The president of University of California says the system is under no legal obligation to raise the pensions of its highest-paid executives — including the CEO of UC San Francisco Medical Center — and it's too expensive to do so, according to a San Francisco Chronicle report.
Last week, 36 UC executives, including UCSF Medical Center's CEO Mark Laret, signed a letter threatening to sue unless the institution increased their retirement benefits. The Internal Revenue Service approved UC’s waiver of a $245,000 pension cap in 2007, but the system never extended the pension benefit.
In a joint statement, UC President Mark Yudof and Chairman Russ Gould said the executives who signed the letter are highly valued employees, but Mr. Yudof and Mr. Gould disagree with them on the issue.
The three-dozen executives who signed the letter earned between $174,000 and $756,000 in 2009, according to the report. Their letter was penned at a time when UC's retiree pension and healthcare obligations have gone to $21 billion beyond what the system has in its retirement fund.
Read the San Francisco Chronicle report on the retirement benefits for University of California employees.
Read more about UCSF Medical Center:
- UCSF Breaks Ground on $1.5B Medical Center at Mission Bay
- Hospital Leader to Know: Mark Laret, CEO of UCSF Medical Center
- University of California Regents Expected to Approve $3.1M in Healthcare Executive Incentive Pay
Last week, 36 UC executives, including UCSF Medical Center's CEO Mark Laret, signed a letter threatening to sue unless the institution increased their retirement benefits. The Internal Revenue Service approved UC’s waiver of a $245,000 pension cap in 2007, but the system never extended the pension benefit.
In a joint statement, UC President Mark Yudof and Chairman Russ Gould said the executives who signed the letter are highly valued employees, but Mr. Yudof and Mr. Gould disagree with them on the issue.
The three-dozen executives who signed the letter earned between $174,000 and $756,000 in 2009, according to the report. Their letter was penned at a time when UC's retiree pension and healthcare obligations have gone to $21 billion beyond what the system has in its retirement fund.
Read the San Francisco Chronicle report on the retirement benefits for University of California employees.
Read more about UCSF Medical Center:
- UCSF Breaks Ground on $1.5B Medical Center at Mission Bay
- Hospital Leader to Know: Mark Laret, CEO of UCSF Medical Center
- University of California Regents Expected to Approve $3.1M in Healthcare Executive Incentive Pay