[UCRDBR] Update – UCRAYS Retirement Estimator Calculation Errors

[Departmental Benefits Representatives]

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February 16, 2021

To:          Department Benefits Representatives (DBRs)
From:      HR Benefits Office
Re:          Update – UCRAYS Retirement Estimator Calculation Errors
On behalf of the Retirement Administration Service Center (RASC), the HR Benefits Office is providing this information as an update on additional actions RASC is taking to address calculation errors made by the retirement estimator tool on the UC Retirement At Your Service (UCRAYS) website<https://retirementatyourservice.ucop.edu/UCRAYS/Account/LoginE?ReturnUrl=%2fUCRAYS>.

Last month RASC discovered errors were made by the retirement estimator tool. Those errors were corrected, and RASC notified affected employees whose estimates were removed or updated.

RASC is in the process of following up with employees who received a Personal Retirement Profile (PRP) with an inaccurate estimate of their retirement benefits.

RASC will email all employees with a discrepancy of $25 or 5% or higher. For discrepancies of $50 or more, RASC will contact employees by phone to ensure any questions are immediately answered.

Recently, there was a newly discovered systems issue to report, which was corrected on Sunday, February 14, 2021. This issue involved incorrect retirement benefits estimates for around 1,500 employees who have already left UC. Inaccuracies in retirement estimates were on average small (most individuals had discrepancies below $25 or 5% of their retirement benefit), and were more likely to understate expected retirement benefits than overstate them.

To address this issue, RASC will soon:

         ·         Email individuals who received a retirement benefit estimate that was overstated or understated by at least $25 or 5%

         ·         Correct base estimates that are automatically generated by the system

         ·         Remove customized estimates that were overstated or understated by at least $25 or 5% from individuals’ UCRAYS accounts

         ·         Email individuals who received a PRP with a retirement benefit estimate overstated or understated by at least $25 or 5%, and provide a corrected PRP

         ·         Contact individuals by phone prior to sending a confirmation statement if there will be a discrepancy of $50 or more from the estimate included with their PRP
On Tuesday, February 16, 2021, RASC will begin sending email communications, U.S postal service mailings and phone calls.

RASC apologizes for any confusion and inconvenience that these ongoing systems issues have caused.

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