The gravy train

“UC regents last week approved borrowing another $700 million internally to help close a pension funding gap … ”

—Calpensions.

Why’s there such a big gap, when college costs an arm and a leg? ”Five years ago University of California employers and employees were paying nothing into the pension system,” Calpensions reports. “In a remarkable contribution “holiday” that began in 1990, payments into the system dropped to zero and stayed there for two decades.”

“Remarkable,” indeed. Don’t puzzle when your college student can’t get needed classes. Or when tuition goes up.

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    Michael Fitzgerald

    Mike Fitzgerald is The Record’s award-winning metro columnist. His column runs in the paper three times a week. Born in San Francisco, he was raised in Stockton. His column covers diverse beats including, sometimes, the offbeat. Read Full
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