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Benefits
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The UC Retirement Plan (UCRP) is a Defined Benefit Plan (pension) that includes the following:
- Lifetime monthly retirement income or a lump sum cashout
- Disability benefits
- Survivor income
- Death benefits for members
To be eligible for UCRP membership, your appointment must be 50% or more for 12 months or longer OR you have worked 1,000 eligible hours in the most recent rolling 12 month period (including previous UC employment) AND you are not excluded from UCRP membership. (See Benefits Eligibility Requirements for details.)
If eligible, membership is mandatory. Both employees and UC make contributions to fund the plan. After a 20-year holiday, contributions to the plan began with May earnings 2010. (See Redirect of Contributions for details.)
Once you are eligible to retire, if you choose monthly retirement income, your monthly income is based on a calculation that includes your years of service credit, the age you are when you retire, and the average of your three highest contiguous years of salary.
If you go on an approved leave of absence during your employment, you can buy back the service credit for that leave period. (See UCRP Service Credit Buyback for details.)