[pps-news] UCRP Contributions Increase July 1

[Grant A Christensen]

TO:  All Departments
FR:  Payroll Office
RE: UCRP Contributions Increase July 1

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July 14, 2011
Please Post/Circulate
To:       Faculty and Staff
Re:       UC Retirement Plan Contributions Increasing July 1
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.
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.
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.
The increased contribution rates apply to active members of the retirement plan, and are subject to collective bargaining for unionized employees.
For questions, please call the Benefits Office at extension 2-4766.
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Thank you,

A. Grant Christensen
Payroll Supervisor
University of CA Riverside
(951) 827-1943 Office
(951) 827-3314 Fax
grant.christensen at ucr.edu<mailto:grant.christensen at ucr.edu>

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