UC Raises Tuition While Spending Tens of Millions on Extravagant Pensions
“More than 5,400 UC retirees received pensions over $100,000 in 2016”
As a smart man once said, something that can’t go on forever, won’t. How is this sustainable?
The College Fix reports:
University of California hands out massive pensions, hits students with higher tuition
The University of California 10-campus system is spending upwards of tens of millions of dollars on increasingly generous pensions for faculty, while raising in-state tuition for the first time in seven years.
More than 5,400 UC retirees received pensions over $100,000 in 2016 and the number of UC retirees collecting six-figure pensions has increased 60 percent since 2012, according to The Los Angeles Times.
One particularly striking example is the pension of former UC President Mark Yudof, who is receiving a pension of $357,000, even though he only worked at the school for seven years.
“That’s the way it works in the real world,” Yudof said in a recent interview with The Times.
Yudof negotiated his pension arrangement directly with the UC Board of Regents, according to University of California spokeswoman Dianne Klein.
“Please note that the modest tuition increase that went into effect this fall – which most students do not pay – was not done in response to pension costs,” Klein told The Fix via email.
Tuition increased by 2.5 percent starting this school year.
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Comments
These are the same people that scream bloody murder about executive pay, you know.
“Please note that the modest tuition increase that went into effect this fall – which most students do not pay – was not done in response to pension costs…” Of course not! The California taxpayers are on the hook for it!