This toolprovides estimates of your UC Retirement Plan (UCRP) benefit amounts at various ages or a retirement date that you select. Please refer to your collective bargaining agreement for details. So, you may not stay at UC long enough to make the most of your primary retirementbenefits. If you or a dependent are diagnosed with the virus SARS-Co-V-2 or with coronavirus disease 2019 (COVID-19), or you experience adverse financial consequences as a result of the virus or disease, the CARES Act is designed to help by extending access to loans and withdrawals from employer-sponsored retirement savings plans like UCs. To sign up for an appointment, please contact Andrew Fung directly at: andrew.fung@fidelity.com. The limit is reviewed and adjusted annually. Make sure you know how changes in your life may affect your financial plan. Register for a live morning webinar. The UC Retirement Savings Program's investment menu is designed to make it easier for you to build a diversified, lower-cost investment mix that matches your personal tolerance for risk. As you contemplate retirement, heres what you need to know for a successful transition. Are you ready to retire? All rights reserved.923082.5.0, FREQUENTLY ASKED QUESTIONSTERMS AND CONDITIONS. Are you sure you wish to continue? Retirement Savings Program 403(b), 457(b), DC Plans. Please refer to your collective bargaining agreement for details. Are you sure you wish to continue? All rights reserved.ERNA, FREQUENTLY ASKED QUESTIONSTERMS AND CONDITIONS. You vest in your pension benefits and in UCs contributions to your supplemental account once you have earned five years of UCRP service credit. These risks are particularly significant for investments that focus on a single country or region. You can choose a contingent annuitant to receive monthly lifetime income upon your death. Regardless of your investment preferences, a key strategy for managing risk is having a well-diversified portfolio. UC provides many resources and tools to help you answer that question. 2Employer and employee contribution rates are set periodically by the UC Regents. Additional benefits:You may be eligible forretiree health benefits from UCand continuing health benefits for your contingent annuitant (if eligible) after your death. You have the option to move your money too. Eligible faculty and staff have 90 days to make a choice. Schedule a one-on-one session, or call1-800-558-9182. The value of your investment will fluctuate over time, and you may gain or lose money. This increase is available until September 22, 2020 (180 days since the CARES Act was enacted). The IRS released further guidance on these provisions on June 19, 2020, including expanding the categories of eligible participants. Under the CARES Act, you can borrowup to 100% of your vested 403(b) plan balance up to $100,000, whichever is less. If you have access to other means of funding, such as home equity, a family member, or other viable sources of short-term cash, consider these options as well. Distributions from your supplemental account are governed by plan rules. The UC Retirement Process Step by step: Preparing for Retirement presentation slides, diapositivas de la presentacin Preparndose para la jubilacin, UC Retirement Process presentation slides, Complete Retirement Benefits Guide for Employees, UCRP Summary Plan Description for 2013 Tier Members, Defined Contribution Plan Summary Plan Description, Retirement Administration Service Center (RASC). Along with the pension benefit, some faculty and staff are eligible for a supplemental 401(k)-style account, with contributions from you and UC. Copyright Regents of the University of California, You, your spouse or your dependent who is diagnosed with COVID-19*, You, your spouse or someone who shares your principal residence who experiences adverse financial consequences as a result of COVID-19. Use our online tool to see the income you may have from UC sources. You must enable cookies in order to view various portions of this site. Watch a recording of the Five Steps to a More Financially Secure Retirement webinar. Want to see what your UC benefits could provide when you reach 65? If you have questions about the fees you pay, please call a UC-dedicated workplace financial consultantat 1-800-558-9182. UCLA has adopted the concept of FlexWork, which encourages our department to work in a hybrid environment. Live webinarscover topics such as understanding UCRP pension benefits, retirement savingsandretiree health coverage. Check with your state tax board for more information about how this applies to your state income taxes. Please update your browser settings and enable your cookies. Havea retirement account in a previous employers plan? Your benefit options vary depending on your hire date. Currently, you can borrow up to 50% of your total UC Retirement Savings Program account balance up to $50,000. To stay up to date on continuing changes, be sure to check UCnet and Current News on myUCretirement.com regularly for updates. Before investing in any investment option, please carefully consider the investment objectives, risks, charges, and expenses. These services are available at no additional cost to you. The balance will depend on the amount contributed by you and UC and your investments performance, and can be left to your designated