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<p class="MsoNormal" align="center" style="text-align:center">MEMORANDUM<o:p></o:p></p>
<p class="MsoNormal" align="center" style="text-align:center"><o:p> </o:p></p>
<p class="MsoNormal">TO: UCRFS Users and UC Path Users <o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">FROM: Stephanie Flores, Executive Director<o:p></o:p></p>
<p class="MsoNormal"> Financial Planning and Analysis<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">DATE: June 1, 2022<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoBodyText" style="margin-left:1.0in;text-indent:-1.0in">RE:
<span style="font-weight:normal">Fiscal Year 2022-23 UCRP Interest Assessment</span><o:p></o:p></p>
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<o:p></o:p></u></p>
<p class="MsoBodyText" style="margin-left:.5in;text-align:justify;text-indent:-.5in">
<span style="font-weight:normal"><o:p> </o:p></span></p>
<p class="MsoBodyText" style="text-align:justify"><span style="font-weight:normal">The following assessment rate has been established by the Office of the President to cover UCRP Interest effective July 1, 2022:<o:p></o:p></span></p>
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<p class="MsoListParagraphCxSpLast" style="margin-left:0in;mso-add-space:auto"><b><span style="color:white">Interest Assessment as % of All Non-Federal Sources of Covered Compensation<o:p></o:p></span></b></p>
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FY 2022-23<o:p></o:p></p>
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0.30%<o:p></o:p></p>
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<p class="MsoListParagraph"><u><o:p><span style="text-decoration:none"> </span></o:p></u></p>
<p class="MsoBodyText" style="text-align:justify"><span style="font-weight:normal"><o:p> </o:p></span></p>
<p class="MsoBodyText"><span style="font-weight:normal">Please note that the interest component is in addition to the Composite Benefit Rate. However, the principal (base) retirement cost is embedded in the existing Composite Benefit Rates.
<o:p></o:p></span></p>
<p class="MsoBodyText"><span style="font-weight:normal"><o:p> </o:p></span></p>
<p class="MsoBodyText"><span style="font-weight:normal">If you have any questions, please contact
</span><a href="mailto:budgetoffice@ucr.edu">budgetoffice@ucr.edu</a><span style="font-weight:normal">.<o:p></o:p></span></p>
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