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The University of California Board of Regents voted Monday to cut retirement health benefits to deal with massive deficits in the fund that is supposed to pay for them, The San Francisco Chronicle reported. The standard retirement age will move to 65 from 60 and the early retirement age to 55 from 50 -- delaying the age at which people can receive various levels of benefits. The university system will gradually reduce its share of retiree health costs from 89 percent to 70 percent, and will impose a two-tier system in which new employees will receive a less generous package. The changes have faced the most criticism from low-wage employees at the university, and unions representing some of those employees still must approve changes in their contracts to reflect the new policy. University officials have said that they have no choice but to adopt these changes to keep the retirement fund solvent.
