The 415(m) restoration plan applies to University of California Retirement Plan (UCRP) members with many years of service who earned a high income while working. Internal Revenue Code (IRC) Section 415 may limit the retirement benefit that can be paid from UCRP in a calendar year. In response, UC established the 415(m) Restoration Plan to restore the benefit that otherwise would be lost because of the Section 415 limit.
To fund the 415(m) restoration plan, UCOP passes the cost to each campus based on projections calculated for each plan participant by location. Each campus is asked to verify member participation and employment information before the beginning of each fiscal year and the full year's assessment is passed to each campus at the start of each fiscal year. SOM then allocates the assessment to the home department of each plan participant.
For more information on the 415(m) restoration plan, please refer to the following resources: