staff, faculty and retirees the opportunity to ask questions and learn about the immediate and long-term effects of fiscal pressures on the University's pension and retiree health programs. The forums include a presentation on the issues, followed by time for participants to ask questions.
Local forums scheduled are:
UC Davis Campus
Walter A. Buehler Alumni and Visitors Center - AGR Hall
9 - 10:20am *
10:30 - 11:50am *
http://www.alumnicenter.ucdavis.edu/ select "Map & Directions"
UC Davis Medical Center
Cancer Center Auditorium
2 - 3:20pm **
http://www.ucdmc.ucdavis.edu/cancer/Maps/CancerCenter_map.html
Staff, faculty and retirees are invited to attend. Release time with supervisory approval is appropriate for staff attendees. Enrollment is limited for all sessions so please enroll soon to ensure a seat.
Retirees are asked to notify the UC Davis Retiree Center at 530-752-5182 or at retireecenter@ucdavis.edu to reserve a seat for a specific session.
* For the UC Davis campus sessions, staff and faculty may enroll on-line at http://lms.ucdavis.edu (Kerberos login required).
- Search for "PEB" in the catalog. Please contact Staff Development and Professional Services at (530) 751-1766 or sdps@ucdavis.edu if you need enrollment assistance.
** For the UC Davis Medical Center sessions, staff and faculty may enroll via HealthStream at http://www.healthstream.com
One campus session will be simulcast on the web with the recording available after the event. Web link addresses will be forthcoming as the date approaches.
- The Task Force has been charged with developing options for balancing the long-term costs of these benefits with the need to provide competitive total compensation to faculty and staff. The Task Force will study the issues, weigh input from the UC community, and then make recommendations to UC President Mark Yudof on ways to change the funding and policies for post-employment benefits.
- Executive Director Randy Scott and Director Gary Schlimgen from the Office of the President Human Resources department will make the presentation and be joined by a panel comprised of several representatives from the Task Force who will answer questions and listen to your input.
- UC spends roughly $1.5 billion annually in pension benefits, and the retirement plan accrues an additional $1.3 billion in pension liability each year for its current employees. The funded status of the UC Retirement Plan is expected to decline from 95 percent to 61 percent by 2013, even with the restart of contributions in April, 2010.
- In 2010, the University will pay approximately $250 million for retiree health benefits. That expense, which is paid for from operating revenue, is projected to increase by about $37 million per year. By 2013, UC will be spending $373 million annually and by 2018, the figure will have climbed to an estimated $610 million.
- The University's long-term liability for retiree health benefits for current and future retirees is also projected to increase, from $13 billion today to nearly $26 billion by 2018. In other words, the liability is increasing at a rate of more than $1.5 billion per year. Governmental accounting regulations now require UC and other employers to include this liability in their financial statements. Such a significant liability could affect UC's credit rating when borrowing money for campus buildings, hospitals and other projects.
To learn more about the mission and charge of the Task Force, visit the Future of UC Retirement Benefits website:
http://www.universityofcalifornia.edu/news/ucrpfuture/emp_task.html