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Administrative Message

July 28, 2006

To: UC Santa Cruz Staff and Academic Employees

From: Willeen McQuitta, Director, Staff Human Resources

Re: Update Regarding Restart of Contributions to UCRP

The University of California Office of the President has recently released an update regarding the restart of contributions to UCRP. Following is a copy of that update:

As part of their ongoing efforts to protect future employee pension benefits and ensure the long-term health of the UC Retirement Plan (UCRP), the UC Regents have decided that contributions from both the university and employees will need to be reinstated, beginning as early as July 1, 2007.

This will keep the UCRP financially stable for the future and help prevent the problems that many other public pension funds are currently experiencing. The Regents discussed the restart of contributions at their
meeting this month, including initial contribution levels for employees.

Highlights of July Regents' discussion regarding UCRP contributions:

* Contributions will start small and gradually increase in order to help minimize the initial financial impact on employees as well as UC.

* Initial employee contributions are intended to be only the amount employees are now putting into the Defined Contribution Plan--only about 2 percent of pay for most employees.

* Consequently, employees will see no loss in take-home pay from the initial restart of contributions, since this amount is currently being deducted. The money will simply be put into the UCRP instead of into the DC Plan.

* Employees will keep any money they already have in the Defined Contribution Plan, and they will still control how it is invested.

* UC will also contribute to the UCRP, in an amount that will be at least equal to what employees are contributing.

* UC is not planning to cut salaries to pay for contributions to the UCRP.

Reinstatement of UCRP contributions is subject to the availability of funding, the budget process, and collective bargaining for represented employees.

For more information about the restart of contributions and UCRP, go to "The Future of the UCRP."

 

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