Did you know that the UC Regents were pushing to cut your pay 1.5%, demanding an increase in employee pension contributions because of poor investment performance? UC would reopen our contract in April 2021 demanding to take back part of the raises we just negotiated!
The Regents made changes to the actuarial assumptions of the pension, which increase the annual cost. Increasing worker contributions to make up for UC’s poor management of the pension will only hurt employee morale and retention.
UPTE, in coalition with AFSCME and CNA, sprung into action and convinced the Regents not to continue this discussion at their November 13th meeting and to look at both the management of the pension investments as well as demanding additional contributions from the state.
The unions have spoken with the Regents about lobbying together to increase state contributions and to find a collaborative approach to keeping our pension healthy for decades to come.
We should celebrate this victory but remain vigilant and continue to make sure that we are prepared to fight if UC reopens in April 2021.
At the same time we will continue to push for UC workers to have a say in how our pensions are managed rather than having to deal with the outcomes of decisions made by UC executives, which have led to fight after fight over increased contributions like these.