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<div class="WordSection1">
<p class="MsoNormal"><img width="159" height="60" id="_x0000_i1025" src="cid:image001.jpg@01DA1B97.10E362C0"></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><span style="font-family:"Arial",sans-serif"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Arial",sans-serif">November 20, 2023<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Arial",sans-serif"><o:p> </o:p></span></p>
<table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="723" style="width:542.5pt;border-collapse:collapse">
<tbody>
<tr style="height:19.4pt">
<td width="103" valign="top" style="width:76.95pt;padding:0in 5.4pt 0in 5.4pt;height:19.4pt">
<p class="MsoNormal" style="mso-margin-top-alt:3.0pt;margin-right:0in;margin-bottom:3.0pt;margin-left:0in">
<span style="font-family:"Arial",sans-serif">To:<o:p></o:p></span></p>
</td>
<td width="621" valign="top" style="width:465.55pt;padding:0in 0in 0in 0in;height:19.4pt">
<p class="MsoNormal" style="mso-margin-top-alt:3.0pt;margin-right:0in;margin-bottom:3.0pt;margin-left:0in">
<span style="font-family:"Arial",sans-serif">Department Benefits Representatives (DBRs)<o:p></o:p></span></p>
</td>
</tr>
<tr style="height:19.95pt">
<td width="103" valign="top" style="width:76.95pt;padding:0in 5.4pt 0in 5.4pt;height:19.95pt">
<p class="MsoNormal" style="mso-margin-top-alt:3.0pt;margin-right:0in;margin-bottom:3.0pt;margin-left:0in">
<span style="font-family:"Arial",sans-serif">From:<o:p></o:p></span></p>
</td>
<td width="621" valign="top" style="width:465.55pt;padding:0in 0in 0in 0in;height:19.95pt">
<p class="MsoNormal" style="mso-margin-top-alt:3.0pt;margin-right:0in;margin-bottom:3.0pt;margin-left:0in">
<span style="font-family:"Arial",sans-serif">Central HR Benefits Office on behalf of UC Office of the President<o:p></o:p></span></p>
</td>
</tr>
<tr style="height:22.55pt">
<td width="103" valign="top" style="width:76.95pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:22.55pt">
<p class="MsoNormal" style="mso-margin-top-alt:3.0pt;margin-right:0in;margin-bottom:3.0pt;margin-left:0in">
<span style="font-family:"Arial",sans-serif">Re:<o:p></o:p></span></p>
</td>
<td width="621" valign="top" style="width:465.55pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;height:22.55pt">
<p style="margin-bottom:7.5pt;line-height:15.0pt"><b><span style="font-family:"Arial",sans-serif">2024 TOTAL NORMAL COST RATES FOR SERVICE CREDIT PURCHASES</span></b><span style="font-family:"Arial",sans-serif;color:#1A475F"><o:p></o:p></span></p>
</td>
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</tbody>
</table>
<p class="MsoNormal"><b><span style="font-family:"Arial",sans-serif"><o:p> </o:p></span></b></p>
<p class="MsoNormal"><b><span style="font-family:"Arial",sans-serif">DBRs, please share this important information with your department via your internal listserv.<o:p></o:p></span></b></p>
<p class="Default"><b><span style="font-size:10.5pt"><o:p> </o:p></span></b></p>
<p class="Default"><span style="font-size:11.0pt;font-family:"Arial",sans-serif">The University of California Retirement Plan (UCRP or Plan) allows Members to purchase Service Credit used in the calculation of retirement benefits for periods of approved leave
of absence, temporary layoff, furlough, sabbatical leave, or extended sick leave (“approved leaves”).
<o:p></o:p></span></p>
<p class="Default"><span style="font-size:11.0pt;font-family:"Arial",sans-serif"><o:p> </o:p></span></p>
<p class="Default"><span style="font-size:11.0pt;font-family:"Arial",sans-serif">To purchase Service Credit for periods of approved leaves starting July 1, 1997 and later, Members who are within their three-year window pay the Total Normal Cost with interest
for the first two years and pay the Individual Actuarial Cost for any additional years. To purchase Service Credit for periods of approved leaves from November 1, 1990 to June 30, 1997, Members who are within their three-year window pay the Total Normal Cost
with interest with no two-year limit. To purchase Service Credit for periods of approved leaves for Members who are outside of their three-year window the cost is based on the Individual Actuarial Cost for all years.
<o:p></o:p></span></p>
<p class="Default"><span style="font-size:11.0pt;font-family:"Arial",sans-serif"><o:p> </o:p></span></p>
<p class="Default"><span style="font-size:11.0pt;font-family:"Arial",sans-serif">Total Normal Cost amount is determined by applying the Total Normal Cost Rate in effect at the time of the election to purchase the Service Credit to the Covered Compensation during
the applicable approved leave period. The total amount charged to the Member is adjusted with interest at the Plan’s assumed earnings rate, currently 6.75%, from the date the Member returns to work to the date the purchase is completed.
<o:p></o:p></span></p>
<p class="Default"><span style="font-size:11.0pt;font-family:"Arial",sans-serif"><o:p> </o:p></span></p>
<p class="Default"><u><span style="font-size:11.0pt;font-family:"Arial",sans-serif">Establishing UCRP Service Credit Earned as a</span></u><span style="font-size:11.0pt;font-family:"Arial",sans-serif">
<u>Total Normal Cost Rate for 2024 Elections</u> <o:p></o:p></span></p>
<p class="Default"><span style="font-size:11.0pt;font-family:"Arial",sans-serif"><o:p> </o:p></span></p>
<p class="Default"><span style="font-size:11.0pt;font-family:"Arial",sans-serif">Member with Safety Benefits 29.08%
<o:p></o:p></span></p>
<p class="Default"><span style="font-size:11.0pt;font-family:"Arial",sans-serif">Member with Tier Two Benefits 10.56%
<o:p></o:p></span></p>
<p class="Default"><span style="font-size:11.0pt;font-family:"Arial",sans-serif">1976 Tier Member 21.12%
<o:p></o:p></span></p>
<p class="Default"><span style="font-size:11.0pt;font-family:"Arial",sans-serif">2013 Tier Member 18.64%
<o:p></o:p></span></p>
<p class="Default"><span style="font-size:11.0pt;font-family:"Arial",sans-serif">Modified<sup>1</sup> 2013 Tier Member 20.29%
<o:p></o:p></span></p>
<p class="Default"><span style="font-size:11.0pt;font-family:"Arial",sans-serif">2016 Tier Member 17.90%
<o:p></o:p></span></p>
<p class="Default"><span style="font-size:11.0pt;font-family:"Arial",sans-serif"><o:p> </o:p></span></p>
<p class="Default"><span style="font-size:11.0pt;font-family:"Arial",sans-serif">The Excel-based tool will be updated to reflect the 2024 Total Normal Cost Rates and will be provided at the beginning of January 2024.
<o:p></o:p></span></p>
<p class="Default"><span style="font-size:11.0pt;font-family:"Arial",sans-serif"><o:p> </o:p></span></p>
<p class="Default"><o:p> </o:p></p>
<p class="Default"><span style="font-size:6.5pt">1 </span><span style="font-size:10.0pt">Non-1976 Tier or 2016 Tier Members represented by bargaining units for CNA (NX), HA, UPTE (HX, RX, TX), and AFSCME (EX, SX, K7).
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