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<p class="MsoNormal">TO: All Departments<o:p></o:p></p>
<p class="MsoNormal">FR: Payroll Office<o:p></o:p></p>
<p class="MsoNormal">RE: UCRP Contributions Increase July 1<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">-------------------------------------------------------------------------------------<o:p></o:p></p>
<p class="MsoNormal"><img width="201" height="58" id="Picture_x0020_1" src="cid:image001.png@01CC461B.D135B140" alt="Description: Description: HR Logo1Trans.png"><o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal" style="margin-bottom:12.0pt"><span style="font-size:10.0pt;font-family:"Arial","sans-serif"">July 14, 2011<o:p></o:p></span></p>
<p class="MsoNormal" style="margin-bottom:12.0pt"><i><span style="font-size:10.0pt;font-family:"Arial","sans-serif"">Please Post/Circulate
<o:p></o:p></span></i></p>
<p class="MsoNormal" style="mso-margin-top-alt:0in;margin-right:0in;margin-bottom:6.0pt;margin-left:.5in;text-indent:-.5in">
<span style="font-size:10.0pt;font-family:"Arial","sans-serif"">To: Faculty and Staff
<o:p></o:p></span></p>
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<span style="font-size:10.0pt;font-family:"Arial","sans-serif"">Re: UC Retirement Plan Contributions Increasing July 1<o:p></o:p></span></p>
<p class="MsoNormal" style="margin-bottom:12.0pt"><span style="font-size:10.0pt;font-family:"Arial","sans-serif"">This is a reminder that you may see a change in your next paycheck as both you and UC start contributing more to the UC Retirement Plan.<o:p></o:p></span></p>
<p class="MsoNormal" style="margin-bottom:12.0pt"><span style="font-size:10.0pt;font-family:"Arial","sans-serif"">Faculty and staff will see the increased contributions reflected in their regular paychecks for July earnings. Contributions for most faculty
and staff increased 1.5 percentage points, going from roughly 2 percent of pay through June 30 to 3.5 percent of pay now. UC also increased its contribution from 4 percent to 7 percent. In July 2012, employee contributions will rise to 5 percent and UC will
pitch in 10 percent.<o:p></o:p></span></p>
<p class="MsoNormal" style="margin-bottom:12.0pt"><span style="font-size:10.0pt;font-family:"Arial","sans-serif"">Every year, the plan incurs costs that are equivalent to about 17 percent of annual pay. The increased contributions are part of UC’s strategy
to ensure the long-term viability of the plan and to address a $14 billion unfunded liability. The UC Board of Regents approved the contribution increases in September 2010 as part of a larger effort to put UC’s retirement benefits on financially sustainable
footing.<o:p></o:p></span></p>
<p class="MsoNormal" style="margin-bottom:12.0pt"><span style="font-size:10.0pt;font-family:"Arial","sans-serif"">The increased contribution rates apply to active members of the retirement plan, and are subject to collective bargaining for unionized employees.<o:p></o:p></span></p>
<p class="MsoNormal" style="margin-bottom:12.0pt"><span style="font-size:10.0pt;font-family:"Arial","sans-serif"">For questions, please call the Benefits Office at extension 2-4766.<o:p></o:p></span></p>
<p class="MsoNormal">--------------------------------------------------------------------------------------<o:p></o:p></p>
<p class="MsoNormal">Thank you,<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">A. Grant Christensen<o:p></o:p></p>
<p class="MsoNormal">Payroll Supervisor<o:p></o:p></p>
<p class="MsoNormal">University of CA Riverside<o:p></o:p></p>
<p class="MsoNormal">(951) 827-1943 Office<o:p></o:p></p>
<p class="MsoNormal">(951) 827-3314 Fax<o:p></o:p></p>
<p class="MsoNormal"><a href="mailto:grant.christensen@ucr.edu">grant.christensen@ucr.edu</a><o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
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