As you know, for several years the University has been talking about the critical need to restart financial contributions to the UC Retirement Plan (UCRP), from both UC and employees, in order to ensure the long-term health of the plan.
This is a reminder that contributions are about to begin. Faculty and staff in UCRP will begin making contributions with May earnings, which will be reflected in paychecks beginning May 7 through June 1, depending on when you get paid. Contributions for represented employees may be subject to collective bargaining.
As previously announced, employee contributions will begin with a redirection of the 2% of pay currently going into UC's Defined Contribution Plan via an automatic payroll deduction. Thus, there will be no change in your take-home pay in the first year of contributions (contribution levels for both UC and employees are expected to increase over time). UC's employer contributions will begin at 4%.
Please take a moment to read about the restart in the latest issue of the Our University newsletter (http://www.universityofcalifornia.edu/ouruniversity/0310/), and watch for more information about UCRP contributions in upcoming issues. There is also a wealth of information at the Future of UC Retirement Benefits website: www.universityofcalifornia.edu/news/ucrpfuture/ucrp_restart.html.
We encourage you to visit the site regularly for updates and other important information.
If you have questions, please feel free to call the campus Benefits Office at (831) 459-2013.
