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UCRP Membership Coordinated with Social Security
If appointment meets certain eligibility requirements, new employees automatically become UCRP Members and will participate in these three components of membership.
Defined Benefit Plan (UCRP) click here if in a non-coordinated plan
- Formula determines the benefit payable
- UCRP formula based on:
- age at retirement,
- UCRP service credit and
- UCRP full-time covered compensation rate (average of highest 36 consecutive months)
- Vested with 5 full-time years of UCRP service credit
- Employer responsible for assuring adequate funding
- Employee contributions currently redirected to Defined Contribution Plan, Pretax Account
- Sign-In to My Accounts (At Your Service) for your personal retirement estimates
- Try out the interactive UCRP Retirement Income Estimator (public)
Defined Contribution Plan--Pretax Account IRC - 401(a)
For information view the Fidelity Retirement Services web site at https://netbenefits.fidelity.com or 1-866-682-7787.
- Mandatory, pre-tax employee contributions on UC base salary 2% (minus $19/month) on salary up to OASDI wage base 4% (minus $19/month) on salary above OASDI wage base
- Contributions default to the UC-managed Savings Fund. To learn more--go to Fidelity Retirement Services
- Employee may designate other investment options among the UC Retirement Savings Program (access at Fidelity Retirement Services)
- Monies available upon separation from UC employment
- Redirect future contributions online at Fidelity Retirement Services‘s interactive website
Social Security (for membership classification coordinated with Social Security)
- Paid by both employer and employee
- 2009 tax rates:
- OASDI*: 6.2% on wages up to $106,800--OASDI wage base
- Medicare: 1.45% on all wages * Old Age, Survivor & Disability Insurance