UC President Mark Yudof is facing the threat of legal action from thirty-six of the UC system’s highest paid executives for failing to enact enhanced pension benefits. Yudof claims the benefits were withheld “for reasons of fiscal prudence,” yet executives believe the university system have a “legal, moral and ethical obligation” to make good on its promise.
From the San Diego Union Tribune:
The University of California’s top two officials have issued a statement elaborating on their position that the system’s highest paid executives are not entitled to enhanced pension benefits.
Thirty-six of those executives, including five who work at UCSD, have threatened a lawsuit against the university unless they receive the benefits they believe were promised to them in 1999.
The two-paragraph statement, issued by UC President Mark Yudof and Russell Gould, chairman of the university’s Board of Regents, says that “for reasons of fiscal prudence in a changing economy” university officials never took the necessary steps to enact the pension boost.
Read more here.