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UCPath Notice: July 1 Retirements and COLA Eligibility

A UCLA Gold swatch.

On June 12, we received the following alert from the UCPath Center.

As a reminder, to qualify for the inactive Cost of Living Adjustment (COLA) increase, eligible UC Retirement Plan (UCRP) benefit recipients must be retired one day prior to July 1, with a minimum of one business day not on active HR or Payroll status.

Refer to the updated Retirement Processing for July 1 Retirement Date - COLA job aid for terminology, examples, and guidance on processing this transaction in UCPath.

Action Items 

  • Submit retirement templates, as appropriate.
  • Submit final pay requests for accrual payouts as appropriate by the following deadlines:
    • Monday, June 17, 2024, 3:00 p.m. | Monthly retirees for the July 1 pay date (240630M0X)
    • Wednesday, July 3, 2024, 5:00 p.m. | Biweekly retirees for the July 17 pay date (240622B1X)
  • Submit Accruals & Service Adjustment eForm for any adjustments needed for sick time that has been converted to service credit.
Final pay requests should include takes not previously reported to ensure accurate final TRM payout.


Note

  • Update savings plan deduction changes according to the payroll processing calendars linked below.
  • Transaction templates should be submitted and approved no later than the corresponding location deadlines (see payroll processing calendars linked below).
  • UCPath will withhold only percentage-based savings plan deductions from off-cycle checks issued prior to the retiree’s last day of employment.
  • UCPath will not withhold flat dollar savings plan deductions from off-cycle checks.


Resources

 

Thank you,

UCPath
(855) 982-7284
Monday - Friday from 8:00 a.m. - 5:00 p.m.
ucpath.universityofcalifornia.edu