UC RETIREMENT PLAN DOCUMENT - UPTE-CWA

University of California Retirement Plan Article 4
With respect to a Member's Capital Accumulation Payment, the
provisions of Section 10.08 shall apply.
A Member who has elected Retirement Income and who is entitled to
elect a Refund of Accumulations or Lump Sum Cashout described
above, may make such election at any time prior to the Member's
Retirement Date. Upon such election by an Inactive Member, Inactive
Membership is automatically terminated.
Members who elect a Lump Sum Cashout or a Refund of Accumulations
shall waive all rights to all accrued and future benefits provided by the
Plan. Notwithstanding the above, a Member who received a Refund of
Accumulations and who subsequently becomes an Active Member, may
elect to reestablish Service Credit for the entire period of previous
membership as provided in Sections 5.04, 6.04, and 8.04. A Member
who received a Lump Sum Cashout and who subsequently becomes an
Active Member, may not elect to reestablish such Service Credit or
establish Service Credit for any period of employment which is prior to
receipt of the Lump Sum Cashout, and shall only accrue Service Credit
after the date the Member again became an Active Member.
Except as set forth in Section 2.24, a Lump Sum Cashout or a Refund of
Accumulations may be paid as a Direct Rollover.
All elections shall be in accordance with procedures established and
approved by the Plan Administrator. The value of Accumulations shall be
refunded within 90 days of receipt of the request in accordance with
procedures established by the Plan Administrator.
The maximum annual amount of Retirement Income (including any
Social Security Supplement), Postretirement Survivor Continuance,
Lump Sum Cashout, and the Capital Accumulation Payment shall not be
greater than the limit as described in Section 415 of the Internal
Revenue Code and shall be administered in accordance with Plan
Regulations.
For purposes of determining the Section 415 limit, the University elects
to be covered by Section 415(b)(10) of the Internal Revenue Code in
which the maximum payment would be the greater of either:
• the Section 415 limit, or
• the accrued benefit of an employee who became an Active Member of
the Plan before January 1, 1990, but without regard to any Plan
amendment after October 14, 1987.
September 2004 42