Mark Yudof, president of the University of California, has released a formal proposal to change retirement benefits for employees in the system, The Sacramento Bee reported. Yudof and other system officials have been saying for some time that the university's retirement system faces a massive deficit that requires changes to assure its solvency. Yudof's proposal would raise the minimum age to be eligible for retirement, for those hired after July 1, 2013, to 55 (from the current 50). The age for maximum pension benefits would go up to 65 (from 60). In addition, there would be reductions in the health care costs current employees would have covered by the university.
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