beneficiary. The sooner you enroll, the sooner you start receiving UC contributions and/or service credit. How UC's primary retirement benefits work, Retirement benefits for Safe Harbor employees (seasonal, part-time, temporary), How UC's supplemental retirement benefits work, Enroll in the 403(b), 457(b), or After-tax DC Plan, Quick enroll in the 403(b) in 3 steps (Easy Enroll), How retiree health & welfare benefits work, Enroll, view or change your retiree health coverage, Retirement income estimates from all UC benefits (Retirement Review), Financial education classes - descriptions, UCPath - health benefits, payroll, leaves, NetBenefits - Savings Choice, DC Plan, 403(b), 457(b), Update on Secure Act 2.0 Retirement Plan Reforms, Five things you can do to help secure your UC Retirement Savings Program accounts, Updates to in-service withdrawals from UCs 457(b) and DC Plan, Your 2022 Retirement Review is available now, Alert: Be careful about financial advisor solicitations, Manage DC Plan account (Savings Choice, and DC Supplement for Pension Choice). Foreign markets can be more volatile than U.S. markets due to increased risks of adverse issuer, political, market or economic developments, all of which are magnified by emerging markets. You contribute 7% of your eligible pay1, before taxes. If you are currently repaying a UC 403(b) Plan loan or request a CARES Act loan, you can delay your repayments until after December 31, 2020. You have 90 days from your retirement option eligibility date to choose a primary retirement benefit; your enrollment window closes once you submit a choice. That means it wont affect the amount you would normally contribute to your UC plan. The investment risks of each target date Pathway Fund change over time as each funds asset allocation changes. For UCRP members who are planning to retire within the next five years and for vested inactive members of UCRP. For more information, contact Fidelity directly at (866) 682-7787. All rights reserved.772832.5.0, FREQUENTLY ASKED QUESTIONSTERMS AND CONDITIONS. If you are not already a Zoom user, you may need to download the Zoom app or a plugin for your browser. The balance of your account will depend on the amount contributed by you and UC and on the performance of the investments you select. Under the CARES Act, you can borrow up to 100% of your vested 403 (b) plan balance up to $100,000, whichever is less. Additional information on the plan is provided in the Summary Plan Description available online through atyourservice.ucop.edu or www.netbenefits.com . This class helps you learn the basics of investing, including key investing concepts and common types of investments, plus an overview of funds available through the UC Retirement Savings Program. Please update your browser settings and enable your cookies. A switch to Pension Choice during your second choice window means: Speak with a UC-dedicated workplace financial consultant for help with your options. 1 Retirement benefits are calculated based on eligible pay, which does not include certain types of compensation, such as: Pay that exceeds the full-time rate or established base pay rates for regular, normal positions; overtime pay (unless for compensatory time off); pay that exceeds the base salary (X+X) under the Health Sciences Compensation Plan. UC's Retirement Savings Program lets you save more for your future. How UC's primary retirement benefits work, Retirement benefits for Safe Harbor employees (seasonal, part-time, temporary), How UC's supplemental retirement benefits work, Enroll in the 403(b), 457(b), or After-tax DC Plan, Quick enroll in the 403(b) in 3 steps (Easy Enroll), How retiree health & welfare benefits work, Enroll, view or change your retiree health coverage, Retirement income estimates from all UC benefits (Retirement Review), Financial education classes - descriptions, UCPath - health benefits, payroll, leaves, NetBenefits - Savings Choice, DC Plan, 403(b), 457(b), Changes to the UC Retirement Savings Program (RSP) fund offerings, UCs Chief Investment Officer talks about investing for retirement. You wont owe the customary early withdrawal penalty when you withdraw under the CARES Act provision. Employees who choose Savings Choice will have a one-time opportunity, beginning on the fifth anniversary of the calendar year in which they made their initial election, to switch to Pension Choice prospectively. When you retire from UC, you may be eligible to continue your UC-sponsored coverage of medical, dental, vision, accidental death and dismemberment, and legal insurance. On May 21, 2020, the UC Board of Regents voted to implement provisions of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) designed to make it easier for participants to access funds from their retirement savings plans. Webinars are presented live via Zoom and as recorded presentations: When you register for a live webinar, you will receive a confirmation with relevant webinar information including the instructions for logging in. Note: If youre represented by a union, your retirement benefits are governed by your unions contract with UC. UC offers a comprehensive array of retirement benefits, savings programs and educational and counseling resources to help you plan for retirement. Read the information carefully before you invest. Because UCRP is a defined benefit