Regents approve new retirement benefits program for future employees

Friday, April 1 2016

TO:        Campus Community
FR:         Marc Fisher, Vice Chancellor, Administrative Services
                 Cynthia Señeriz, Acting Director, Human Resources
RE:         Regents approve new retirement benefits program for future employees

I am writing to let you know that on March 24th, the University of California Board of Regents approved a new retirement program for future UC employees proposed by President Napolitano, as part of a broader effort to maintain the university’s excellence and sustain its long-term financial health.  More information about the new retirement program is available online at :http://ucnet.universityofcalifornia.edu/news/2016/03/uc-regents-approve-new-retirement-program-for-future-employees.html

A couple of important reminders about the new retirement program:

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. 
Retirement benefits for union-represented employees are determined through the collective bargaining process. 
Thank you.