It's all about Meeeeee!!!
You would think that in this day of financial turbulence, college administrators would be intelligent enough to see the writing on the wall and not push too hard for higher wages and benefits. After all, it is their job to see that the lil' snowflakes under their care get the bestest edumacation possible. Wait a minute here; this is California...
From the
San Francisco Chronicle:
Highest-paid UC execs demand millions in benefits
Three dozen of the University of California's highest-paid executives are threatening to sue unless UC agrees to spend tens of millions of dollars to dramatically increase retirement benefits for employees earning more than $245,000.
"We believe it is the University's legal, moral and ethical obligation" to increase the benefits, the executives wrote the Board of Regents in a Dec. 9 letter and position paper obtained by The Chronicle.
"Failure to do so will likely result in a costly and unsuccessful legal confrontation," they wrote, using capital letters to emphasize that they were writing "URGENTLY."
Their demand comes as UC is trying to eliminate a vast, $21.6 billion unfunded pension obligation by reducing benefits for future employees, raising the retirement age, requiring employees to pay more into UC's pension fund and boosting tuition.
The fatter executive retirement benefits the employees are seeking would add $5.5 million a year to the pension liability, UC has estimated, plus $51 million more to make the changes retroactive to 2007, as the executives are demanding.
But at least the University of California President is pushing back:
The executives fashioned their demand as a direct challenge to UC President Mark Yudof, who opposes the increase.
"Forcing resolution in the courts will put 200 of the University's most senior, most visible current and former executives and faculty leaders in public contention with the President and the Board," they wrote.
This is actually a complex issue with valid arguments on both sides -- read the article for the full story. Still, seeking increased retirement benefits when you are making a quarter million/year is a serious case of "gimme mine
NOW", especially when the whole Californian government is in such severe financial straits.
Maybe the whole place should just go bankrupt and rebuild. Serve as a lesson to others...
Posted by DaveH at December 30, 2010 1:25 PM