ucrp for members without social security

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1 UC Retirement Plan Summary Plan Description for Members Without Social Security UC Retirement Pl an Summary Pla n Descri ption FOR MEMBERS WITHOUT SOCIAL SECURITY

2 Listed below are telephone numbers and website and INVESTMENT OVERSIGHT correspondence addresses for some of the resources UC UC Office of Chief Investment Officer employees routinely use. Chief Investment Officer’s website: ucop.edu/investment-office Written correspondence should be sent to: Office of the Chief Investment Officer of The Regents UC EMPLOYEE WEBSITE 1111 Broadway, Suite 1400 ucnet.universityofcalifornia.edu Oakland, CA 94607-4026 UC HUMAN RESOURCES BENEFITS FROM OTHER SOURCES UC Retirement Administration Service Center: For information on plans and services that may have an impact on 800-888-8267 your retirement benefits, such as Social Security, CalPERS or other Hours: 8:30 a.m.–4:30 p.m., Monday–Friday retirement plans and agencies, contact the appropriate agency. Written correspondence should be sent to: Social Security Administration: 800-772-1213 UC Human Resources Social Security website: socialsecurity.gov P.O. Box 24570 CalPERS: 888-225-7377 Oakland, CA 94623-1570 CalPERS website: calpers.ca.gov CalSTRS: 800-228-5453 LOCAL BENEFITS OFFICES CalSTRS website: calstrs.com 510-664-9000, option 3 UC Berkeley: UC Davis: 53 0 -752-17 74 IF YOU MOVE UC Davis Medical Center: 916-734-8099 It is your responsibility to notify the Plan Administrator of your UC Irvine: 949-824-5210 new mailing address. UC uses the address on file as the address of record for you and your beneficiaries. Failure to keep your 714-456-5736 UC Irvine Medical Center: address current could reduce your benefits in the retirement UCLA: 310-794-0830 savings plans because the Plan Administrator may charge the 310-794-0500 UCLA Medical Center: costs of attempting to locate missing participants against the accumulations of separated participants with incorrect addresses. 20 9 -228-2363 UC Merced: 951-827- 476 6 UC Riverside: You can change your address online at At Your Service Online, a secure website where you can update personal information UC San Diego: 858-534-2816 maintained in UC’s payroll and benefits databases. To record an UC San Diego Medical Center: 619-543-7585 address change, go to UCnet and select “AYS Online.” Enter your Username or Social Security number and your UC Password; then UCSF: 41 5 - 476 -1 4 0 0 select “My Contact Information.” 415-353-4545 UCSF Medical Center: If you’re no longer working for UC or do not have internet UC Santa Barbara: 805-893-2489 access, you can also notify UC Human Resources by calling the UC Santa Cruz: 831- 459 -201 3 UC Retirement Administration Service Center at 800-888-8267. 310 -825-7055 ASUCLA: Or, if you have Internet access, select “HR Forms & Publications” UC Human on UCnet and print and complete form UBEN 131 ( 415-565-4703 Hastings College of the Law: ) and mail it to UC Human Resources Address Change Notice UC Office of the President: 510-987-0900 Resources. 510-486-6403 Lawrence Berkeley National Lab:

3 Chapter Title Retirement Plan: Summary Plan Description For Members Without Social Security 5 ... 17 ... Introduction Cost-of-Living Adjustments 18 ... 6 ... Membership Disability Income 18 ... ... 6 General Requirements Social Security ... 6 ... 18 Disability Definitions Eligibility and Membership ... 19 ... 7 Disability Date Vesting ... 7 19 ... Inactive Membership Disability Income 19 7 ... ... Maximum Disability Income Reciprocity 19 ... Length of the Disability Income Period When Disability Income Stops (Regardless of UCRP ... 8 Contributions ... 19 Disability Date) ... 8 Funding the Plan ... 8 University Contributions ... 20 8 ... Member Contributions Reappointment after Retirement 8 ... 20 ... Service Credit Internal Revenue Code Provisions 20 ... IRC Limit on Covered Compensation ... 20 IRC Limit on Plan Benefits ... 10 Service Credit Purchase ... 21 IRC Minimum Distribution Requirements 21 ... Minimum Distribution Incidental Benefit (MDIB) 11 ... Capital Accumulation Payment (CAP) ... 21 Rollovers ... 21 Taxes on Distributions ... 12 Refund of Accumulations ... 22 Additional Information 12 ... Lump Sum Cashout 22 ... Claims Procedures ... 12 Electing a Lump Sum Cashout 22 ... Plan Administration ... 23 Plan Changes ... 13 Retirement Benefits ... 23 Designation of Beneficiary or Contingent Annuitant ... 13 Basic Retirement Income ... 23 Assignment of Benefits ... 14 Postretirement Survivor Continuance 24 ... Qualified Domestic Relations Orders (QDROs) 15 ... Alternate Payment Options 24 ... Further Information ... 16 Limitations ... 25 Plan Definitions 16 ... Death Benefits ... 16 Payments to Beneficiaries Information for Members with Service Credit 16 ... Preretirement Survivor Income ... 27 from a Previous Period of Employment ... 17 Death while Eligible to Retire 3

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5 Introduction The University of California Retirement Plan (UCRP or the Plan) provides retirement income for eligible employees (and their eligible survivors and beneficiaries) of the University of California and its affiliate, Hastings College of the Law. UCRP also provides disability and death benefits, a lump sum cashout, and, for certain members, a Capital Accumulation Payment (CAP). UCRP is a governmental defined benefit pension plan established and maintained under Internal Revenue Code (IRC) §401(a). Benefits are determined not by contributions to the Plan, but by defined formulas that vary according to the type of benefits payable (for example, retirement, disability or survivor benefits). The formulas are based on such factors as a member’s salary, age and years of service credit. The Plan is funded by employer and employee contributions. The provisions of UCRP are subject to collective bargaining for represented employees. Are you in a domestic partnership? Eligibility rules for domestic partners are different for health and welfare benefits and for UCRP benefits. See page 25, or check out “Establishing a domestic partnership” on UCnet (ucal.us/domesticpartnership), to make sure you’ve established your partner’s eligibility for UCRP survivor benefits. 5

6 Membership Membership The Plan includes the following four membership classes: ELIGIBILITY AND MEMBERSHIP Retirement Plan membership is automatic and mandatory for • Members who pay into Social Security eligible employees and begins the first day of an eligible • Members who opted out of Social Security coverage, other appointment. An eligible appointment is at least 50 percent time than Safety members or more on a fixed or variable basis for one year or longer. Members with Tier Two benefits and • Employees with limited appointments, employees in contract positions, employees in “noncareer” positions at Lawrence • Safety members Berkeley National Laboratory and certain academic employees This summary plan description summarizes the Plan provisions may become eligible for membership after working 1,000 hours for members without Social Security, who include: in a rolling, continuous 12-month period. (Members of the Non-Senate Instructional Unit qualify for UCRP membership University employees who were Plan members on April 1, • after working 750 hours in an eligible position.) 1976, and elected in 1976 or 1977 not to have Social Security coverage (this election applies even for those who have since Membership is effective no later than the first of the month had a break in service) and following the month in which 1,000 hours (or 750 hours) is reached. Employees excluded from Social Security coverage under • federal law EXCEPTIONS: A University employee is not eligible for Plan membership if he Members with Social Security, Tier Two members, Safety members or she: and those who have University service in more than one member - ship classification should refer to the appropriate summary plan • Is a contributing member of another retirement plan to which description(s), because benefits and other provisions vary. the University contributes on the employee’s behalf (e.g. CalPERS) • Is at the University primarily to obtain education or training SOCIAL SECURITY Receives pay under a special compensation plan but receives • UCRP members without Social Security do not pay Social no covered compensation (see definition on page 25) Security taxes nor does the University pay Social Security taxes • Is in a per diem or floater appointment in their behalf. These members do not earn Social Security Is appointed as a Regents’ Professor or Regents’ Lecturer or • benefits through their University employment. Is an employee hired as a visiting appointee on or after • Exception—all members hired or rehired on April 1, 1986, or Aug. 1, 1989 later are required to pay 1.45 percent of all earnings to Social Security for Medicare hospital Insurance (Part A). In this case, Once you become a UCRP member, active membership the University also pays Social Security taxes for Medicare in the continues until you have a break in service (see definition on same amount as the member. page 25). Membership is not affected by a reduction in appointment without a break in service. Benefits change if you Contact the Social Security Administration (see inside front transfer to a position eligible for Safety benefits. cover) for more information about Social Security eligibility and benefits, including an estimate of future retirement benefits. 6