plan, a member receives a specified payment amount at retirement (based on UCRP service credit, retirement age and eligible annual pay, up to the applicable maximum), irrespective of the amount the individual or UC contributes. One-on-One Guidance from a Fidelity Consultant How UC's primary retirement benefits work, Retirement benefits for Safe Harbor employees (seasonal, part-time, temporary), How UC's supplemental retirement benefits work, Enroll in the 403(b), 457(b), or After-tax DC Plan, Quick enroll in the 403(b) in 3 steps (Easy Enroll), How retiree health & welfare benefits work, Enroll, view or change your retiree health coverage, Retirement income estimates from all UC benefits (Retirement Review), Financial education classes - descriptions, UCPath - health benefits, payroll, leaves, NetBenefits - Savings Choice, DC Plan, 403(b), 457(b), One of the smartest ways to save is among your UC health benefits. For the supplemental account, you choose from a menu of funds and you assume the investment risk. This link will take you away from our website. Use NetBenefits tochange your investments or rebalance your investment mixat virtually any time. The pension is now estimated to be funded at 94 percent on a market value basis. University of California, Davis, One Shields Avenue, Davis, CA 95616 | 530-752-1011. As a result, your benefits may be different than the benefits outlined here. This and other information on mutual fund options that are part of the UC Retirement Savings Program Fund Menu and other mutual funds or exchange-traded funds outside the UC Retirement Savings Program Fund Menu can be found inthe prospectus, offering circular, or, if available, a summary prospectus, which can be obtained, free of charge, at the same website and toll-free phone number. Which investment mix may be right for you? Note: If you've taken a loan in the past 12 months, the amount you can borrow will be reduced by the highest outstanding loan balance. When you retire, you will be able to draw retirement income from your supplemental account. The University of California intends to continue the benefits described here indefinitely; however, the benefits of all employees, retirees, and plan beneficiaries are subject to change or termination at the time of contract renewal or at any time by the University or governing authorities. On May 21, 2020, the UC Board of Regents voted to implement provisions of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) designed to make it easier for participants to access funds from their retirement savings plans. (Only 2023 dates are open for registration at this time; dates are subject to change as needed). You must enable cookies in order to view various portions of this site. The second choice window for Savings Choice participants opens on the fifth anniversary of the calendar year in which they made their initial election (if you're represented by a union, your Second Choice Window is governed by your union's contract with UC). In addition to the defined benefit plan, the UC Retirement Savings Program provides employees with supplemental retirement benefits. UCRP is a defined benefit plan in which benefits are calculated based on factors such as a members salary, age, and years of service credit. You must enable cookies in order to view various portions of this site. Weigh the consequences on your future financial security before you tap into your UC retirement savings accounts, especially in volatile markets. If you don't make an active choice, you automatically will beenrolled in Pension Choice when your 90-day selection window ends. These rules can vary by bargaining unit for employees who are currently in or have worked in union jobs while at UC. 5 If you take a full withdrawal or rollover of your Savings Choice accumulations prior to your retirement with UC, your associated retiree health service credit will be forfeited (and you will not have the option to restore the service credit if you return to UC employment). You begin to earn service credit for your time worked when you start making contributions. This link will take you away from our website. CARES Act withdrawals are available until December 30th, 2020. If you have questions about the CARES Act or need guidance on accessing your retirement funds through these provisions, call a UC-dedicated Fidelity Retirement Planner at1-800-558-9182. The UC Retirement Savings Programs investment menu is designed to make it easier for you to build a diversified, lower-cost investment mix that matches your personal tolerance for risk. If you need help creating, logging into or making the most of your UCRAYS account please visitGetting help with UC Retirement At Your Service (UCRAYS). For more information on this topic, please visit the, End of Life Tip - 4: After the Death of a Loved one. Additional retirement savings account education (including webinars) can be obtained here. Are you sure you wish to continue? This link will take you away from our website. RASC introduces dedicated support for survivors and beneficiaries, No lapse in pay retirement option for July 1st retirements, 2023 cost-of-living adjustments announced for UCRP benefit recipients, Update on Secure Act 2.0 Retirement Plan Reforms, UC Retirement Savings Program lowers administrative fee (01.01.2023), Your tax forms for 2022 