Regents Take no Action on Retirement Plan Contributions
Citing the need for more consultation and analysis, as well as the University of California budget process, the UC Board of Regents at their May 18 meeting took no action on a specific schedule to reinstate contributions to the UC Retirement Plan.
The regents continued to review information on how best to ensure the long-term financial health of the UC retirement plan (UCRP) and heard an update on the current funded status of the plan. The presentation by Mercer Human Resource Consulting updated projections of the UCRP funded status to take into account investment performance through March 31, 2006, and refinements to the impact of catch-up pay increases in future years.
The presentation also included an illustration of a UCRP contribution schedule. The sample contribution schedule reflects possible total contributions over the next several years, but does not specify how contributions will be divided between UC and its employees.
The presentation is posted at universityofcalifornia.edu/regents/regmeet/may06/8c.pdf
UC is continuing active consultation and discussions regarding the restart of contributions to UCRP with faculty, staff, unions and retirees.
At a future meeting, the regents will hear specific recommendations as to when contributions will be restarted and how costs will be divided between the university and employees. Future decisions by the regents on this subject will be informed by collective bargaining, availability of funding and the budget process.
For more information visit universityofcalifornia.edu/news/ucrpfuture/welcome.html
Regents Appoint UC Administrators
One June 2, acting on the recommendation of University of California President Robert C. Dynes, the UC Board of Regents appointed Wyatt R. (Rory) Hume as provost and senior vice president for academic affairs, Jeffrey A. Blair as acting general counsel of the regents and acting vice president for legal affairs, Office of the President and Marie N. Berggren as chief investment officer (CIO) and vice president for investments.
In making his recommendation to the board, Dynes was advised by a committee comprised of regents, chancellors and faculty.
As provost, Hume, 61, will oversee academic planning, research, health and academic policies for the 10-campus UC system. Other units under his supervision will include Continuing Education of the Bar, the Education Abroad Program, educational outreach, the UC Press, UC Extension, the California Policy Research Center and the Washington, D.C. Center.
Hume, UC's current executive vice provost and vice president for academic and health affairs, has been acting as interim provost of the UC system since November 2005 when former provost M.R.C. Greenwood resigned.
Hume has served as vice chancellor at UCLA, dean of the UCLA School of Dentistry, chair of the UCSF Department of Restorative Dentistry and has held faculty positions at the University of Adelaide, University of Sydney and at UCLA. He has also advised the Australian government on key elements of science policy and funding for that country.
As provost, Hume will receive an annual salary of $362,500, a 23 percent increase over his current base salary of $295,000, along with additional compensation related items.
Jeffery A. Blair will oversee the UC Office of General Counsel until a permanent replacement for James E. Holst is found.
Blair, 50, has served as a university counsel since 1989. Prior to joining UC, he practiced law in the private sector. He earned his undergraduate degree from UC Berkeley and a J.D. from University of San Francisco School of Law.
As acting general counsel, Blair will receive an administrative stipend of $67,200 that will increase his current annual salary of $149,500 to $216,700.
The UC General Counsel oversees a staff of 40 attorneys and 45 paralegal, administrative and support staff in the UC system-wide headquarters in Oakland, as well as another 17 attorneys at six of the 10 UC campuses with resident counsel.
Attorneys in the general counsel's office handle a broad and complex range of legal affairs, including litigation, labor law and personnel matters, real estate acquisition, development and leasing, environmental regulations, patents and technology transfer, tax, public financing and lending, general liability, intellectual property, disability rights, medical regulations and health law, estates and trusts and various contracts associated with the business operations of the UC system.
Marie N. Berggren replaces David H. Russ who stepped down as UC treasurer and vice president for investments in July 2005. In addition to her appointment as chief investment officer and vice president for investments, Berggren will also continue to serve as acting UC treasurer, a post she has held since Russ's departure from UC.
In recognition of the size and importance of the university's investments, the CIO position was created to focus only on investment matters. UC's current organizational review of the Office of the President has identified that other duties of the UC treasurer may be transferred to the new chief investment officer. Thus, the decision has been made to structure the investment function as independently headed by a CIO, and continue to include the existing treasurer functions in the treasurer's office on an interim basis until the restructuring of the president's office is completed.
As chief investment officer, Berggren will receive an annual salary of $375,000, a 34.5 percent increase over her current base salary of $278,800, along with additional compensation related items.
For more information on how the candidates were chosen and their compensation visit Universityofcalifornia.edu