7 Membership RECIPROCITY VESTING Vesting generally refers to a member’s nonforfeitable right to Both UCRP and CalPERS have reciprocity provisions to ensure receive UCRP retirement benefits upon leaving the University continuity of benefits for members who change employers and and reaching retirement age. A vested member is one who has transfer between the two retirement systems under certain 1 Vesting applies circumstances. If you qualify for UCRP/CalPERS reciprocity, earned five or more years of service credit. whether all service credit is earned as a member with Social service credit accrued under both systems can be used to Security or is earned partly in another UCRP membership class. determine whether you are vested in your benefits under both retirement systems. Also, covered compensation earned under For the CAP benefit, vesting is immediate—regardless of the both systems can be used to determine your highest average member’s eligibility for other Plan benefits (see “Capital plan compensation under both systems. The reciprocity Accumulation Payment” on page 11). provisions do not apply to eligibility for retiree health benefits. To establish reciprocity, members must: INACTIVE MEMBERSHIP • Be employed under the new retirement system within 180 days of leaving employment under the former system If eligible, a member can become an inactive member upon Leave their contributions (if any) in the former system and • leaving University employment and retain the right to future retirement benefits by leaving Plan accumulations in the Plan. A Elect reciprocity by completing the proper form (see below) • member is eligible for inactive membership if he or she satisfies When you elect UCRP/CalPERS reciprocity, funds are not one of the following criteria: transferred from one retirement system to another. You become Has at least five years of service credit • a member of both systems. You are subject to membership and benefit obligations and rights of each system. You must retire • Is eligible for reciprocity (see “Reciprocity” at right) under both systems on the same date for the benefits of • Is medically separated from University employment and is reciprocity to apply. eligible to apply for UCRP disability income (see “Disability Income” on page 18) To establish reciprocity at UC, you must complete form UBEN ) and send it to UC Human Resources. 157 ( Election of Reciprocity Is a faculty member of a University medical school who • UCRP/CalPERS Reciprocity Fact Sheet , The form is part of the has been appointed by the Veterans Administration to a available on UCnet or from your local Benefits Office. To find out University affiliated hospital, and, as a result, receives no how to establish reciprocity at CalPERS, call CalPERS directly further covered compensation (see inside front cover). As long as you remain eligible under Is a ladder-rank faculty member employed by the Howard • the guidelines listed above, you may establish UCRP/CalPERS Hughes Medical Institute or Ludwig Institute for Cancer reciprocity at any time. Research or A cap on the total benefits payable from both systems may apply • Became a Plan member July 1, 1989, or earlier, and reached if you are retired for disability under CalPERS. age 62 while still an eligible employee A provision for concurrent retirement is also available for UCRP After leaving the University, an inactive member may, at any members who are also members of the California State Teachers’ - time before (and in lieu of) retiring, request a refund of accumu Retirement Defined Benefit Program (CalSTRS). An employee is lations or, upon reaching age 50, elect a lump sum cashout. eligible for concurrent retirement if he or she: Members who elect either a refund of accumulations or a lump sum cashout waive the right to any future Plan benefits based on • Is an active UCRP member on or after July 1, 2002 the same service. See “Refund of Accumulations” and “Lump • Is a member of CalSTRS and Sum Cashout” on page 12. • Elects UCRP retirement income or a lump sum cashout after July 1, 2002 Members eligible for concurrent retirement may also be eligible for certain UCRP benefit enhancements. CalSTRS has similar concurrent retirement provisions that apply to UCRP members; 1 for more information about CalSTRS concurrent retirement, Employees who became UCRP members on or before July 1, 1989, are vested regardless of service credit if they leave University employment after reaching contact CalSTRS directly. age 62. 7

8 Contributions, Service Credit Service Credit Contributions FUNDING THE PLAN Service credit is the measure of time a member has participated in the Plan. Service credit is used to determine eligibility for Plan benefits are funded by contributions both from the most benefits and to calculate benefits such as monthly University and active members and by the investment earnings retirement income, the lump sum cashout and eligibility for and thereon. Wages on which contributions are assessed are called the amount of the University contribution to retiree health covered compensation. Contributions and earnings are placed in benefits. a trust fund and constitute a single pool of assets. Annual actu - Service credit is earned whenever a member receives covered arial valuations determine the Plan’s liabilities (that is, projected compensation for an eligible appointment. The maximum that a benefits to be paid) and the required funding. member can earn for a year of full-time work is one year of The UC Board of Regents periodically adjusts University and service credit. Part-time or variable-time work results in a member contributions to maintain adequate funding levels. proportionate amount of service credit. For example, a member who works 50 percent time for one year receives one-half year of service credit. Service credit is not earned for overtime or other work outside a member’s normal, regular appointment. UNIVERSITY CONTRIBUTIONS University contributions are used to pay Plan benefits for all, and are not allocated to individual member accounts. Currently, SICK LE AVE the University contributes 14 percent of members’ covered compensation. If a member retires within four months after leaving the University and elects monthly retirement income, any unused sick leave is converted to service credit. Eight hours of unused sick leave converts to one day of service credit. Sick leave converted to MEMBER CONTRIBUTIONS service credit cannot be used to reach the five years of service credit needed to be eligible for retirement benefits. But because Effective July 1, 2014, active members make contributions to service credit is part of the benefit formula, this additional service UCRP equal to 8 percent of covered compensation less $19 per credit may increase your monthly retirement income. Service - month. Adjustments to member contributions are subject to col credit for sick leave is also used to determine eligibility for retiree lective bargaining for represented employees. health benefits. UCRP contributions are deducted automatically from your gross wages each pay period and allocated to your account. Your contributions to the Plan are deducted on a pretax basis DISABILITY STATUS and, therefore, reduce your taxable income (see “Taxes on Distributions” on page 21). Disabled members earn service credit at the same rate earned during the 12 months of continuous service just before the Member contributions are credited with interest at a stated rate member’s disability date. - (currently 6 percent). A record of each member’s UCRP contribu tions and interest is maintained in a Plan accumulations account. Disabled members whose UCRP disability date is Nov. 5, 1990, or later earn service credit until/unless their retirement benefit, if they were to retire, would be as great as their disability benefit. PARTIAL-YEAR CAREER APPOINTMENTS Members who work full time during 9-, 10- or 11-month partial-year appointments earn one year of service credit for each Plan year. Members who work part time during partial-year appointments earn proportionate service credit. For example, a member who works 50 percent time during a partial-year appointment earns one-half year of service credit. 8

9 Service Credit See the definition of highest average plan compensation TIME REDUCTION INCENTIVE PLAN (TRIP) (HAPC) page 26 for an explanation of the potential effect of a TRIP, a temporary workforce reduction program, was in effect partial-year career appointment on a member's HAPC, which is Aug. 1, 1992, through June 30, 1995. TRIP participants were one of the factors that determines your retirement benefits. eligible to accrue one full month of service credit for each month during the period of their TRIP agreement if they worked at least 75 percent time each month during the entire period and MILITARY LE AVE fulfilled all other terms of the agreement. Members who return to University service in accordance with their reemployment rights following a military leave receive STAFF AND ACADEMIC REDUCTION IN TIME service credit for the time spent in uniformed service and for a period following uniformed service, provided the member (S TART ) PRO G R A M returns to work or notifies the University in writing of the intent START was a temporary workforce reduction program that was to do so. in effect from June 1, 2003, through June 30, 2006 and from Members earn service credit for military leave at the same rate July 1, 2008 through June 30, 2010. START participants were earned during the 12 months of continuous service just before eligible to accrue UCRP service credit for each month during the the leave. For example, a member who earned three-fourths of a START period at the same rate as was accrued before the START year of service credit in the 12 months just before military leave period if they remained on pay status at least 50 percent of will earn three-fourths of a year of service credit for a year of full-time each month and fulfilled all other terms of the START military leave. agreement. UCRP service credit during the START period was reduced for periods of leave without pay or other periods of Local Benefits Offices can provide more information about time off pay status not reflected in the START agreement. establishing service credit for military leaves. You’ll need to Service Credit Verification Request submit form UBEN 132 ( ) with documentation to the address on the form. FURLOUGH Employees on furlough from Sept. 1, 2009, through Aug. 31, 2 LEAVE WITHOUT PAY , accrued UCRP service credit for each month during 2010 the furlough period at the same rate they accrued prior to the Members do not earn service credit during a leave without pay, furlough period. but you may be able to purchase service credit, if the leave was approved (see the available UCRP Service Credit Purchase Guide online at ucal.us/purchase). PA S T SERVICE Members with previous Plan membership retain service credit SABBATICAL OR PAID LEAVE for the earlier period if they left their money in the Plan upon leaving the University. During a sabbatical or paid leave, members earn service credit in proportion to the percentage of full-time pay they receive. Returning members who previously received a refund of For example, a member on sabbatical leave at two-thirds pay for accumulations may reestablish service credit for the earlier one year receives two-thirds of a year of service credit, but you period by repaying the refund plus interest to the Plan. may be able to purchase service credit for the unpaid portion of Returning members who previously received a lump sum UCRP Service Credit the leave, if the leave was approved (see the cashout may not purchase service credit for any period before available online at ucal.us/purchase). Purchase Guide the cashout date. EXTENDED SICK LEAVE Members earn up to 80 percent of service credit for periods of extended sick leave during which they receive Workers’ Compensation. You may be able to purchase service credit for 2 UCRP Service Credit Purchase any remaining percentage (see the Furlough periods for some union employees may differ. , available online at ucal.us/purchase). Guide 9

