On July 11, Joe Kiskis sent the following letter:
Dear Assembly Member Portantino,
The Council of UC Faculty Associations (CUCFA) supports the concept of a governing board for UCRP that has employee representation provided that the constitutional language establishing that board allows for continuing sound management of the fund and protects its status as a separate trust subject to fiduciary principles.
One of our specific concerns is the ACA 5 phrase that UCRP “shall comply with any additional requirements that regulate the plan and those programs that are enacted by statute.” CUCFA will work with the sponsors of the bill to include language that prevents the legislature from regulating UCRP in ways that depart from the governing board’s fiduciary obligations to all contributors and annuitants, and especially to the tenure-track faculty for whom CUCFA speaks. Before suggesting or approving specific wording, it will be advisable to get a legal opinion on language to accomplish this objective.
Our other concern is with the board membership. We propose the following modifications to the membership specified in ACA 5 as amended June 16, 2008.
Replace the one Senate faculty member listed in ACA Sec. 10(b)(5) with three Academic Senate faculty representatives. One appointed by the Chair of the Assembly of the Academic Senate. One elected by a plurality vote by members of the Academic Senate, University of California, who are pre-retirement active participants in the retirement plan. One elected by a plurality vote by emeriti of the Academic Senate, University of California, who are retiree participants in the retirement plan.
In addition, we will be happy to discuss additional adjustments to the board membership that could also improve the balance and representation of employee groups.
Vice President for External Relations,
Council of UC Faculty Associations