Updated 10:45 am, Sunday, September 24, 2017
LOS ANGELES (AP) — A newspaper investigation finds the number of University of California retirees collecting six-figure pensions has increased 60 percent since 2012 — and those increasingly generous retirement packages are being paid for by students’ tuition.
The Los Angeles Times reports Sunday (http://lat.ms/2wPG6MB ) that last year more than 5,400 UC retirees received pensions over $100,000.
Spokeswoman Dianne Klein said it’s impossible to say precisely how much of this year’s tuition increase will go toward retirement costs, but the newspaper says it could be tens of millions of dollars.
The Times says pensions, salaries and UC’s failure to contribute to the pension fund for two decades have left the retirement system in the red. Last year, there was a $15 billion gap between the amount on hand and the amount it owes to retirees.