10 Service Credit, Service Credit Purchase Service Credit Purchase Service Credit NONCONTRIBUTORY SERVICE A “service credit purchase” (formerly called a "buyback") is - payment to establish service credit for eligible leaves, reestab Those who were Plan members during the period July 1, 1966, lish service credit for previous UCRP membership or to eliminate through June 30, 1971, earned service credit as usual, although a noncontributory offset. The service credit purchase option is they were not required to contribute until the July 1 after they available only to active UCRP members. reached age 30, or, for those who were already age 30, until the July 1 after one full year of service. At retirement, the member’s benefit is reduced by the value of the missed member A SERVICE CREDIT PURCHASE IS AVAILABLE FOR: contributions during the noncontributory period, unless the offset is eliminated as described in the next column. APPROVED LEAVES For approved leaves (including military leaves) during the Approved leave without pay; partially paid sabbatical leave; noncontributory period (July 1, 1966, through June 30, 1971), extended sick leave; temporary layoff or furlough (except during members earned service credit although neither the member a partial-year career appointment); incomplete TRIP agreement nor the University contributed to the Plan. At retirement, the or completed TRIP agreement of less than 75 percent time; and member’s benefit is reduced because there were no member or reduction in appointment under Temporary Reduction In Time University contributions during this period. (TRIT) from July 1, 1993, to Oct. 28, 1993; or For more details, see the UCRP Service Credit Purchase Guide PREVIOUS UCRP MEMBERSHIP available online at ucal.us/purchase. UCRP service for which a refund of accumulations was received; or ELIMINATING NONCONTRIBUTORY OFFSETS The noncontributory offset, which affects many who were members during the period July 1, 1966, through June 30, 1971; and the leave offset, which affects all who took an approved leave during the period July 1, 1966, through June 30, 1971. A SERVICE CREDIT PURCHASE IS NOT AVAILABLE FOR: • Any break-in-service period Any period of ineligible service, such as temporary • employment or indefinite layoff • Any furlough during a partial-year career appointment • A completed TRIP agreement of 75 percent time or more (the member accrued 100 percent of service credit for the period) • A reduction in appointment (except under a TRIT agreement) • Any period of CalPERS membership • Any period of service that preceded a lump-sum cashout • Any period of less than four weeks, unless necessary for vesting purposes • Any period of military leave July 1, 1966, or later (the member receives full service credit without making contributions; for military leaves from July 1, 1966, through June 30, 1971, however, the leave offset applies) or • A CAP distribution You can find complete service credit purchase information as well as instructions in the UCRP Service Credit Purchase , available online at ucal.us/purchase. Guide 10

11 Capital Accumulation Payment Capital Accumulation Payment For certain UCRP members, the Capital Accumulation Payment Elects a lump sum cashout • (CAP) provides a supplement to other UCRP benefits. The CAP • Elects retirement income or benefit is based on allocations made to UCRP member accounts Begins receiving UCRP disability income • on certain dates. Each allocation was calculated as a percentage of covered compensation during a specified period. Is not entitled to one of the benefits described above and is • not eligible to become an inactive member CAP allocations made in 1992, 1993 and 1994 earn interest equal to an annual percentage yield of 8.5 percent. You can also take a distribution of your CAP balance, if any, when you leave University employment and become an inactive Allocations made in 2002–2003 earn interest equal to the UCRP Plan member as long as any other UCRP accumulations remain assumed earnings rate, currently an annual percentage yield of in the Plan. 7.5 percent. Payment of the CAP balance after a member’s death is Interest on all CAP allocations is credited monthly. considered a death benefit (see “Death Benefits” on page 16). CAP benefits were vested immediately. They are paid in a lump For more information about rolling over your CAP balance, see 3 and: sum when the member leaves University employment the Special Tax Notice for UC Retirement Plan Distributions , available on UCnet (ucal.us/specialtaxnotice). • Elects a refund of Plan accumulations (if any) CAPITAL ACCUMULATION PAYMENTS Allocation Date Percentage of Covered Compensation Eligibility Requirements April 1, 1992 5% of covered compensation paid during calendar year 1991 Active UCRP member continuously from 12/31/1991– 4/1/1992 July 1, 1992 Active UCRP member on 6/1/1992 2.5% of covered compensation paid 7/1/1991–6/30/1992 2.5% of covered compensation paid 7/1/1992–6/30/1993 Active UCRP member on 7/1/1993 July 1, 1993 Nov. 1, 1993 • Active UCRP member on 10/1/1993, and 5.26% of covered compensation paid 7/1/1993–10/31/1993 • Salary reduced by 5% as of 10/1/1993. under the ’93–94 Salary Plan; or participating in TRIP as of 10/1/1993 July 1, 1994 2.67% of covered compensation paid 11/1/1993 – 6/30/1994 • Active UCRP member on 6/1/1994, and • Salary reduced by 2.6% as of 6/1/1994, under the ’93–94 Salary Plan; or participating in TRIP as of 6/1/1994; or AFSCME member with salary reduced by 4.16% as of 6/1/1994 April 1, 2002 3% of covered compensation paid 4/1/2001–3/31/2002 Active UCRP member on 4/1/2002 April 1, 2003 5% of covered compensation paid 4/1/2002–3/31/2003 Active UCRP member on 4/1/2003 3 For UCRP members employed at Los Alamos National Laboratory as of May 31, 2006, who opted to transfer their UCRP accrued benefits to the Los Alamos National Security, LLC, Defined Benefit Pension Plan, CAP benefits are not payable until they leave LANS employment. For UCRP members employed at Lawrence Livermore National Laboratory as of Sept. 30, 2007, who opted to transfer their UCRP accrued benefits to the Lawrence Livermore National Security, LLC, Defined Benefit Pension Plan, CAP benefits are not payable until they leave LLNS employment and must be paid at retirement. 11

12 Refund of Accumulations, Lump Sum Cashout Lump Sum Cashout Refund of Accumulations The lump sum cashout is a present value projection of the Members who are not eligible for inactive membership upon leaving University employment may receive a distribution of member’s lifetime basic retirement income as of the cashout date their Plan accumulations, if any, or leave them in the Plan and includes assumed cost-of-living increases. It is an option (University contributions to the Plan remain in the Plan). available to members who leave University employment and are eligible to retire. (See “Retirement Benefits” on page 13 for Members who are eligible for inactive membership may request eligibility requirements.) The lump sum cashout may be chosen in - a refund of their money in the Plan. However, a refund of accu lieu of monthly retirement income. However, members who have mulations cancels the member’s right to any future Plan benefits drawn UCRP retirement income and later return to University based on that period of service unless the member returns to employment and to active UCRP membership may not elect the University employment and reestablishes the service credit lump sum cashout upon subsequent separation. available online at UCRP Service Credit Purchase Guide (see the ucal.us/purchase). A member who elects the cashout forfeits all other retirement benefits—such as credit for converted sick leave—and death If you request a distribution of your accumulations in the Plan, benefits—such as the basic death payment, the postretirement you also will receive a distribution of your CAP balance, if any. To survivor continuance and contingent annuitant benefits. request a distribution of Plan accumulations and CAP, you must Eligibility for retiree medical, dental and legal benefits, if any, is complete form UBEN 142 ( Distribution Request—Refund of also forfeited. Distribution Request—CAP Accumulations ) and UBEN 142CAP ( If the member elects the lump sum cashout and dies before ), and send both forms to UC Human Resources. Balance payment is made, the cashout will be paid to the member’s Distribution forms are available from your local Benefits Office beneficiary. or from the UC Retirement Administration Service Center. A refund of any remaining accumulations after a member’s death is considered a death benefit (see “Death Benefits” on page 16). ELECTING A LUMP SUM CASHOUT Special Tax Notice for UC For more information, see the To receive a lump sum cashout, you must obtain an election Retirement Plan Distributions , available on UCnet (ucal.us/ form from the Retirement Administrative Service Center or your specialtaxnotice). local Benefits Office and submit it to UC Human Resources along with any other required forms or documents. (If you’re an inactive member, call the UC Retirement Administration Service Center to request a lump sum cashout.) A member’s cashout date cannot be earlier than the first of the month in which the request is received by the UC Retirement Administration Service Center or the day following your separation from University service, whichever is later. UC Human Resources must receive your election form no more than 90 days before or 90 days after the cashout date you are requesting. After receiving your election form, UC Human Resources will send you a confirmation letter. After you receive the confirmation letter and agree with the information provided, you do not have to take any further action to receive your lump sum cashout. If you do not receive a confirmation letter within a reasonable time, contact the UC Retirement Administration Service Center or your Benefits Office. You may cancel or change your election at any time up to your cashout date (or 15 days after your confirmation letter is sent, if later). After that time, your lump sum cashout election becomes irrevocable. For more information, see the Special Tax Notice for UC Retirement Plan Distributions , available on UCnet (ucal.us/ specialtaxnotice). 12

