Friday, January 14, 2011
Thirty-six highly paid executives in the UC system have heralded the new year with a threat to sue UC unless it increases their retirement benefits. The cost of the added benefits would be about $5.5 million/year plus another $50 million or so to make the changes retroactive to 2007. With the UC ship sinking, and the pension system underfunded to the tune of over $20 billion, these overpaid execs decide to add more water to the boat...which just goes to show that highly paid execs care more about the almighty buck than the public institutions where they work. Tuition increases, layoffs, increased class size - no matter, they want their pound of flesh and then some! The public reaction has been...well...pretty darn angry. See the cloudminder blog for more coverage.
Posted by madradprof at 4:04 AM