UC Investments takes a conservative investments approach in anticipation of inevitable downturns. As of March 24, 2020, the UC pension had assets of more than $61 billion. Your pension assets are safe, secure, and stable.

UCRP is a traditional pension plan, providing a predictable level of income when you retire. UC employees who are members of UCRP are governed by the 1976 Tier, 2013 Tier or 2016 Tier plan provisions. Choice of monthly retirement income or a lump sum. …

Your pension benefit in UCRP is based on your annual eligible pay1 up to the PEPRA maximum (see “retirement limits” FAQ) — $128,059 for the 2021 Plan year (from July 1, 2021 to June 30, 2022) — with some exceptions.

You contribute 7% of your eligible pay, before taxes, up to the annual IRS pay maximum ($280,000 for 2019; see page 4 for more information). UC contributes 8% of your eligible pay, up to the IRS pay maximum.

Examples of defined contribution plans include 401(k) plans, 403(b) plans, employee stock ownership plans, and profit-sharing plans. A Simplified Employee Pension Plan (SEP) is a relatively uncomplicated retirement savings vehicle.

UC has a reciprocal retirement agreement with CalPERS, California Public Retirees System. Reciprocity applies to retirement benefits only; health benefits into retirement are determined by the provisions of the individual plans.

A 401(k) plan and pension are both employer-sponsored retirement plans. The biggest difference between the two is that a 401(k) is a defined-contribution plan and a pension is a defined-benefit plan.

HAPC
What is HAPC? HAPC stands for Highest Average Plan Compensation. Your HAPC is your average monthly full-time equivalent compensation, including any stipends, during the 36 continuous months preceding retirement in which compensation was the highest.

Your lump sum cashout benefit will be subject to both federal and state income taxes in the year that you receive it. However, UC’s 415(m) Restoration Plan—a non-qualified pension plan—was established to pay UCRP benefits that would not otherwise be payable under the section 415(b) limit.

Pensions and 401(k)s are the most common retirement benefits you’ll encounter, although they work in dramatically different ways. A pension guarantees you monthly income in retirement, while retirement income from a 401(k) plan depends on your own contributions.

Updated December 05, 2016. The balance cap is the maximum amount of hours that employees can accumulate over the course of their employment.

UC Davis and the UC Davis Health Benefits Offices provide all counseling for UCRP Disability Income, layoff inquiries, death reports and survivor benefit counseling, New Employee Orientation, and open enrollment.

The University of California currently contributes toward the monthly cost of medical and dental coverage for retired employees who are receiving monthly benefits from the University of California Retirement System (UCRS).

UC Davis partners with the Retirement Administration Service Center at the Office of the President in Oakland to assist employees in transitioning to the next important phase of their lives—retirement.

UC approved changes to support employees at risk of losing their Flexible Spending Account contributions. The benefits of belonging. In 2020, UC will stop offering the Western Health Advantage health plan. The UC Davis benefits office administers the University of California’s unique array of employee benefits.