13 Retirement Benefits Retirement Benefits Members can elect to retire and receive benefits at any time after BENEFIT CALCULATION they become eligible—that is, when they reach age 50 and leave The general formula for calculating basic retirement income is: 4 University employment with at least five years of service credit. Service credit x age factor = benefit percentage (not to exceed 100%) If You Leave UC and Don’t Retire In most cases, vested members who leave University Benefit percentage x HAPC = monthly benefit - employment at or before age 60 and do not, or are not eligi ble to, retire at the time they separate should not delay elect - Age factors are based on the member’s age in complete years and ing retirement benefits past age 60. Generally, at age 60, months on the date of retirement as shown in the chart on page 14. an inactive member will have attained the maximum UCRP In the examples that follow, benefit amounts are rounded down benefit payable under the Plan. No retroactive benefits will to the nearest dollar. be paid to inactive members who delay electing retirement benefits past age 65. Example 1—Benefit percentage A member retires at age 60 (age factor .0250), with 20 years of ELECTING RETIREMENT INCOME service credit. To elect retirement income, your first step in forming your 20 years x .0250 = 50% (benefit percentage) Retirement Handbook decision should be to read the , available on UCnet or from local Benefits Offices or the UC Retirement CALCULATING BASIC RETIREMENT INCOME Administration Service Center. Once you have familiarized The initial formula for basic retirement income is: yourself with the basic information this booklet provides, contact your local Benefits Office or UC Retirement Benefit percentage x HAPC = basic retirement income Administration Service Center to confirm retirement procedures, (not to exceed 100% of HAPC) because they vary depending on your UC location. HAPC is the member’s average monthly salary (full-time equiva - A member’s retirement date cannot be earlier than the first of lent compensation—100 percent of covered compensation that the month the request is submitted. would be paid for a normal, regular full-time position) calculated over the highest 36 continuous months preceding retirement. This is usually, although not necessarily, the period just before BASIC RETIREMENT INCOME employment ends. Also see the definition on page 26. Basic retirement income is the member’s normal monthly Example 2—Calculating basic retirement income lifetime benefit. This basic amount is adjusted if the member The member’s benefit percentage is 50%. The HAPC is $4,000. wants to provide monthly survivor income for a spouse or another person (see “Alternate Payment Options” on page 15). 50% of $4,000 = $2,000 An additional adjustment is required if the monthly benefit The member’s basic retirement income is $2,000 per month. exceeds maximum benefit levels. See also “Limitations” (see page 16) and “Internal Revenue Code Provisions,” (see page 20). For adjustments to HAPC for disabled or inactive members who retire, see “Cost-of-Living Adjustments” on page 17. For members without Social Security, basic retirement income is a percentage of the member’s average salary, or HAPC (highest If you have noncontributory service, an offset is applied to your average plan compensation—see definition on page 26), basic retirement income (see “Service Credit—Noncontributory minus a reduction for any noncontributory/leave offset (see Service” on page 10). “Noncontributory Service” on page 10). The percentage is based on the member’s service credit and age at retirement. If you participated in the Strict Full Time Salary Plan or had a - partial-year career appointment, ask your benefits representa tive for information about your basic retirement income. NONCONTRIBUTORY/LEAVE OFFSET For members with noncontributory service, the retirement benefit is reduced because of contributions the member has not 4 made. The retirement benefit is the higher of the two following Employees who became UCRP members on or before July 1, 1989, are vested regardless of service credit if they leave University employment in an eligible calculations: position after reaching age 62. 13

14 Retirement Benefits Retirement Benefits • One that counts service credit accrued during the Note: Benefits for domestic partners became effective in July noncontributory period and includes an offset based on the 2002. State and/or UC documentation of the partnership is balance at the time of retirement and Benefits for required (see the definition on page 25 and the (available on UCnet) for more information). Domestic Partners • One that excludes service credit accrued during the noncontributory period and the offset Postretirement survivor continuance For members who took an approved leave (including military Is not optional • leave) during the noncontributory period, a further reduction Is built into the retirement benefit (basic retirement income is • is applied to account for University contributions that were not not reduced to pay for it) and made. May be paid only to those eligible as described above • HOW POSTRETIREMENT SURVIVOR CONTINUANCE POSTRETIREMENT SURVIVOR CONTINUANCE IS CALCULATED 50% of the member’s basic retirement income = When a retired member dies, part of the retirement benefit is postretirement survivor continuance paid to the surviving spouse, or surviving domestic partner (the marriage or domestic partnership must have existed for at least Example one year before the member’s retirement and continuously until 50% of $2,000 = $1,000 survivor continuance the member’s death), or if none, to the eligible children, or if none, to the eligible dependent parents (see the definition on When the member dies, the surviving spouse or domestic page 26). If the survivor dies while receiving this benefit, or if partner (or another eligible survivor) receives $1,000 each children become ineligible, benefits are paid to the next eligible month for life. If the eligible survivors die first, the member’s survivor, for as long as someone is eligible. benefit is not affected. RETIREMENT AGE FACTORS Age Complete Months from Last Birthday to Retirement Date 1 2 3 4 5 6 7 8 9 10 11 0 .0110 .0115 .0112 .0114 50 .0116 .0117 .0118 .0119 .0121 .0122 .0123 .0111 .0131 51 .0126 .0128 .0129 .0130 .0125 .0132 .0133 .0135 .0136 .0137 .0124 52 .0138 .0139 .0140 .0142 .0143 .0144 .0145 .0146 .0147 .0149 .0150 .0151 53 .0152 .0154 .0156 .0157 .0158 .0159 .0160 .0161 .0163 .0164 .0165 .0153 .0166 .0173 .0168 .0170 .0171 .0172 54 .0174 .0175 .0177 .0178 .0179 .0167 .0187 55 .0182 .0184 .0185 .0186 .0181 .0188 .0189 .0191 .0192 .0193 .0180 56 .0194 .0195 .0196 .0198 .0199 .0200 .0201 .0202 .0203 .0205 .0206 .0207 .0215 57 .0210 .0212 .0213 .0214 .0209 .0216 .0217 .0219 .0220 .0221 .0208 58 .0222 .0223 .0224 .0226 .0227 .0228 .0229 .0230 .0231 .0233 .0234 .0235 .0243 59 .0237 .0238 .0240 .0241 .0242 .0236 .0244 .0245 .0247 .0248 .0249 60+ .0250 : For a member born on March 8, 1958, and retired on July 1, 2013, the age factor is .0184 (55 years plus three months). Example 14

15 Retirement Benefits ALTERNATE PAYMENT OPTIONS Paid in addition to the 50 percent survivor continuance, the payment options are: If you want to provide a monthly lifetime benefit for another person—called a contingent annuitant—several options are OPTION A available. Full Continuance to Contingent Annuitant The retired member receives a reduced monthly benefit for life. The contingent annuitant is a person you choose, and you may When the member dies, the contingent annuitant receives a choose only one. The selection of the option and contingent lifetime benefit equal to the option portion. annuitant becomes irrevocable on the retirement date on the election form (or 15 days after the date of the letter confirming OPTION B that your election has been received, if later). See “Electing Two-Thirds Continuance to Contingent Annuitant Retirement Income” on page 13. Also, there are legal and The retired member receives a reduced monthly benefit for life. - financial considerations when designating a contingent annui When the member dies, the contingent annuitant receives a tant (see “Designation of Beneficiary or Contingent Annuitant” lifetime benefit equal to two-thirds of the option portion. on page 23). OPTION C If you are married or have a registered domestic partner and One-Half Continuance to Contingent Annuitant designate someone other than your legal spouse or partner as The retired member receives a reduced monthly benefit for life. a beneficiary or contingent annuitant, you need to consider the When the member dies, the contingent annuitant receives a spouse’s/partner’s community property rights. See “Community lifetime benefit equal to one-half of the option portion. Property” on page 23 for more information. ALTERNATE PAYMENT OPTION CALCULATIONS To provide a contingent annuitant benefit, you receive a reduced The examples that follow assume that both the retiring member retirement benefit for life. The amount of the reduction varies and the contingent annuitant are age 60. (If the age were differ - according to the option you choose as well as the average life ent, the dollar amounts would vary somewhat because different expectancy of you and the contingent annuitant. If the person reduction factors would be used.) Benefit amounts are rounded you name as contingent annuitant dies before you, you cannot down to the nearest dollar. name another contingent annuitant and your benefit will not be adjusted. Example—Calculating Payment Option A —spouse or domestic partner is (Full Continuance) Please note that an Internal Revenue Code regulation places a contingent annuitant limitation on the extent your monthly benefits can be reduced Basic retirement income is $2,000. The spouse or domestic to provide for a non-spouse contingent annuitant who is more partner is eligible for the 50 percent ($1,000) postretirement than ten years younger than you. As a result, some or all of the survivor continuance; however, the member wants to provide alternate payment options may not be available for you to elect the spouse or domestic partner with an additional monthly if the contingent annuitant is more than ten years younger than lifetime benefit. The member names the spouse or domestic you. (See “Minimum Distribution Incidental Benefit” on page 21 partner as contingent annuitant and chooses Option A. for more information.) Step 1 - Before the reduction is determined, the 50 percent postre The 50% ($1,000) survivor continuance is set aside. tirement survivor continuance is set aside. The remaining 50 percent of the member’s basic retirement income is adjusted for $2,000 – $1,000 = $1,000 (the remaining 50%) the payment option selected. This adjusted portion is referred to as the option portion. If no one is eligible for the postretirement Step 2 survivor continuance at the time of retirement, the entire basic The reduction factor is applied to the remaining 50%. retirement income is adjusted for the payment option. .863 x $1,000 = $863 (option portion) The benefit paid to the member during his or her lifetime consists of both parts—the 50 percent survivor continuance portion and Step 3 the option portion—for as long as the member lives. The benefit The 50% survivor continuance is added back. paid to the contingent annuitant when the member dies is based only on the option portion. The contingent annuitant, if eligible, $863 + $1,000 = $1,863 (member’s benefit) will also receive the survivor continuance when the member dies. The member’s retirement benefit is $1,863, to be paid every In no case will the member’s benefit be adjusted if the contingent month for life. Thereafter, the spouse or domestic partner will annuitant and/or eligible survivors die first. receive both the $1,000 survivor continuance and the option 15