are available now, Be careful about financial adviser solicitations, Options for taking your first minimum required distribution (MRD). On May 21, 2020, the UC Board of Regents voted to implement provisions of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) designed to make it easier for participants to access funds from their retirement savings plans. This option gives you access to thousands of mutual funds available through Fidelity FundsNetwork, as well as exchange-traded funds (ETFs) many of which include fossil fuel companies. For the supplemental account for eligible faculty. Help us out! Being quarantined, furloughed or laid off, or having work hours reduced, Being unable to work due to lack of childcare, A reduction in pay (or self-employment income), Having a job offer rescinded or start date for a job delayed, Closing or reducing hours of a business owned or operated by you, your spouse or a member of your household, To learn more about the CARES Act or find updates on its provisions, visit. Rollovers made easy, How lifetime and special catch-up contributions work, Manage DC Plan account (Savings Choice, and DC Supplement for Pension Choice), Were hired into an eligible faculty or career staff appointment on or after July 1, 2016; OR, Completed an hours requirement on or after July 1, 2016generally, 1,000 hours worked within a 12-month period; OR. The current administrative services fee is $8.25 per quarter ($33 per year). To qualify for a CARES Act withdrawal or loan, or to delay a loan repayment, you must self-certify that you, your spouse or someone who shares your principal residence faced at least one of the following adverse financial consequences as a result of COVID-19: Weigh the consequences on your future financial security before you tap into your UC retirement savings accounts, especially in volatile markets. Fidelity Brokerage Services LLC, member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917 2020-2023 FMR LLC. For more information on the CARES Act and its provisions please visit one of these resources: For more information on this topic, please visit theUCnetwebsite. The Guide to investing in the UC Retirement Savings Program class can help you understand the basics of investing. The voluntary UC Retirement Savings Program offers a convenient, tax-advantaged way to save for retirement. Copyright 2023 The Regents of the University of California. Phone: 310-825-7456 UC contributes 8% of your eligible pay, up to the IRS pay maximum. Call a UC-dedicated Fidelity Retirement Planner at1-800-558-9182. Learn about the health plans available for UC retirees and their eligible family members. Retirement, which includes the traditional pension and the Retirement Savings Plan, a defined contribution program, stood at $125.6 billion on June 30, 2021, the end of the fiscal year. The investment menu includes a full range of asset classes designed to help meet your needs, no matter what type of investor you might be. The administrative services fee covers expenses for recordkeeping services for your account(s), communications, financial education, internal UC staff support for the Plan, and other non-investment services. Pension benefit is based on UCRP service credit, highest average 36 months of eligible pay (up to the IRS pay maximum) and age at retirement. UCs contributions will vest after you have earned five years of UCRP service credit or, if earlier, on the date of your death, provided you are actively employed on that date. This and other information on mutual fund options that are part of the UC Retirement Savings Program Fund Menu and other mutual funds or exchange-traded funds outside the UC Retirement Savings Program Fund Menu can be found inthe prospectus, offering circular, or, if available, a summary prospectus, which can be obtained, free of charge, at the same website and toll-free phone number. All Rights Reserved. This effect is usually more pronounced for longer-term securities.) All eligible new employees have a choice of primaryor requiredretirement benefits, with costs shared by you and the UC system. To be eligible, you must meet several requirements. For 2023, the limit is the first $146,042 of annual pay. Register for a live webinar. If you're eligible for the UC Retirement Choice Program, it pays to enroll as soon as you've made your choicewithin 90 days of your hire date or qualifying appointment eligibility date. The information provided on this web site is general in nature and should not be considered legal, tax, or investment advice. If you belong to an exclusively represented bargaining unit, some of your benefits may differ from the ones described here. The UC Retirement Savings Program is reducing the fee for administrative services effective January 1, 2023. How UC's primary retirement benefits work, Retirement benefits for Safe Harbor employees (seasonal, part-time, temporary), How UC's supplemental retirement benefits work, Enroll in the 403(b), 457(b), or After-tax DC Plan, Quick enroll in the 403(b) in 3 steps (Easy Enroll), How retiree health & welfare benefits work, Enroll, view or change your retiree health coverage, Retirement income estimates from all UC benefits (Retirement Review), Financial education classes - descriptions, UCPath - health benefits, payroll, leaves, NetBenefits - Savings Choice, DC Plan, 