Contribution rates to the UC Retirement Plan (UCRP) for both the university and faculty and staff are going up beginning July 1.
While the university will pay 12 percent of pay, up from 10 percent, contributions for 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.)
The Board of Regents in 2010 adopted a series of measures as part of a carefully constructed, multi-pronged strategy to ensure the long-term viability of UCRP benefits and also to help reduce the $24 billion unfunded liability to UC’s retirement programs.
Faculty and staff will see the increased contributions reflected in their regular paychecks for July earnings, paid between July 17 and August 8, depending on the payroll cycle. Employee contributions are pre-tax.
For more information about UC’s strategy to protect retirement benefits, visit the Future of the UC Retirement website.
