http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2010/12/29/MNDC1GUSCT.DTLThree dozen of the University of California's highest-paid executives are threatening to sue unless UC agrees to spend tens of millions of dollars to dramatically increase retirement benefits for employees earning more than $245,000.
"We believe it is the University's legal, moral and ethical obligation" to increase the benefits, the executives wrote the Board of Regents in a Dec. 9 letter and position paper obtained by The Chronicle.
"Failure to do so will likely result in a costly and unsuccessful legal confrontation," they wrote, using capital letters to emphasize that they were writing "URGENTLY."
Their demand comes as UC is trying to eliminate a vast, $21.6 billion unfunded pension obligation by reducing benefits for future employees, raising the retirement age, requiring employees to pay more into UC's pension fund and boosting tuition.
Read more:
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2010/12/28/MNDC1GUSCT.DTL#ixzz19ZBbO3KWMore of that "shared sacrifice" thing, eh?