16 Retirement Benefits, Death Benefits Retirement Benefits Death Benefits PAYMENTS TO BENEFICIARIES portion of $863, for a total monthly benefit of $1,863 (the same amount as the member received). When an active, inactive, disabled or retired member dies, Example—Calculating Payment Option A UCRP pays a basic death payment of $7,500 to the member’s (Full Continuance) —spouse or domestic partner is not beneficiary, in addition to any monthly UCRP income that may 5 be payable to eligible survivors or to the contingent annuitant. contingent annuitant (variation of prior example) Beneficiaries of active, disabled or inactive members also receive In this example, the spouse or domestic partner is eligible for any CAP payment. survivor continuance, but the member names someone else—for example a cousin—as contingent annuitant. After the deaths of the member, eligible survivors and contin - gent annuitant, any remaining balance (member contributions The calculation and the member’s benefit are the same as in the and earnings) is paid to the member’s beneficiary. prior example. When the member dies, the surviving spouse or domestic partner receives the $1,000 survivor continuance and If a member dies after electing but before receiving the lump the contingent annuitant receives the $863 option portion. Each sum cashout, the cashout amount and CAP balance, if any, are benefit is paid for the recipient’s lifetime. paid to the member’s beneficiary. No additional death benefits are payable. Example—Calculating Payment Option A —postretirement survivor continuance is (Full Continuance) UCRP death benefits are not the same as University life insurance not payable (variation of example on page 15) benefits or departmental death benefits. For information about In this example, the member has no eligible survivors but wants these benefits, see the appropriate Survivor and Beneficiary to provide for a friend. The member chooses Option A with the Handbook , available on UCnet or from your local Benefits Office friend as contingent annuitant. Because no one is eligible for the or the UC Retirement Administration Service Center. survivor continuance, the option payment is based on the entire basic retirement income of $2,000. .863 x $2,000 = $1,726 monthly retirement benefit PRERETIREMENT SURVIVOR INCOME The member receives $1,726 each month for life. Thereafter, the If an active member dies with at least two years of service credit, friend—as contingent annuitant—receives $1,726 each month or if a disabled member dies, monthly income is paid to the for life. member’s eligible survivors—that is, eligible spouse or domestic partner, or if none, eligible child(ren), or if none, eligible Options B and C are calculated and paid in the same way as dependent parent(s); see the definition on page 26. Option A; only the reduction factors differ. In the case of an inactive member’s death, monthly income is paid to a surviving spouse or surviving domestic partner only if the member is eligible to retire at the time of death. LIMITATIO N S For active members, the amount paid to the eligible survivor(s) The maximum UCRP basic retirement income is 100 percent of is a percentage of the member’s final salary. The percentage the member’s HAPC. This limit applies to a member’s retirement depends on the number of eligible survivors with certain income taking into account all University employment, including minimums as shown in the table below: - any eligible CalPERS service. However, the limit on basic retire ment income affects only a few UCRP members, most of whom Percent of Number of Minimum Monthly have 40 years or more of service credit. If part of your UCRP Benefit Eligible Survivors Final Salary benefit has been awarded to an alternate payee (see “Qualified Domestic Relations Orders” on page 24), the maximum benefits $200 1 25% will be determined by taking into account any service credit assigned to the alternate payee. The member cannot “earn back” 2 35% $300 this service credit by working longer than the number of years on which the maximum benefit was based (generally 40). 3 40% $300 + 5% of final salary 45% $300 + 10% of final salary 4 Retirement benefits, which may include additional elements, such as a CAP or Social Security supplement, may also be limited 5 or more 50% $300 + 15% of final salary by the IRC (see “IRC Limit on Plan Benefits” on page 20). 5 Beneficiaries of active members who became Plan members before Oct. 1, 1990, receive $1,500 plus one month’s final salary, if this amount is greater than $7,500. 16

17 Chapter Title Cost-of-Living Adjustments Cost-of-Living Adjustments DEATH WHILE ELIGIBLE TO RETIRE After receiving benefits for one year, UCRP members are eligible to receive an annual cost-of-living adjustment (COLA), paid each If an active, inactive or disabled member dies while eligible to July 1. The COLA is based on the Consumer Price Index (CPI) retire (that is, age 50 with at least five years of service credit, increase for the preceding year. Generally, the COLA for any or, for those who became Plan members July 1, 1989, or earlier, Plan year equals: age 62 regardless of service credit), a lifetime retirement benefit may be payable to the surviving spouse or surviving domestic 100 percent of the CPI increase up to 2 percent • par tner. • 75 percent of the CPI increase over 4 percent This benefit is calculated as though the member had elected to Maximum COLA 6 percent • retire on the day after the date of death and had chosen Option If the CPI decreases, UCRP benefits are not reduced. A (full continuance) with the spouse or domestic partner named as contingent annuitant. If the deceased is an active or disabled The CPI used to determine the annual COLA is an average of the member and the spouse or domestic partner also qualifies as an CPIs for the Los Angeles and San Francisco metropolitan areas eligible survivor, both the preretirement survivor income and the and is measured from February to February. Option A benefit are calculated and the higher benefit is paid. For preretirement survivor income, the COLA is calculated from The benefit is payable beginning the day after the member’s the July 1 date after one full year following the member’s death. death. This applies even if benefits are not payable until a later time, as For benefits payable when a member dies after electing in the case of a surviving spouse or surviving domestic partner retirement income, see “Postretirement Survivor Continuance” who reaches the qualifying age at a later date. on page 14. For members who began receiving UCRP disability income before Nov. 5, 1990, a COLA is applied to the member’s HAPC when he or she retires. The total adjustment is equal to the percentages of COLAs that accrued to Plan benefits during the period of the member’s disability (from July 1 following the date of disability to the July 1 coinciding with or immediately preceding the retirement date). For those who begin receiving UCRP disability income Nov. 5, 1990, or later, the HAPC is not increased by COLAs prior to retirement. When an inactive member retires or elects a lump sum cashout, the HAPC is increased to include a COLA of 2 percent compounded annually between the July 1 following the separation date and the July 1 coinciding with or immediately preceding the reitrement or cashout date (or the actual CPI increase over that same period, if lower). 17

18 Disability Income Disability Income Disability income is available to active members who satisfy Initially, “substantial gainful activity” means physical or mental certain minimum requirements and who submit a timely activities that pay 50 percent or more of the member’s final application (see “Applying for Disability Benefits” at right). The salary (adjusted for cost-of-living increases; see “Cost-of-Living service requirements, definitions and reevaluation standards Adjustments” on page 17). After the first year of disability vary depending on the UCRP membership date. The length of income, the member’s impairment is reevaluated. Disability the disability income period varies depending on the UCRP income continues if the member is unable to earn the amount disability date. defined annually by the Social Security Administration in determining substantial gainful activity. In 2018, this amount is If the member is eligible to retire, elections for disability and $1,180 per month. retirement should be made simultaneously so retirement benefits will commence in the event disability benefits are not approved. Employees who became Plan members before April 1, 1980, must have two years of service credit to qualify for disability 6 income. GENERAL REQUIREMENTS For these members, “disabled” means being unable to perform the duties of their current University position or a comparable The Plan Administrator determines a member’s eligibility to position (see below) because of a medically determinable receive UCRP disability income based on qualified medical physical or mental impairment that is permanent or expected to evidence and in accordance with written procedures governing last for 12 continuous months or longer from the UCRP the consideration and disposition of disability issues. These disability date. procedures include a member’s right to review decisions concerning his or her status. Once established, eligibility is “Comparable position” means a University position for which the reevaluated periodically by the Plan Administrator. member is qualified and is medically able to perform—whether or not such a position is available—and that pays at least 80 A member applying for disability income is required to submit percent of the member’s final salary, adjusted for cost-of-living medical evidence, which is considered in determining eligibility increases (see “Cost-of-Living Adjustments” on page 17). for the benefit. To receive disability income initially and at any time while receiving it—a member also may be required to Within two years, the disabled member’s situation is reevalu - undergo medical examination(s) by physician(s) chosen by the ated. Disability income continues if the impairment prevents the Plan Administrator, or to participate in vocational assessment or member from holding a position (at the University or elsewhere) rehabilitation programs. A member who does not comply is not that could reasonably be expected to pay 70 percent or more of eligible to receive UCRP disability income. the member’s final salary, adjusted for cost-of-living increases (see “Cost-of-Living Adjustments” on page 17). This includes employment, self-employment and the rendering of any type of service. DISABILITY DEFINITIONS APPLYING FOR DISABILITY BENEFITS While almost all members without Social Security became Plan To apply for UCRP disability income, you should contact your members before April 1, 1980, more recent provisions will local Benefits Office to explore your various disability income apply in some cases. These provisions apply to members who options. Be prepared to provide medical information to left University employment, took a refund of accumulations, and substantiate your application. You should make an appointment were then rehired in an eligible appointment April 1, 1980, or to apply for disability benefits as soon as it appears you won’t be later and did not reestablish service credit for their earlier period able to return to work because of your disability. (Inactive of membership. members are eligible to apply for disability income within 12 months of leaving University employment if medical evidence Employees who became Plan members on April 1, 1980, or shows that the disability has been continuous from before the must have five years of service credit to qualify for later 6 separation date.) But, to preserve your right to continue disability income. UC-sponsored health coverage, you must apply within 120 days For these members, “disabled” means being unable to engage of your separation. in substantial gainful activity (as defined in the next paragraph) because of a medically determinable physical or mental impairment that is permanent or expected to last 12 continuous months or longer from the UCRP disability date. 6 Any service credit that was purchased for an unpaid leave is not included in determining eligibility for disability benefits. 18

