The University of California Board of Regents approved a new retirement program for future UC employees, proposed by President Janet Napolitano as part of a broader effort to maintain the university’s excellence and sustain its long-term financial health.
The new retirement program will apply only to UC employees hired on or after July 1, 2016. Current employees and retirees are not affected by these changes because accrued pension benefits are protected by law and cannot be reduced or revoked.
The new program, which is consistent with the 2015 budget agreement with the state, will bolster the long-term financial stability of UC and its retirement program, while providing critical funding for many university priorities through savings generated by the plan and through additional funds UC will receive from the state.
