On June 23, pills Joe Kiskis sent the following letter:
Dear Assembly Member Portantino, cost
ACA 5 proposes a constitutional amendment to establish a board of trustees to govern the provision of retirement benefits to employees or retirees of the University of California. The Council of UC Faculty Associations (CUCFA) supports the goals of fairness, open governance, and sound management that would be served by a board that includes representation from employee groups. With similar goals, a previous measure, SCR 52, memorialized the Regents of the University of California to provide for shared governance of the University of California retirement plan by including trustees representing the employer and the faculty and staff plan participants. CUCFA supported SCR 52 and, after it passed, called on the Regents to implement it. Our preference is for the University and its employees to find common ground in this matter and reach an agreement on the role and structure for a board while avoiding a need for a constitutional amendment.
For the same reasons that we support SCR 52, we are also in general support of the goals and concepts of ACA 5. However, we have concerns about some specific aspects of the proposal. We are uncertain about the implications that the phrase “shall comply with any additional requirements that regulate the plan and those programs that are enacted by statute” would have for the independence of the board and its fiduciary responsibility. In addition, we are concerned about the composition of the board and whether the specifications in the proposal would result in an appropriate balance of membership. With regard to these concerns, we will be pleased to work with the author and the representatives of all employee groups to find a mutually agreeable structure for a board.
Vice President for External Relations,
Council of UC Faculty Associations