19 Disability Income DISABILITY DATE For members with a UCRP disability date before Nov. 5, 1990, who continue to be disabled as defined by the Plan, disability If a member is eligible as defined by the Plan, disability income income stops: is payable. The first day of eligibility, or the disability date, is the • later of: When the member becomes eligible to retire and potential retirement income equals or exceeds disability income, or The first of the month in which the Plan Administrator • At the latest, when the member reaches age 67 • receives the application or • The day after the member’s last day on pay status A disabled member who is or becomes eligible to retire can elect to retire at any time. DISABILITY INCOME WHEN DISABILITY INCOME STOPS For members without Social Security, disability income is a (REGARDLESS OF UCRP DISABILITY DATE) percentage of the member’s monthly final salary. The percentage is based on years of service credit and number of eligible children In all cases, members who are eligible to retire when disability as of the disability date, as shown below: income stops can elect UCRP retirement income or the lump sum cashout. Number of Eligible Children The Plan Administrator will notify you in advance as to when and how your benefits will be affected so that you can decide about 2 0 1 3 4+ retirement before your disability income stops. See “Retirement Years of Monthly Benefit (percent of final salary) Benefits,” below, for eligibility requirements, calculations and Service Credit other provisions. 40% 35% 25% 2 (less than 3) 45% 30% If a disabled member dies, survivor benefits may be payable either immediately or at a future date (see “Death Benefits” on 50% 3 (less than 4) 30% 35% 40% 45% page 16). 55% 50% 45% 40% 35% 4 (less than 5) 60% 5+ 40% 45% 50% 55% MAXIMUM DISABILITY INCOME The maximum disability income that may be payable, when combined with income from other sources, depends on the UCRP membership date. Members who become eligible for disability income will receive further details. LENGTH OF THE DISABILITY INCOME PERIOD Members with a UCRP disability date of Nov. 5, 1990, or later who continue to be disabled as defined by the Plan, can receive UCRP disability income as follows: • Members under age 65 on the UCRP disability date may receive disability income for up to five years or until age 65, whichever comes later Members aged 65 or older on the UCRP disability date may • receive disability income for up to 12 months or until age 70, whichever comes later 19

20 Reappointment After Retirement, Internal Revenue Code Provisions Internal Revenue Code Reappointment After Provisions Retirement The UCRP is a tax-qualified defined benefit plan, which means In certain instances where there are compelling circumstances, UC retirees are rehired to help fill a particular staffing need. that the UCRP is subject to Internal Revenue Code (IRC) Under UC policy, those retired employees who later return to provisions that limit covered compensation and annual benefit UC in staff or Senior Management Group positions must follow payments. The IRC also specifies the date by which distributions (in minimum benefit amounts) must begin and, in some cases, these provisions: limits the allowable benefit options. Each of these IRC provisions Reemployment must not occur until there has been a break in • is described below. service of at least 30 days, and preferably 90 days The appointment must be limited to no more than 43 percent • time in a 12-month period IRC LIMIT ON COVERED COMPENSATION • Employment must not exceed a total of 12 months (if sets an annual dollar limit on covered compen IRC §401(a)(17) - reemployment is necessary after 12 months, the request sation upon which retirement plan contributions and benefits for continued employment must follow the same approval may be based. The limit for the Plan's fiscal year beginning July process as the original appointment) and 1, 2018, is $275,000 for employees who became members as of Reemployment must result from University need (for • July 1, 1994, or later. For those who were active members before example: the retired employee possesses skills and July 1, 1994, the limit is $405,000. institutional knowledge that the hiring department cannot otherwise obtain with equal cost effectiveness; the hiring If you believe your retirement benefits may be affected by the department anticipates a prolonged process for hiring a IRC §401(a)(17) limits, contact your local Benefits Office for replacement or the need for the retired employee to assist the preliminary testing and counseling. replacement in acquiring necessary skills and knowledge) These provisions apply to former employees who elect either a lump sum cashout or a UCRP monthly retirement income. IRC LIMIT ON PLAN BENEFITS Rehired employees who receive a monthly retirement benefit IRC §415(b) places a limit on the total benefits payable in any UCRP Reemployed Retiree Notification must submit a completed calendar year, which varies depending on the member’s age. For (UBEN 1039), available from the Benefits Office. Form example, the limit for age 62 and older in 2018 is $220,000. The Employees who received a lump sum cashout do not need to limit applies not only to retirement income but to lump-sum complete the form. distributions, such as the lump sum cashout and any CAP payment on a prorated basis. The limit does not apply to A retired employee who is receiving UCRP monthly retirement any portion of a benefit attributable to after-tax employee income may be hired into a career position after the required contributions. break in service, provided there has been an appropriate recruitment process and that the employee agrees to suspend The University of California 415(m) Restoration Plan—a nonqual - the retirement income payments. A retired employee who takes ified pension plan—became effective Jan. 1, 2000, to pay earned a lump sum cashout may not be reemployed into a career UCRP benefits that would not otherwise be payable because of appointment. the §415(b) limit. If your UCRP benefits are affected by the §415(b) limit when you elect retirement income or a lump sum Returning to UC Employment After For more information, see the cashout, you will receive additional information about the , available on UCnet. Retirement Fact Sheet 415(m) Restoration Plan from the UC Retirement Administration Service Center. 20

21 Internal Revenue Code Provisions IRC MINIMUM DISTRIBUTION REQUIREMENTS Lump sum death payments to a non-spouse beneficiary (to an • inherited IRA and not to another plan) requires that you must begin receiving IRC §401(a)(9)(A) A distribution that is eligible for direct rollover is subject to minimum distributions from the Plan by April 1 of the calendar mandatory 20 percent federal tax withholding unless it is year following the later of: directly rolled over from the Plan to a traditional IRA or a Roth • The year in which you reach age 70½, or IRA, to another employer plan that accepts rollovers, or to the University’s Defined Contribution, Tax-Deferred 403(b) or 457(b) • The year in which you leave University employment Deferred Compensation Plan (see “Internal Rollovers,” at right). Generally, the UCRP formulas for retirement income satisfy the UCRP distributions that are not eligible for rollover include: minimum distribution requirements. If you do not apply for retirement benefits by the required date, basic retirement • Monthly retirement, disability or survivor income income will begin automatically and any CAP balance will be • distributed. Minimum required distributions are not eligible for QDRO monthly income or rollover. Lump sum QDRO distributions to a non-spouse • Each year, UC Human Resources notifies members who are Members (or spouses or former spouses) may also roll over an subject to the minimum distribution requirements and provides eligible Plan distribution that has been paid to them, as long as information and individual calculations to help them comply. the rollover to the IRA or new plan occurs within 60 days of Minimum required distributions are calculated in accordance receipt of the distribution. A member who wants to roll over 100 with U.S. Treasury regulations. percent of the distribution must replace, from personal savings or other sources, an amount equal to the taxes that were withheld when the distribution was issued. Any amount not rolled over will be taxed as ordinary income for the year in which MINIMUM DISTRIBUTION INCIDENTAL BENEFIT (MDIB) the distribution was issued. It may also be subject to early IRC §401(a)(9)(G), Minimum Distribution Incidental Benefit distribution penalties. See “Tax Withholding,” on page 22. For (MDIB), limits the percentage of the member’s monthly income Special Tax Notice for UC more detailed information, see the - that may be paid to a non-spouse contingent annuitant desig available on UCnet. Retirement Plan Distributions nated by the member, including a domestic partner, who is more INTERNAL ROLLOVERS than 10 years younger than the retiring member. As a result, Retired or inactive members who have an account in UC’s some or all of the UCRP alternate payment options may not be Defined Contribution Plan, Tax-Deferred 403(b) Plan, or 457(b) allowed if you designate a contingent annuitant who is more Deferred Compensation Plan may roll over eligible UCRP than ten years younger than you. If this limitation applies in your distributions to these plans. situation, please contact the Retirement Administration Service Center or your local benefits office to make sure you have accurate information about your payment options. TAXES ON DISTRIBUTIONS INCOME TAX ROLLOVERS Except as described below, all distributions from UCRP are INTO THE PLAN subject to federal and state income taxes. UCRP does not accept rollovers, except for service credit Until July 1, 1983, member contributions to UCRP were made on purchases. an after-tax basis. These payments and any payments for service credit purchases made on an after-tax basis are not taxable FROM THE PLAN when distributed. Any pretax portion of a distribution is taxable The following UCRP distributions are eligible for direct rollover: income in the year the distribution is issued. The taxable portion of a refund of accumulations • EARLY DISTRIBUTION PENALTIES • CAP payment In addition to being taxed as ordinary income, the taxable Lump sum cashout • portion of a refund of accumulations, lump sum cashout or CAP payment taken before age 59½ (early distributions) may also be Lump sum death payment to a surviving spouse • subject to nondeductible federal and state penalty taxes— Lump sum distributions to a spouse or former spouse under a • currently a 10 percent federal tax and a 2½ percent California qualified domestic relations order (QDRO) 21

