[January 20, 1998]

At their January 16, 1998, meeting, the UC Regents approved an amendment to the Defined Contribution Plan (DC Plan) that changes the limit for contributions to the After-Tax Account. Formerly, participants could contribute the lesser of 10% of their gross University salary or the limit defined in section 415(c) of the Internal Revenue Code (IRC). The amendment eliminates the 10% limit. Effective January 1, 1998, After-Tax Account participants are bound only by the section 415(c) limit. This change will enable most participants to increase the amount of their after-tax contributions to the DC Plan.

Paticipants who contributed to the DC Plan After-Tax Account during 1997 will receive a notice explaining this change in mid-February, along with a worksheet they can use to calculate their individual contribution limit. The worksheets will also be available from Benefits Offices and UC Benefits UC Customer Service Center.

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