November 28, 2011

Regents approve increased pension contributions for 2013

The University of California Board of Regents today (Nov. 28) approved an increase in retirement plan contribution rates for both UC and its employees effective July 2013.

Faculty and staff will contribute 6.5 percent of their pay and UC will contribute 12 percent to the UC Retirement Plan (UCRP) beginning July 1, 2013. Employees currently pay 3.5 percent and UC pays 7 percent. Those rates will increase to 5 and 10 percent respectively on July 1, 2012. Rates for represented employees are subject to collective bargaining. Read more…