UCSF Faculty Say 'No' to Juicier Pensions
In a letter to UCSF CEO Mark Laret and others, faculty group calls executive threats demanding higher benefits "unseemly"
By ELIZABETH LESLY STEVENS on January 6, 2011 - 5:13 p.m. PST
CEO Mark Laret
In December, a group of three dozen of the University of California's highest-paid executives threatened legal action if they were not granted much-sweetened pensions--a move that would cost cash-strapped UC tens of millions.
Yesterday, the faculty association of UCSF sent a sharply worded letter to UCSF Medical Center CEO Mark Laret and others rebuking them for what the faculty described as an "unseemly" move amid the UC's financial crisis.
UC's pension fund is under-funded by about $22 billion, and UC last month announced changes to the pension system that tightened eligibility requirements and requires employees to make