To ensure that former UC employees receive the benefits they earned, the Retirement Administration Service Center has been contacting former non-vested UC Retirement Plan (UCRP) members with Capital Accumulation Payment (CAP) balances to notify them that they have a balance and to explain how to take a distribution.
UCRP policy requires non-vested members to receive any CAP balance when they leave UC employment.
Employees working at UC in 1992 through 1994 and in 2002 and 2003 received a CAP allocation to a UCRP account equal to a stated percentage of covered compensation.
Because UC does not have a current address for some former employees, the Retirement Administration Service Center has contracted with PBI, a third-party vendor, to conduct a confirmed address search for those members. The Retirement Administration Service Center will then mail letters to those members notifying them of their CAP accounts and the distribution process.
This notice does not apply to:
- Former employees who have already claimed their funds
- Former employees who have five or more years of UCRP service credit
- Current employees
- Former employees who have returned to UC employment
Former employees who have questions about the CAP balance should call the Retirement Administration Service Center at 800-888-8267.