|
|
 Home < Employees < Retirement and Savings Plans < University of California Retirement Plan (UCRP) < Lump Sum Cashout
|
|
|
If you choose the lump sum cashout option, you receive a one-time payment of your projected lifetime basic retirement income. In the cashout calculation, your basic retirement income is reduced by any offsets that apply and then multiplied by a lump sum cashout factor. This factor is based on your age and is derived from average life expectancy tables, projected cost-of-living increases, and the actuarial assumptions of the Plan. The taxable portion of your lump sum cashout is eligible for direct rollover to a traditional IRA, a Roth IRA or to another employer plan that accepts rollovers, including UC's Retirement Savings Program Plans. If you choose a lump sum cashout you forfeit all other retirement, survivor, and death benefits, as well as retiree insurance coverage. To request a lump sum cashout, contact your local Benefits Office about three months before you wish to leave UC employment. Academic Senate Position Paper: "Market Turmoil and the UCRP Lump Sum Cashout |
Quick Links
Can't find what you want?
|