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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. Continue reading: Regents approve increased pension contributions for 2013

October 18, 2011

Regents to consider increased retirement plan contributions for 2013

Current faculty and staff, and the University of California will pay more into the UC Retirement Plan (UCRP) in 2013 under a proposal that the Board of Regents will consider at its November meeting.

UC will ask Regents to raise employee contributions to 6.5 percent of covered salary, effective July 1, 2013.  UC would contribute 12 percent.   Faculty and staff currently pay 3.5 percent while UC pays 7 percent.  Beginning in July 2012, employees will pay 5 percent and UC will pay 10 percent.  Employee rates apply to active members of the retirement plan and are subject to collective bargaining for represented employees. Continue reading: Regents to consider increased retirement plan contributions for 2013

July 14, 2011

Higher UCRP contributions affecting paychecks issued beginning July 20

Faculty and staff will see a change in their next paychecks as both the University of California and its employees start contributing more to the UC Retirement Plan.

The higher contribution rates start with July earnings and will be reflected in paychecks issued between July 20 to Aug. 8, depending on whether employees are paid biweekly, monthly or on a different cycle. Continue reading: Higher UCRP contributions affecting paychecks issued beginning July 20

May 23, 2011

UC Retirement Plan contributions increasing July 1

Faculty, staff and UC will contribute more to the UC Retirement Plan (UCRP) beginning July 1.

Rates for most faculty and staff will rise to 3.5 percent of pay, up from roughly 2 percent for most employees.  The university will pay 7 percent of pay, up from 4 percent.  The amount will increase again in July 2012, with employees paying 5 percent and UC paying 10 percent. Continue reading: UC Retirement Plan contributions increasing July 1

March 23, 2011

Regents approve borrowing options to fund pension plan

The University of California Board of Regents on March 17 authorized the university to use a combination of low-cost borrowing options to transfer $2.1 billion to the UC Retirement Plan in 2010-11 and 2011-12.

The $2.1 billion is in addition to previously approved employer and employee contributions and enables UC to pay the unfunded portion of pension costs for those two fiscal years.

In this video, Chief Financial Officer Peter Taylor explains how this action will reduce UC’s overall pension costs in the coming years and improve the current financial status of the retirement plan.