403(b), 457(b), Manage DC Plan account (Savings Choice, and DC Supplement for Pension Choice). Are you ready to roll? 1116 Rolfe Hall Investors considering investments in bond funds should know that, generally speaking, the bond market is volatile, and fixed income securities carry interest rate risk. For UCRP members who are planning to retire within the next 4-12 months, this webinar explains everything you need to know about the retirement process, including required forms, important deadlines and helpful resources. UC offers a comprehensive array of retirement benefits, savings programs and educational and counseling resources to help you plan for retirement. We are working to improve the site. The individual must share your principal residence. Register for a live morning webinarorevening webinar. CARES Act withdrawals are available until December 30, 2020. Income:You receive lifetime monthly retirement income based on your highest average 36 months of eligible pay (up to the PEPRA maximum), the amount of your service credit in UCRP, and your age at retirement. University of California Retirement Plan (UCRP) UCRP is a traditional pension plan, providing a predictable level of income when you retire. Fidelity Brokerage Services LLC, member NYSE,SIPC, 900 Salem Street, Smithfield, RI 02917 2023 FMR LLC. Retirement Estimator Sign-in required For 2023, this limit is $330,000. You choose your investments from a menu of available funds, and you assume the investment risk. These optional provisions required approval from the Regents, who are responsible for overseeing the UC Retirement Savings Program (which includes the Defined Contribution Plan, Tax-Deferred 403(b) Plan, and 457(b) Deferred Compensation Plan). UC provides educational tools and resources to help you plan. Personalized Retirement Roadmap- Sign-in required Additional benefits:You may be eligible forretiree health benefits from UC. UCRP also includes benefits for your eligible survivors, as well as disability income if you become totally and permanently disabled before retirement. Participants who want to learn how to invest and grow savings in the UC Retirement Savings Program. Retirement Administration Service Center (RASC), Getting help with UC Retirement At Your Service (UCRAYS), Your Retirement Process online: Steps for Member, Retiree Health Insurance: Preparing for Retirement(slides), One-on-One Guidance from a Fidelity Consultant, Defined Contribution Plan - which consists of the Pretax Account for mandatory Safe Harbor employee contributions and the After-Tax Account for voluntary contributions and the taxable portion of rollovers from other employer plans, Understanding your individual situation and priorities, Rollovers into UC Retirement Savings Program, Employees hired or rehired between Jan. 1, 1990 and June 30, 2013, Employees hired or rehired on or after July 1, 2013. Copyright Regents of the University of California, Retiree Health Benefits presentation slides, Retiree Health Benefits Frequently Asked Questions. The balance will depend on the amount contributed by you and UC and your investments performance and can be left to your designated beneficiary. UCs primary retirement benefits provide a strong foundation, with costs shared by you and UC. The Program consists of: Fidelity Retirement Services The University of California is the administrator of the Retirement Savings Program, and Fidelity Retirement Services provides the record-keeping and account services for the UC Defined Contribution Plan (DCP), 403(b) tax-deferred plan, and 457(b) deferred compensation plan. Talk to your UC locations dedicated Fidelity Workplace Financial Consultant (by phone or video), How UC's primary retirement benefits work, Retirement benefits for Safe Harbor employees (seasonal, part-time, temporary), How UC's supplemental retirement benefits work, Enroll in the 403(b), 457(b), or After-tax DC Plan, Quick enroll in the 403(b) in 3 steps (Easy Enroll), How retiree health & welfare benefits work, Enroll, view or change your retiree health coverage, Retirement income estimates from all UC benefits (Retirement Review), Financial education classes - descriptions, UCPath - health benefits, payroll, leaves, NetBenefits - Savings Choice, DC Plan, 403(b), 457(b), Manage DC Plan account (Savings Choice, and DC Supplement for Pension Choice). Click How was your visit today? below to complete a short survey. Are you sure you wish to continue? How UC's primary retirement benefits work, Retirement benefits for Safe Harbor employees (seasonal, part-time, temporary), How UC's supplemental retirement benefits work, Enroll in the 403(b), 457(b), or After-tax DC Plan, Quick enroll in the 403(b) in 3 steps (Easy Enroll), How retiree health & welfare benefits work, Enroll, view or change your retiree health coverage, Retirement income estimates from all UC benefits (Retirement Review), Financial education classes - descriptions, UCPath - health benefits, payroll, leaves, NetBenefits - Savings Choice, DC Plan, 403(b), 457(b), Establishing and maintaining your estate plan class, Create a budget, ditch your debt, and start building for the future class, Make the most of the UC Retirement Savings Program class, Manage DC Plan account (Savings Choice, and DC Supplement for Pension Choice).

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