![]() These earnings are an average over a 36-consecutive month period. Stipends are included, but over-time pay, bonuses and “summer 9ths”* are not (see “Eligible Covered Compensation” for specifics). HAPC is a period of highest paid earnings. This applies only to members who elect a monthly benefit it does not apply to members who elect a lump sum cashout benefit.īack to Top Highest Average Plan Compensation (HAPC) For members who work part-time, UCRP service credit is accrued proportionately to the time worked.įor members who retire within 120 days of separation, accrued sick leave hours will convert to UCRP service credit. For most employees, UCRP Service Credit will be the same as University Service Credit. UCRP Service Credit only counts hours on pay status in a "full-benefit" (formerly called Career) appointment time worked as a student, a temp or other time is not eligible for UCRP Service Credit. See the Policies & Labor Contracts Section of this website for more information. UCRP Service Credit differs from University Service Credit University Service Credit is used for determining seniority, vacation accruals, and the like. For a member retiring at age 58 years and seven months, the age factor will be 2.30% the sum of 2.22% (for age 58 years) plus 0.0819% (for seven additional months). For retirements pre age 60, the age factor is prorated to the birth month at retirement. ![]() For retirements at age 60 or older, the age factor is 2.5% it does not increase beyond 2.5%. The age factor increases 0.14% for every year up to the maximum age factor of 2.5% (age 60). The earliest age for an UCRP retirement is age 50 the age factor for age 50 is 1.1%. Vesting guarantees the member a financial benefit at UCRP retirement earliest retirement age is 50. Your UCRP retirement date is the date you begin drawing your UCRP pension.Īn age factor is assigned to the retiring employee on his or her retirement date. UCRP has a vesting requirement of five full years of UCRP service credit. UCRP is a "defined benefit" pension plan it is determined by three factors:
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