A buyback is a payment to establish service credit in the University of California Retirement Plan (UCRP) for certain leaves of absence, to reestablish service credit for previous UCRP membership for which you received a refund of accumulations, or to eliminate a noncontributory offset to your UCRP benefit. Buyback is an investment.
Buyback is available to active UCRP members.
Benefits of Buyback
Buying back service credit for an approved leave or for previous UCRP membership may increase your UCRP benefits that are based on service credit (retirement income, lump sum cashout, disability income and benefits paid after your death to your spouse or other survivor).
Buyback Applies to:
- Approved Leaves (approved leave without pay, partially paid sabbatical leave, extended sick leave, temporary layoff, furlough that is not due to a partial-year career appointment)
- Reduction in Workforce Programs such as an incomplete Time Reduction Incentive Plan (TRIP) and Temporary Reduction in Time (TRIT)
- Previous UCRP Membership for which you received a refund of your UCRP accumulations
- Noncontributory Offsets during the period 7/1/66 – 6/30/71 (Plan 02) and to eliminate an approved leave during the same period
Paying for a Buyback
There are several options to pay for a buyback including pretax payroll deduction for up to five years, after-tax lump-sum payment, pretax trustee-to-trustee transfer from the UC Retirement Savings Program plans and rollover from an eligible plan.
More Information About Buyback
Specifics of the buyback program can be found in the UCRP Buyback Booklet.