In 2010, the Board of Regents adopted a series of measures as part of a carefully constructed, multi-pronged strategy to ensure the long-term viability of the University of California Retirement Plan (UCRP) and to help reduce its $24 billion unfunded liability.
As previously announced, contribution rates to UCRP for both the University and for employees in the plan went up on July 1, 2013. The University contribution to UCRP are 12 percent of employee pay, up from 10 percent, and contributions by eligible faculty and staff will rise to 6.5 percent of pay, up from 5 percent (contributions for union-represented employees are subject to collective bargaining where applicable). This contribution structure only applies to participants in the current plan (1976 UCRP Tier), while a different cost structure applies to newly hired employees who become 2013 Tier participants after July 1, 2013.
The increased contributions will be reflected in the August 1, 2013, paycheck for employees on the monthly payroll schedule, and July 31, 2013, paycheck for staff members on the biweekly payroll schedule. Employee contributions are made on a pre-tax basis.
For more information about UC’s strategy to protect employees' retirement benefits, visit the Future of UC Retirement Benefits website in Related Information.
Campus Human Resources, Benefits Services
Phone: (310) 794-0830 | Fax: (310) 794-0835
