16 September 2010

UC Regents vote to increase UCRP contributions

We knew this was coming. From UCOP's official announcement:
The University of California Board of Regents today (Sept. 16) voted unanimously to increase the amount UC and its employees contribute to the pension plan, taking an important step towards putting it on solid financial footing.

Beginning in July 2011, employee members of the UC Retirement Plan (UCRP) will begin contributing 3.5 percent of salary into the plan; UC will contribute 7 percent. The amount will increase again in July 2012, with employees paying 5 percent and UC paying 10 percent.
Of course, further changes to the Retirement Plan might be forthcoming at the Regents' meeting in November.

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