22 Internal Revenue Code Provisions, Additional Information Additional Information Internal Revenue Code Provisions CLAIMS PROCEDURES state tax. There are, however, a number of circumstances in which early distributions may be exempt from the penalty taxes. A member, survivor, contingent annuitant or beneficiary must Special Tax Notice for UC The exceptions are described in the submit a request to receive benefits or a distribution from the Retirement Plan Distributions available on UCnet. Plan. Claims for benefits must be made in accordance with UC Human Resources does not assess early distribution procedures established by the UC Retirement Administration Service Center. No Plan distribution will be made until the penalties when a distribution is paid. Members who are subject claimant has provided all pertinent information requested by the to the penalties are responsible for reporting them to the IRS when they file their income tax returns. UC Retirement Administration Service Center. Generally, claims are processed within 90 days after the UC TAX WITHHOLDING Retirement Administration Service Center receives the request The Plan Administrator withholds federal and California state and any other required information. If a claim is denied, the UC income taxes (for California residents) in accordance with federal Retirement Administration Service Center will notify the and state law. Income tax for states other than California is not claimant in writing, explaining the reason for denial and notifying withheld. Members should consult a tax advisor about tax - the claimant that he or she, or his or her authorized representa liability. tive, may appeal the denial by requesting an independent DISTRIBUTIONS ELIGIBLE FOR ROLLOVER review by the Plan Administrator. The appeal must be made within 60 days of the notification of the denial. The appeal Distributions that are eligible for rollover (see “Rollovers” on must be in writing, accompanied by documentation supporting page 21) are subject to 20 percent federal tax withholding if they the claim, and sent to Plan Administrator, UC Human Resources are paid to the member, spouse, former spouse or non-spouse (see inside front cover for address). The claimant will receive a beneficiary. No taxes are withheld if the distributions are directly written notice and explanation of the Plan Administrator’s rolled over to a traditional IRA, a Roth IRA or to another decision on the appeal within 90 days of the Plan Administrator’s Special Tax Notice employer plan. For more information, see the receipt of the appeal, unless circumstances require a longer for UC Retirement Plan Distributions available on UCnet. period. In general, such period will not exceed 120 days. TA X S TATEM E NT - If, after exhausting administrative appeal procedures, the claim Each January, the Plan Administrator files a Form 1099R with ant still believes that a benefit has been improperly paid or federal and state tax authorities, with a copy to the individual, denied, the claimant has the right to initiate legal proceedings. for each distribution paid during the previous year. The form shows the total and taxable amounts of the individual’s SERVICE OF PROCESS distribution(s). Service of process should be made to the Regents of the University of California, Trustee of the University of California Those who receive more than one type of distribution (for Retirement Plan, c/o Office of the General Counsel, example, a lump sum cashout and a CAP payment) are sent a 1111 Franklin Street, 8th Floor, Oakland, CA 94706. separate Form 1099R for each distribution. PLAN ADMINISTRATION The Vice President of Human Resources is the Plan Administrator with responsibilities for the day-to-day management and operation of the Plan. The Retirement Administration Service Center provides the necessary record keeping, accounting, reporting, receipt and disbursement of Plan assets to eligible Plan members. The Office of the Chief Investment Officer has primary authority for investing the assets of the Plan trust consistent with the investment policies established by The Regents. The Office of the Chief Investment Officer also serves as custodian of the Plan trust. 22

23 Additional Information PLAN CHANGES Note: To designate a beneficiary for the Retirement Savings Program (Defined Contribution Plan, Tax-Deferred 403(b) Plan The Plan is subject to change and to independent audit to and 457(b) Deferred Compensation Plan), contact Fidelity comply with applicable federal and state statutes, IRC regula - Retirement Services directly. tions and industry standards. Members are notified in writing whenever substantive changes to the Plan occur. Although the Members should periodically review their beneficiary designation(s) to reflect any changes in their family situation— Plan is expected to continue indefinitely, the Regents reserve the right to amend, improve or terminate the Plan at any time. for example, marriage, the birth of a child, divorce or death. The University will take appropriate action concerning proposed CONTINGENT ANNUITANT changes that may trigger notice, consultation, and meeting and A contingent annuitant is designated by the member at retirement conferring obligations under the Higher Education Employer- when the member wants to provide a monthly lifetime benefit for Employee Relations Act. that person. Please note that an Internal Revenue Code regulation places a DESIGNATION OF BENEFICIARY OR limitation on the extent your monthly benefits can be reduced to CONTINGENT ANNUITANT provide for a non-spouse contingent annuitant who is more than 10 years younger than you. As a result, some or all of the alternate BENEFICIARY payment options may not be available for you to elect if the Employees should designate a beneficiary immediately upon contingent annuitant is more than ten years younger than you. becoming Plan members. When a member dies, the beneficiary (See “Minimum Distribution Incidental Benefit” on page 21 for receives the basic death payment, the CAP payment, if any, and more information.) any accumulations remaining after all benefits have been paid. As of your retirement date, the designation is irrevocable—you A member may name more than one beneficiary and specify the cannot name a new contingent annuitant (see “Alternate Payment percentage that each beneficiary is to receive. A beneficiary may Options” on page 15). be a person, trustee or organization. COMMUNITY PROPERTY If no beneficiary has been named or if the beneficiary is no longer living, any benefits will be paid to the member’s survivors Married members and members in a registered domestic in the following order of succession: partnership who designate someone other than their legal spouse or domestic partner as a beneficiary or contingent annuitant may Surviving legal spouse or surviving domestic partner; or, if • need to consider the spouse’s or domestic partner’s community none property rights. For residents of a community property state such as California, a designation of beneficiary or contingent annuitant Surviving children, natural or adopted, on an equal-share basis • may be subject to challenge if the spouse or registered domestic (children of a deceased child share their parent’s benefit); or, partner would consequently receive less than his or her share of if none the benefit attributable to community property. • Surviving parents on an equal-share basis; or, if none A will does not supersede a designation of beneficiary or Brothers and sisters on an equal-share basis; or, if none • contingent annuitant, nor does either supersede the Plan's • The member’s estate default beneficiary rules (described at left) that apply in the absence of a valid beneficiary designation. Beneficiary designations should be made online by signing in to AYS Online on the right side of the UCnet home page. Once you’ve logged on, select “Your Beneficiaries” and follow the instructions on the screen. You may name or change your ASSIGNMENT OF BENEFITS beneficiary online at any time. Generally, UCRP benefits payable to members, survivors or If you do not have internet access or are unable to use the online beneficiaries cannot be attached by creditors, nor can anyone application, complete form UBEN 116 ( Designation of Benefi - receiving benefits assign payments to others. UCRP benefits ciary—Employees ). Retirees, former employees and others must are intended solely for the security and welfare of members and Designation of Beneficiary—Retirees, Former use form UBEN 117 ( their beneficiaries and survivors. ) to name UCRP beneficiaries. These forms Employees and Others are available on the UCnet website, local Benefits Offices or the There are some exceptions, however, in which the University UC Retirement Administration Service Center. complies with the legal requirements. For example, the IRS may attach retirement benefits to collect unpaid taxes, or a court may 23

24 Additional Information Additional Information Additional Information order certain benefits to be paid for child or spousal support or as Annual reports containing audited financial statements are a division of community property. available on UCnet or from the UC Retirement Administration Service Center. Summary plan descriptions are available on UCnet or from QUALIFIED DOMESTIC RELATIONS ORDERS (QDROS) your local Benefits Office or the UC Retirement Administration Service Center. If a member is divorced or legally separated or ends a registered domestic partnership, the court may include Plan assets as Members may obtain a copy of the University of California community property to be divided between the member and the Retirement Plan document online at ucal.us/UCRSdocuments or former spouse, registered domestic partner or other dependent. by writing to the UC Retirement Administration Service Center. In such cases, the domestic relations order must be approved, or (See inside front cover.) qualified, by the Special Claims unit of the Retirement Adminis - All notices or communications sent to a member will be effective tration Service Center as being in compliance with California when sent by first-class mail or conveyed electronically to the community property law and with the Plan. member’s address of record. The University and the Regents are Under a qualified domestic relations order (QDRO), a separate entitled to rely exclusively upon any notices, communications or UCRP account may be established for the non-member spouse, instructions issued in writing or electronically conveyed by UC registered domestic partner or dependent for the community Human Resources that are believed to be genuine and to have property portion of accumulations and service credit specified by been properly executed. the court. Based on the non-member account and in accordance with Plan regulations, the non-member may elect a refund of accumulations, a lump sum cashout or retirement income. UCRP disability income is not subject to property settlements made in accordance with a QDRO. The University cooperates fully with the member and spouse, partner or dependent, as well as their attorneys and the court in divorce cases. Both spouses/partners and the court have the right to request information about the benefits earned by the member during the marital period and how those benefits are derived, as well as information about the options available to the non-member. To release this information, UCRS must be joined as a party to the domestic relations proceeding if the proceeding will be heard in a California court. Otherwise, the request for information must be accompanied by a signed release from the member. All requests should include the member’s name, Social Security number, address (or name and address of the member’s attorney), date of marriage and marital separation date. FURTHER INFORMATION To help members better understand the Plan’s benefits, UC Human Resources provides personalized account information. Members who have access to the internet can find current, comprehensive information about their UCRP account as well as any other UC accounts they may have and make certain online Plan transactions by visiting UC’s Human Resources website, UCnet (ucnet.universityofcalifornia.edu). UCnet also contains a link to the Fidelity Investments’ website so you may access your Defined Contribution Plan, Tax-Deferred 403(b) Plan and 457(b) Deferred Compensation Plan balances. 24

