[May 23, 2002]

At the May 16, 2002, meeting, the UC Regents approved concurrent retirement provisions for University of California Retirement Plan (UCRP) members who are also members of the California State Teachers' Retirement System (STRS).

• The new provisions apply to persons who are active UCRP members on or after July 1, 2002.
• Members must retire from both systems on the same date, or they may retire on different dates, as long as they earn no service credit under either system in the interim.
• Members will qualify for UCRP retirement benefits with less than five years of service credit if they are eligible for STRS service retirement.
• UCRP benefits will be calculated using STRS compensation if it is higher than UCRP compensation.

These provisions are intended to help recruit teachers for charter schools and other educational outreach programs.

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