Regents Policy 7600: Policy on University of California Retirement System
Adopted January 20, 1989
Amended 1990, 2004, September 22, 2005, and July 23, 2021
POLICY SUMMARY/BACKGROUND
The Regents of the University of California have established the University of California Retirement System. This policy summarizes the purpose of the retirement system and responsibility for its oversight and administration.
POLICY TEXT
The Regents have established the University of California Retirement System (UCRS) which consists of:
The University of California Retirement Plan
The University of California Defined Contribution Plan
The University of California Tax-Deferred 403(b) Plan
The University of California 457(b) Deferred Compensation Plan
The primary purpose of UCRS is to provide savings and retirement income to eligible employees of the University of California and its affiliate, Hastings College of Law, and their beneficiaries. The UCRS is created and maintained for their exclusive benefit and is intended to be permanent and ongoing. The Regents, however, reserve the right to amend or terminate the UCRS, or individual plans within the UCRS, at any time in accordance with the applicable provisions of each plan.
The Regents have broad oversight responsibility for the administrative and investment functions of the UCRS.
All provisions of the UCRS plans shall be set forth in the Plan Documents and/or Plan Regulation for each plan.
COMPLIANCE/DELEGATION
The President of the University shall serve as Plan Administrator of the UCRS except to the extent the duties of the Plan Administrator are delegated under University policies and procedures to another individual, in which case such individual shall serve as the Plan Administrator with respect to the delegated duties.
The Office of the Chief Investment Officer (OCIO) has primary responsibility for implementing the investment policies established by The Regents, maintaining investment options as applicable, and serving as custodian of plan assets. The OCIO may, however, re-delegate all or part of its duties as custodian to an entity that satisfies the requirements of Section 408(n) of the Internal Revenue Code. The custodian shall hold all assets of the Plan under its control for the benefit of Participants and their Beneficiaries.
PROCEDURES AND RELATED DOCUMENTS
University of California Retirement Plan
UC Retirement Plan Regulations
University of California Tax-Deferred 403(b) Plan
University of California Tax-Deferred 403(b) Plan Regulations
University of California 457(b) Deferred Compensation Plan
University of California 457(b) Deferred Compensation Plan Regulations