Contributions to the UC Retirement Plan
The Board of Regents at its September meeting is expected to discuss and vote on the task force recommendation for increasing both employee and employer contributions to the UCRP for the next two fiscal years.
The recommendations call for moving quickly towards a contribution level of 17.6 percent of payroll, the amount necessary each year to cover the cost of future benefits incurred for that year.
UC and employee contributions are likely to rise again in 2013 by another 2 percent, but if other recommendations are followed, employees by then may have the option of enrolling in a new pension tier that requires lower contributions but also has a reduced benefit.
*For represented employees, the changes being contemplated are subject to collective bargaining with their respective union.
