Regents approve options for pension plan contributions
The University of California Board of Regents on March 17 authorized the university to use a combination of low-cost borrowing options to transfer $2.1 billion to the UC Retirement Plan in 2010–11 and 2011–12.
The $2.1 billion is in addition to previously approved employer and employee contributions and enables UC to pay the unfunded portion of pension costs for those two fiscal years.
Go to the UC Newsroom to see a video of Chief Financial Officer Peter Taylor explaining how this action will reduce UC’s overall pension costs in the coming years and improve the current financial status of the retirement plan.
Complete details of the Regents action are available at http://www.universityofcalifornia.edu/regents/regmeet/mar11/f12.pdf.