Higher UCRP Contribution Rates Begin
Employees may see a change in their next paycheck as both staff members and UC start contributing more to the UC Retirement Plan (UCRP). Contributions for most UCRP members are going up by 1.5% to 3.5% of pay. The portion that UC contributes is also increasing to 7%, an increase of 3%. The increased contribution rates apply to active members of the retirement plan, and are subject to collective bargaining for unionized employees.
The higher contribution rates start with July earnings and will be reflected in paychecks issued on July 20, 2011, for employees paid on a bi-weekly schedule and August 1, 2011, for employees paid on a monthly basis. The UC Board of Regents approved the contribution increases in September 2010 as part of a larger effort to keep UC retirement benefits on financially sustainable footing, as part of the University’s strategy to ensure the long-term viability of the retirement plan and to address a $14 billion unfunded liability.
If you have any questions, contact the person in your department who handles payroll/benefits issues or call the CHR Benefit Services Office at extension 4-0830, or Health System Human Resources at extension 4-0500.
Campus Human Resources, Benefits Services
Phone: (310) 794-0830 | Fax: (310) 794-0835