The Board of Regents of the University of California on Monday approved changes in retirement benefits that would require new employees to pay more of their health plan’s costs and to work longer before receiving a pension, the Associated Press reported. The minimum retirement age for employees hired on or after July 1, 2013, would rise from 50 to 55, and the age for receiving maximum pension benefits would increase from 60 to 65. University officials said the changes, many of which must be negotiated with employee unions, are needed to deal with the programs’ ballooning costs.
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5 Responses to U. of California Board Approves Plan to Raise Retirement Age
assistdir - December 14, 2010 at 10:42 am
Unfortunately, this may only serve to keep non-productive tenured faculty in place even longer, and at high salaries, while also blocking access to jobs for younger scholars already blocked by many who should have retired years ago. The ethical thing to do, beyond leaving once you admit to yourself that you haven’t really worked fulltime for a long time, is to cut back on the number of graduate students that are accepted into programs that turn out unemployable PhDs. But that has long been a problem. This move would only make it more entrenched. A major overhaul of the system is long overdue.
davi2665 - December 14, 2010 at 12:45 pm
How did the minimum retirement age ever end up being negotiated for 50 years of age, and how did the maximum pension benefit get negotiated for 60 years. Those ages are absurd, and represent nothing more than handouts that the taxpayers cannot afford. More appropriate would be a retirement age that matches social security.
rmelton5 - December 14, 2010 at 4:43 pm
The number of UC employees who retire at 50 and even the number who can receive maximum benefits if retiring at 60 is relatively small. In both cases, the employee would most likely have had to have started employment at UC toward the beginning of their careers. Many UC faculty, staff, and others come here mid-career and thus aren’t eligible for those age limits. And since pensions are based partly on salary at time of retirement, very few classified staff can afford to retire on that pension formula. As always, the details are much more complex that the AP or Chronicle can report, and the beneficiaries were (as usual) administrators, not rank-and-file faculty, staff, researchers, etc.
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