The University of California Board of Regent's pension plan was 83.1% funded as of July 1, up from 78.8% a year earlier, according to the board of regents recently released fiscal year 2021 actuarial valuation report.
The year-over-year increase in funded status was primarily due to investment gain and other actuarial experience gains, partially offset by actual contributions less than expected under the funding policy, according to the report from Segal, consultant pension actuary
The $80.8 billion pension plan's funding is still down over the past five years from 85% at the end of the 2017 fiscal year. Fiscal year 2020 was the low point; the high point was at the end of fiscal year 2018 with a funded status of 87%, the report said
The plan has a 6.75% expected rate of return.
