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SERVICE CREDIT BUYBACK INFORMATION REQUEST Send form, estimate, and records to: UC RASC Research Unit P.O. Box 24570 Oakland, CA 94623-1570 UCRS 169 (R8/12) University of California Human Resources.

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UCRS 169 - UCnet - University of California
UCRS 169 (R3/16) University of California Retirement Administration Service Center. Send...
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SOCIAL SECURITY AND MEDICARE As a UCRP Safety member, you do not pay Social Security taxes, nor does the University pay Social Security taxes on your behalf. You do not earn Social Security benefits through your University employment.

You must earn at least 40 Social Security credits to qualify for Social Security benefits. You earn credits when you work and pay Social Security taxes. The number of credits does not affect the amount of benefits you receive.

The Pros. The main benefit of buying back time is that upon retirement, it appears that the employee worked more years than they actually did. For example, if someone worked 22-years, but buys back 3-years, then their final pension calculation uses 25-years as the basis to calculate the annual pension amount.

The interest is computed using the Plan's assumed earnings rate at the time of your election, currently 6.75 percent. The interest is charged from the date you return to work until the payment due date. Additional interest will be required if your payment clears the UCRP correspondent bank after the due date.

A service credit purchase is the purchase of additional time to increase your CalPERS service credit. Your service retirement benefit under CalPERS is based on your total years of service credit (earned and purchased), benefit factor (e.g. 2 percent at 55), age at retirement, and your final compensation.

We recommend you request to purchase service credit early in your career because the cost will be lower, and you can pay off your lump sum balance in full prior to your retirement to maximize your benefit increase. To request online, log in to myCalPERS.

You must decide if it's worth it to you. If it will take you just a few years to get the cost of the service credit purchase back through increased retirement allowance payments, maybe it's worth it to you. Conversely, if it will take 20 years to get the cost back, you might decide it's not worth it to you.

UCRP formula: (Age factor x UCRP Years of Service Credit) x HAPC = Basic Retirement Income (BRI), a monthly lifetime benefit.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
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Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
Content Takedown Policy
Bug Bounty Program
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
Industries
Forms in Spanish
Localized Forms
State-specific Forms
Forms Kit
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
+1 833 426 79 33
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232