UCRP Service Credit Buyback

To: All Campus Employees

Re: UCRP Service Credit Buyback

This is a reminder that we are quickly approaching the deadline for UCRP service credit Buybacks. You must act quickly if you:

1. were rehired on or BEFORE July 1, 1997 and received a refund of UCRP accumulations for previous periods of service, or
2. returned to work on or BEFORE July 1, 1997 from a leave of absence without pay.

If either of these situations apply to you and you wish to consider if a Buyback is right for you, then you should immediately contact the local Benefits Office at extension 40830 and request The UCRP Buyback Booklet. The UCRP Buyback Booklet may also be available from your Department Personnel/Benefits Representative.

While the deadline for actually electing a buyback is not until July 1, 2000, prior to that date you must:

1. Call extension 40830 and request a UCRP Buyback Booklet.
2. Complete a Service Credit Buyback Information Request Form, UCRS169, (this form can be found in the UCRP Buyback Booklet – step #1 above) and attach the required records (you are responsible for obtaining these records) noted on the form.
3. Obtain an estimate of the Buyback cost and resulting increase in UCRP benefit by sending the completed UCRS 169 form and appropriate documentation to the local Benefits Office in Los Angeles (this step is mandatory and can take up to 2 weeks, depending on the number of requests received ).
4. Request a formal calculation from UCOP - HR/Benefits in Oakland; this step should be accomplished no later than March 15, 2000. You will find instructions for requesting the formal calculation from UCOP in the UCRP Buyback Booklet.
5. Once UCOP receives your formal calculation request (step #4 above) it can take up to 60 days for them to send you a “Buyback Election Packet”. The Buyback Election Form that must be completed and returned to UCOP no later than July 1, 2000 is contained in the “Buyback Election Packet” received from UCOP. This is why we recommend sending the “request for a formal calculation” to UCOP no later than March 15, 2000.

So, don’t delay. As you can see, there are many steps that must be accomplished – and accomplished right away! There will be no exceptions to the July 1, 2000 deadline.

Note: If you were rehired and received a refund of UCRP accumulations for previous periods of service or returned to work from a leave of absence without pay AFTER July 1, 1997, you have a Three-year Window in which to elect service credit Buyback. The Three-year Window will be strictly enforced. So, don’t delay if you wish to exercise the Buyback option. Start the process early by calling extension 40830 for a Buyback Booklet.