UC Workers Protest Plan To Shore Up Pension Fund

SAN FRANCISCO (CBS 5 / AP) – University of California workers are protesting a plan to increase the share of their paychecks set aside for their pensions.

Dozens of clerical and administrative workers represented by the Teamsters union waved signs and chanted outside the UC Board of Regents meeting in San Francisco on Wednesday.

The regents are scheduled to vote Thursday on a proposal to boost employee contributions to UC’s underfunded pension fund.

If approved, employees would begin contributing 3.5 percent of their pay in July 2011 and 5 percent in 2012. Currently, most employees contribute 2 percent.

UC officials say the increased contributions are necessary to ensure the university’s long-term financial health.

But some employees say the plan amounts to a pay cut for workers who are struggling to make ends meet.

(© CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed. The Associated Press contributed to this report.)

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