You may choose a reduced benefit over your lifetime in order to provide an additional benefit over the lifetime of your survivor or other designated recipient.When you die, your surviving spouse or domestic partner automatically receives 25% of your monthly retirement benefit. Payments will be made over your lifetime.Since your contributions are generally made on a pretax basis, your UCRP benefits are generally taxable. Once you're vested, you can begin taking your UCRP benefits as either monthly payments or a lump sum when you leave UC and are at least age 50. You become vested in your future UCRP benefit when you have five years or more of UCRP service credit essentially, five years of membership in UCRP if you work full time. If you are eligible, your UCRP benefit is based on your age, your years of UC service, and your highest average consecutive 36 months of pay. Please refer to the appropriate collective bargaining agreement, as benefits and other provisions may vary. The total UC contribution rate to UCRP for all members is currently 14% of eligible pay.Įmployee contributions and the UCRP provisions described here are subject to collective bargaining for represented employees.Contributions are made on a pretax basis. Currently, most UCRP members contribute 8% of regular pay.Shared ContributionsĮmployer and employee contribution rates are set periodically by the UC Regents. One component: Pension benefit through the UCRP based on eligible pay. When you retire, you may choose a lifetime monthly benefit or a lump sum cashout. For additional details, please refer to UCnet. How it WorksĪs a UCRP 1976 Tier member, you can elect to retire and receive benefits at any time after you become eligible - that is, when you reach age 50 and leave UC employment with at least five years of service credit. If you meet the eligibility requirements, you automatically become a UCRP member and deductions are taken. Money tips for healthcare professionals.Market volatility strategies to consider.Financial education classes - descriptions.Retirement income estimates from all UC benefits (Retirement Review).Enroll, view or change your retiree health coverage.How retiree health & welfare benefits work.Manage 403(b), 457(b) or DC Plan account.Quick enroll in the 403(b) in 3 steps (Easy Enroll).Enroll in the 403(b), 457(b), or After-tax DC Plan.How UC's supplemental retirement benefits work.Manage DC Plan account (Savings Choice, and DC Supplement for Pension Choice).Retirement benefits for Safe Harbor employees (seasonal, part-time, temporary).How UC's primary retirement benefits work.
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