Home < Human
Resources and Benefits Briefing < September
2006
Q: Why do I have money in the CAP account, but my coworker does not?
A: Certain UCRP members may have a separate account balance in the Plan known as the Capital Accumulation Provision (CAP).
- Employees who were members of UCRP in 1992, 1993, and/or 1994 may have a separate CAP account balance. These accounts consist of money that UC allocated to eligible Plan members on various dates during those years to supplement other UCRP benefits.
- CAP II was allocated to certain UCRP members in order to offset the reduction in state funding for 2001-2002 and 2002-2003 salary increases. The account provides a supplement to UCRP retirement benefits for eligible employees who were active UCRP members on April 1, 2002 and/or on April 1, 2003 and received covered compensation during the 12 months prior to each date.
CAP allocations were based on a percentage of the employee’s covered compensation for a period prior to the allocation date. For details, see the UCRP Summary Plan Description [PDF], available on the At Your Service website.
Q: How can I find my CAP balance?
A: Your CAP balance, if any, is available on At Your Service Online. Go to atyourservice.ucop.edu and select "Sign in to My Accounts." After you sign in, choose "UCRP and CAP Balances" under Retirement.
Q: Can I borrow from my CAP balance or withdraw the money if I have an emergency?
A: No. Members are not eligible to borrow against their CAP balance or withdraw their funds while actively employed at UC.
Q: When can I request a distribution of my CAP allocation?
A: You may request a CAP distribution when you leave UC employment. There are no minimum age requirements for distributions; however, if you elect a distribution before age 59 1/2, in addition to income taxes, early distribution penalties may apply. See the Special Tax Notice for Plan Distributions—UCRS [PDF], available on the At Your Service website.
Note: You will be required to elect a CAP distribution when you elect monthly UCRP retirement income or a lump sum cashout, or when you are approved for UCRP disability income.
