The University of California Regents voted to change some of the 10-campus system’s health and pension programs at a special meeting Monday.
The system has a $21 billion unfunded liability for its retirement benefits, and the changes were recommended by President Mark Yudof.
Faculty and staff members will pay more into the pension program and retiree health insurance beginning in 2013, as will future employees. About half of current employees will be exempted from the changes, as they will have five years or more of service credit by 2013.
Employees who are hired after July 1, 2013, will get a different pension program, with the minimum age for pension benefits increased by five years and a larger contribution rate toward their retiree health insurance.
As of now, the UC system pays 89 percent of health insurance for retired employees, but plans to reduce that to 70 percent.
UCSB is the largest employer in South Santa Barbara County, with about 9,500 employees as of June 2009.
— Noozhawk staff writer Giana Magnoli can be reached at gmagnoli@noozhawk.com. Follow Noozhawk on Twitter: @noozhawk or @NoozhawkNews.