Additional survivor benefits can be elected at retirement, with a reduction in the member's benefit. Lump Sum Cashout benefit based on present value projection of the lifetime monthly retirement benefit including cost of living increases. Available to members eligible to retire after separation. Cashout election means a member forfeits all rights to other UCRP benefits and annuitant health and welfare benefits. Disability benefits based on salary and years of service.
Interest is earned at a fixed rate and is credited monthly.
Survivor benefits based on salary, if death occurs before retirement. Available after accruing two years of service credit in the Plan. Other survivor benefits are payable if the member was eligible to retire on date of death. All UCRP benefits are funded through University and Member Contributions plus earnings. Contribution rates are established by The Regents.