National Asian American Coalition and Recent Alumni Attack UC Senior Executive Greed: Urge Brown and Regents to Say No to Excessive Pension Demands
Today, December 30th, the National Asian American Coalition, headquartered in San Bruno, California, sent a highly critical letter to Governor Brown and the Chair of the UC Regents urging them to summarily reject the demands of 36 prominent UC deans and executive staff that they be eligible for up to eight million dollars each in pension benefits (the letter is attached).
The National Asian American Coalition is joined in this letter by ten UC students and recent UC alumni, most of whom are from minority families. The letter states that not only will the excessive pension demands cost California taxpayers $57 million in 2011, but that it will make it impossible if these demands are heeded, to effectively address the UC system’s $21.6 billion in underfunded pensions. Further, this will have a spiraling impact on Governor Brown’s ability to effectively address the excessive pension demands throughout the California system that leave California with possibly as much as $300 billion in underfunded pensions.
The students and recent alumni joining in the letter contend that these excessive pensions will result in further “tax increases” on students and their families. These “tax increases” are euphemistically described by senior executives as merely tuition fees. The letter further requests a personal meeting of concerned alumni and students with Governor Brown and an opportunity for them to address the Board of Regents in the presence of the 36 executives who threaten California’s future.
Faith Bautista, President and CEO of the National Asian American Coalition said, “The Asian American community and other minority communities are fighting for our future. Our future requires expansion of higher educational opportunities at the lowest possible cost. These 36 UC executives have unfortunately made their excessive pension demands a barrier to the future aspirations of Asian Americans and other minorities. We should return to former Governor Brown’s free tuition model of the 1960s.”
Dyana Delfín-Polk, a recent UC Berkeley graduate, said, “Instead of lavish pensions to often overpaid senior executives, UC Chief Investment Officer Marie Berggeren should be developing a method to reduce the burden of $100,000 plus student loan repayment plans.”