25 Additional Information Plan Definitions Plan Definitions Certain key terms are used throughout this Summary Plan Pay that exceeds the full-time rate for the regular, normal • Description that are specific to UCRP and its benefit provisions. position to which the member is appointed They are defined as follows: • Pay that exceeds the base salary as negotiated under the General Health Sciences Compensation Plan or Medical School Clinical Compensation Plan BREAK IN SERVICE • Pay that exceeds the established base pay rates, including non- elective deferred compensation, honoraria and consulting fees Leaving University employment, including any period on pay Payments received as uniform allowance, unless included as • status but without covered compensation, or any period off part of compensation for a regular and normal appointment pay status for four or more consecutive months. The following - periods do not constitute a break in service for UCRP member • Pay that exceeds the IRC §401(a)(17) dollar limit. The earnings ship as long as the member returns to pay status at the end of limit for the Plan’s fiscal year beginning July 1, 2018, is the period: $275,000 for employees who became members as of July 1, 1994, or later ($405,000 for those who were active • Approved leave of absence without pay members before July 1, 1994) Temporary layoff (less than four months) • Payments received as housing allowance beginning with • Furlough • January 1994 earnings Period of right to recall and preference for reemployment • • Pay from sources other than the University of California • Return to pay status the next working day after leaving University employment DOMESTIC PARTNER • Return to pay status after a military leave in accordance with employees’ reemployment rights or An individual of the same or opposite gender whom you have Return to pay status from a medical separation within the • designated as your domestic partner by one of three possible time allowed under University policy methods (any single method is sufficient): TIER BREAK IN SERVICE Registration of your domestic partnership with the State of • Active UCRP members in the 1976 Tier or 2013 Tier who leave California - UC employment and then return to a UCRP-eligible position be Registration of your same-gender union, other than marriage, • fore the first day of the second month following the month the in another jurisdiction that is substantially equivalent to a member left employment will remain in their tier and continue California domestic partnership to accrue benefits under the terms of that tier. For example, if a • Sign and file a UC Declaration of Domestic Partnership (UBEN member leaves UC employment on July 5, 2017 and returns to a 250) with UC Human Resources Records Management (P.O. UCRP-eligible appointment before Sept. 1, 2017, for purposes of Box 24570, Oakland, CA 94623-1570). Please note that both determining tier membership, the member will not have incurred the UCRP member and the domestic partner must sign the a break in service. In this case, the rehired member will not be UBEN 250 form. If both you and your domestic partner are eligible for the Retirement Choice Program. employees eligible for UCRP, you must each submit a separate UBEN 250, signed by both partners. Please note: While establishing your partnership for UCRP COVERED COMPENSATION benefits can be done at any time, it is very important to know The gross monthly pay that an active employee receives for a that if you pass away before doing so, your partner cannot be - regular and normal appointment, including pay while on sabbati considered for UCRP survivor benefits. See Benefits for Domestic cal or other approved leave of absence with pay. Not included are: , available on UCnet. Partners Pay for overtime unless in the form of compensatory time off • - Some UCRP survivor and death benefits, including preretire ment survivor benefits and post-retirement survivor benefits, Pay for correspondence courses, summer session, intersession • require an established domestic partnership of at least one and for interquarter or vacation periods or University year. However, there is no one-year partnership requirement for extension courses, unless such employment constitutes part benefits paid to your domestic partner if you die while eligible to of an annual or indefinite appointment retire, as long as the partnership has been established through • Pay for a position that is not normally full time except if paid one of the above methods. on a salary or hourly rate basis 25

26 Plan Definitions Plan Definitions ELIGIBLE CHILD ELIGIBLE SPOUSE OR ELIGIBLE DOMESTIC PARTNER The biological or adopted child or stepchild of a disabled or The widow or widower or surviving domestic partner of a deceased deceased member, or the natural or adopted child of the active member or a disabled member. The date of marriage or member’s eligible domestic partner, who: partnership must have been at least one year before the member’s death and the spouse or domestic partner must: • Received at least 50 percent support from the member for one year before the member’s death, disability date or Be responsible for the care of an eligible child who is disabled • or under age 18 (if the deceased was a member before July retirement, whichever occurs first and 1, 1979, a spouse’s eligibility may continue if the spouse is • Is under age 18 responsible for the care of an eligible child who is under age Is under 22 and attending an educational institution full time or • 22 and attending an educational institution on a full-time basis) • Is disabled (The disability must have occurred while the child was eligible based on age, as above) Be disabled or • Have reached age 60 • The one-year support requirement does not apply to a member’s child as follows: If the spouse or domestic partner is responsible for the care of an eligible child who is the member’s natural child, the one-year For a biological child: marriage or partnership requirement is waived. • If the child is born after the member’s disability date or The spouse or domestic partner of a deceased retired member is • Is born within 10 months after the member’s death or eligible to receive the postretirement survivor continuance if the • Is born less than one year before the member’s death, date of the marriage or partnership is at least one year before disability or retirement date the retirement date. For an adopted child, it does not apply if the adoption is finalized: After the member’s disability date or • FINAL SALARY • As of the date of the member’s death or disability or The monthly full-time equivalent compensation of an active • Less than one year before the member’s death, disability or member at the time of death or disability date (or, if higher, on retirement date the member’s separation date). A stepchild or an eligible domestic partner’s biological or adopted If the member worked less than full time during the last 12 child must have been living with or in the care of the member just months of continuous employment, whether on an annual or before the member’s death, disability or retirement. partial-year career appointment, the monthly full-time equiva - lent compensation is adjusted based on the average percentage An eligible child may qualify for pre- or postretirement survivor of time on pay status over the last 36 months of continuous benefits. service. Whether the member has worked full time is determined without regard to sabbatical leave, extended sick leave, a ELIGIBLE DEPENDENT PARENT medically determinable physical or mental condition that causes the member to apply for disability income or participation in an The biological or adoptive mother or father of an active, disabled approved rehabilitation program. Periods of approved leave of or retired member who received at least 50 percent support absence without pay are excluded from the 36 months—the time from the member for the year just before the member’s death, before and after a leave is considered continuous. disability or retirement. - An eligible dependent parent may qualify for pre- or postretire ment survivor benefits. 26

27 Plan Definitions HIGHEST AVERAGE PLAN COMPENSATION (HAPC) A member’s average monthly full-time equivalent compensation, including any stipends, during the 36 highest continuous months preceding retirement. Periods of approved leave of absence without pay are excluded from the 36 months; the time before and after a leave, or before and after a period of inactive membership, is considered continuous. Service credit purchased for a leave period or for past (refunded) service will be included in determining these 36 months. For a member on a partial-year appointment, compensation earned on a 9-, 10- or 11-month appointment is spread over a year to determine the member’s annual full-time equivalent compensation, and compensation for each month within the 12-month period is treated as 1/12th of the total amount. The HAPC attributable to service while on a partial-year career appointment is based on the 36 continuous months that produce the highest average compensation. For TRIP and START participants, HAPC is calculated without regard to any reduction in covered compensation resulting from the reduction in time. 27

28 Information for Members with Service Credit from a Previous Period of Employment Information for Members with Service Credit from a Previous Period of Employment If you worked at UC prior to July 1, 2013, earning UCRP service credit in the 1976 Tier, and resume active membership in UCRP after a tier break in service on or after July 1, 2013, you will earn additional service credit in the 2013 and/or 2016 Tier. Since you will have earned retirement benefits in more than one tier of the Plan, you will be subject to the provisions of all applicable tiers and your retirement benefits will be calculated taking the benefits accrued under all tiers into account. Please note: Effective July 1, 2013, if you leave UC employment as an active member of UCRP in the 1976 Tier and return to work at UC in a UCRP-eligible position before the first day of the second month following the month you left employment, you will remain in the 1976 Tier and continue to accrue benefits under the terms of that tier. For example, if you leave UC employment on July 5, 2013, and return to a UCRP-eligible appointment before Sept. 1, 2013, for tier membership purposes only, you will be treated as if you have not incurred a break in service that otherwise would put you in the 2013 Tier. RETIREMENT DATE You have only one retirement date, even if you earn benefits under than more than one tier and your benefits begin on different dates. If you retire before age 55 (the minimum age for the 2013 or 2016 Tier), you will receive only the benefit accrued under the 1976 Tier until you reach age 55. The date your 1976 Tier benefits begin will be considered your retirement date. When you reach age 55, benefits accrued under the 2013 and/or 2016 Tier will begin automatically and you will receive the combined amount (unless you chose a lump sum cashout for the 1976 Tier benefit). Please contact the Retirement Administration Service Center if you have questions at 800-888-8267. 28

29 By authority of the Regents, University of California Human Resources, located in Oakland, administers all benefit plans in accordance with applicable plan documents and regulations, custodial agreements, University of California Group Insurance Regulations, group insurance contracts, and state and federal laws. No person is authorized to provide benefits information not contained in these source documents, and information not contained in these source documents cannot be relied upon as having been authorized by the Regents. Source documents are available for inspection upon request (800-888-8267). What is written here does not constitute a guarantee of plan coverage or benefits— particular rules and eligibility requirements must be met before benefits can be received. The University of California intends to continue the benefits described here indefinitely; however, the benefits of all employees, retirees and plan beneficiaries are subject to change or termination at the time of contract renewal or at any other time by the University or other governing authorities. The University also reserves the right to determine new premiums, employer contributions and monthly costs at any time. Health and welfare benefits are not accrued or vested benefit entitlements. UC’s contribution toward the monthly cost of the coverage is determined by UC and may change or stop altogether, and may be affected by the state of California’s annual budget appropriation. If you belong to an exclusively represented bargaining unit, some of your benefits may differ from the ones described here. For more information, employees should contact their Human Resources Office and retirees should call the UC Retirement Administration Service Center (800-888-8267). In conformance with applicable law and University policy, the University is an affirmative action/equal opportunity employer. Please send inquiries regarding the University’s affirmative action and equal opportunity policies for staff to Systemwide AA/EEO Policy Coordinator, University of California, Office of the President, 1111 Franklin Street, 5th Floor, CA 94607, and for faculty to the Office of Academic Personnel and Programs, University of California, Office of the President, 1111 Franklin Street, Oakland, CA 94607. 29

30 UC Retirement Plan Summary Plan Description for Members Without Social Security UC Retirement Pl an Summary Pla n ption Descri FOR MEMBERS WITHOUT SOCIAL SECURITY 4.1M 1002 W8/18

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