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UC contributes 8% of eligible pay, up to the annual IRS pay maximum. Employer and employee contribution rates are set periodically by the UC Regents. Employee contributions and the provisions of Pension Choice and Savings Choice are subject to collective bargaining for represented employees.
Your UCRP pension income is a percentage of your average eligible annual pay, or HAPC (highest average plan compensation), up to the PEPRA maximum ($134,974 for the 2022 Plan year). The percentage is based on your service credit and age at retirement.
Almost all UC employees can make supplemental after-tax contributions to this plan. This plan also accepts eligible rollovers from previous employer retirement plans and individual retirement accounts (IRAs). You may contribute up to $61,000 to this plan in 2022.
In 2022, the COLA for CSRS retirees was 5.9 percent and 4.9 percent for those under the FERS retirement system. An 8.7 percent 2023 COLA will also be issued to those receiving Social Security benefits. Beneficiaries will see the new COLA increases in January 2023.
UCRP formula: (Age factor x UCRP Years of Service Credit) x HAPC = Basic Retirement Income (BRI), a monthly lifetime benefit.
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The COLA will increase 8.7% for 2023, the Social Security Administration announced on Oct. 13.For 2023, federal retirees will see largest COLA increase in over 40 years. YearCSRS COLAFERS COLA20238.7%7.7%20225.9%4.9%20211.3%1.3%20201.6%1.6%11 more rows Oct 13, 2022
UC Investments The University of California Retirement Plan (UCRP) is a defined benefit (pension) plan that utilizes a balanced portfolio of equities, fixed-income securities, and alternative investments. For more information about planning for retirement, visit UCnet.
UC Investments The University of California Retirement Plan (UCRP) is a defined benefit (pension) plan that utilizes a balanced portfolio of equities, fixed-income securities, and alternative investments. For more information about planning for retirement, visit UCnet.
Typical Processing Time Frames. Your first retired pay should be processed in 30 to 45 days after your retirement date.
For 2022, employees may contribute up to $20,500 annually ($27,000 if age 50 or older at any time in the calendar year) in pretax dollars to both the 403(b) and the 457(b) plans.

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