[pps-news] Restart of UCRP contributions

Thu Apr 8 11:59:39 PDT 2010

April 8, 2010

To:     All Departments

Re:     Payroll Office

Re:     Restart of UCRP Contributions

-----------------------------------------------

As you may have heard or read, University of California Retirement Plan (UCRP) contributions are scheduled to restart with May earnings paid June 1, 2010 (see copy of Scotmail announcement below).  We are hereby giving you additional information to help you plan for this implementation.  First, the May 7th check date announced below is for campuses with semi-monthly payroll and since UCR does not run this payroll cycle, it does not apply to us.

You also need to know that employer contributions for employees on 'Staff and Academic Reduction in Time (START) program will be implemented a month sooner at a reduced rate.  Therefore, effective April earnings paid April 30, 2010, departments will be charged UCRP employer contribution of 2 percent for employees on START; however, there will not be an employee deduction.

Effective May earnings paid June 1, 2010, the full restart of UCRP Employer Contributions at 4 percent will be implemented.
Employee deductions will be redirected from DCP to UCRP as follows:

--Members with Social Security below wage base ($106,800) - (employee deduction = 2% less $19)

--Members with Social Security above wage base ($106,800) - (employee deduction = 4% less $19)

--Members with NO Social Security - (employee deduction = 3% less $19)

--Safety Members (Police and Firefighters) - (employee deduction = 3% less $19)

The revised benefits rate table is available at: http://accounting.ucr.edu/ben2010.htm.

Thank you.

From: staff-bounces at scotmail.ucr.edu [mailto:staff-bounces at scotmail.ucr.edu] On Behalf Of Kimberly Grossmann
Sent: Friday, April 02, 2010 11:07 AM
To: ans at scotmail.ucr.edu; faculty at scotmail.ucr.edu; 99_nounit at scotmail.ucr.edu; staff at scotmail.ucr.edu
Subject: [Staff] Restart of UCRP contributions
Importance: High

April 2, 2010

Please Post/Circulate

To:       All UCRP Members

Re:       University of California Retirement Plan (UCRP)

Information about the upcoming restart of UCRP contributions

Dear colleague:

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.

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 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 Benefits Office at x24766.

Sincerely,

Marilyn Voce,                                                                                        Katina Napper,

Associate Vice Chancellor, Human Resources                                        Assistant Vice Provost, Academic Personnel

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