This link will take you away from our website. Fidelity | UCLA Emeriti/Retirees Relations Center Want to see what your UC benefits could provide when you reach 65? 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. 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. You are eligible for a choice of primary retirement benefits if you: If you were participating in the UC Retirement Plan (UCRP) on June 30, 2016, you will continue to participate in your current plan and will not need to choose a primary retirement benefit option. 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. Please update your browser settings and enable your cookies. Stay the Course: How to Handle Market Volatility, UCs Chief Investment Officer Talks about Investing for Retirement, Take a class on investing or talk to a UC Planner. 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. If you become disabled before retirement, you may be eligible for a percentage of your income and continuing health benefits. Retirement Savings Programs The UC Retirement Savings Program offers a convenient, tax-advantaged way to save for retirement. Will inflation deflate your retirement savings? The sooner you enroll, the sooner you start receiving UC contributions and/or service credit. (For most employees, the membership date is the first day of work). You can compare options and make your selection atmyUCretirement.com/choose. 2020 Regents of the University of California. The securities of smaller, less well-known companies can be more volatile than those of larger companies. Qualifying employees who are eligible for Reciprocity and who are Classic CalPERS members may self-identify by submitting the UBEN 300 form (within 90 days of a Pension Choice election) to the UC Retirement Administration Service Center. Currently, you can borrow up to 50% of your total UC Retirement Savings Program account balance up to $50,000. You choose your investments from a menu of available funds, and you assume the investment risk. As you contemplate retirement, heres what you need to know for a successful transition. UC's policy on returning to work after retirement applies to those who are receiving UC Retirement Plan (UCRP) monthly income and those who elected a lump sum cashout at retirement. The CARES Act allows you to withdraw 100% of your own vested balances up to $100,000 (whichever is less) from your UC 403(b), 457(b) plan, or DC Plan account. Fidelity Brokerage Services LLC, Member NYSE, SIPC, 100 Summer Street, Boston, MA 02110 University of California - Supplemental Retirement Benefits The estimates are not a guarantee of eligibility or benefit amounts. As a Fidelity Director/Retirement Planner, Andrew has more than nine years with the company. Under the CARES Act, you can borrow up to 100% of your vested 403 (b) plan balance up to $100,000, whichever is less. You may also repay all or part of your CARES Act withdrawal within three years and, if you do, your repayment wont be subject to the annual IRS contribution limit. Fidelity Brokerage Services LLC, member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917 2020-2023 FMR LLC. When you vest in (become eligible for) benefits:Your contributions to your pension and to your supplemental account (if you have one) are always yours. The administrative services fee is deducted from your account balance each quarter. The Guide to investing in the UC Retirement Savings Program class can help you understand the basics of investing. 3The designated faculty eligible for a 5% UC contribution to the supplemental benefit (on all eligible pay up to the annual IRS maximum) are as follows: Ladder-rank faculty and equivalent titles (Professorial and Equivalent titles, which include Agronomists, Astronomers, Clinical Professor of Dentistry [over 50%] and Supervisor of Physical Ed); Professor in Residence series;Professor of Clinical (X) series; Acting full, associate and assistant professors; Lecturers/Senior Lecturers (full-time) with Security of Employment or Potential Security of Employment (excluding UC Hastings Lecturers/ Senior Lecturers); Adjunct Professor series; Health Science Clinical Professor series. If you have questions about the fees you pay, please call a UC-dedicated workplace financial consultantat 1-800-558-9182. Please update your browser settings and enable your cookies. This information is intended to be educational and is not tailored to the investment needs of any specific investor. Voluntary UC Retirement Savings Program | UCnet - University of California The amount that UC contributes to your medical and dental plans depends on: UC contributions toward medical and dental plans, 3101 Student Affairs and Administrative Services Building (SAASB). See the My UC Retirement website or call Fidelity Retirement Services for questions about: Financial Education Classes Were rehired into an eligible faculty or career staff appointment on or after July 1, 2016, following a break in service. 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. Regardless of your investment preferences, a key strategy for managing risk is having a well-diversified portfolio. This link will take you away from our website. The balance will depend on the amount contributed by you and UC and your investments performance and can be left to your designated beneficiary. Retirement Estimator Sign-in required (Only 2023 dates are open for registration at this time; dates are subject to change as needed). 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. The University of California Retirement Plan (UCRP) provides retirement income for eligible employees and their eligible survivors and beneficiaries. Additional information on the plan is provided in the Summary Plan Description available online through atyourservice.ucop.edu or www.netbenefits.com . Investing involves risk, including the risk of loss. 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. PDF University of California Retirement Savings Program Savings Choice participants have a window of opportunity to switch prospectively from Savings Choice to Pension Choice, and become members of the UC Retirement Plan (UCRP). If you don't think you'll work for UC for 15 years ormore, consider supplementing your savings through the UC 403(b) or 457(b) plans. Start taking advantage of your UC Retirement System benefits today. All rights reserved.ERNA, FREQUENTLY ASKED QUESTIONSTERMS AND CONDITIONS. For complete details, see your Summary Plan Description. (As interest rates rise, bond prices usually fall, and vice versa. Havea retirement account in a previous employers plan? 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. If you are not already a Zoom user, you may need to download the Zoom app or a plugin for your browser. Additional benefits:You may be eligible forretiree health benefits from UCand continuing health benefits for your contingent annuitant (if eligible) after your death. UC makes decisions about the investments of the UCRP and assumes the investment risk. It alsoincludesinvestment approaches based on risk tolerance, investing horizon and involvement level. 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. 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. Human Resources - Retirement & Savings UC Retirement Savings Program | UCOP The UC Retirement Savings Program is experiencing lower-than-expected administrative costs and is passing the savings on to you. For UCRP members who are planning to retire within the next five years and for vested inactive members of UCRP. The 403 (b) plan features most closely resemble a 401 (k) plan. The decision to participate in Pension Choice is irrevocableyou cannot change your participation to Savings Choice later. 2Employer and employee contribution rates are set periodically by the UC Regents. Tier I Target Date FundsUC Pathway Funds, UC Pathway Income FundUC Pathway Fund 2020UC Pathway Fund 2025UC Pathway Fund 2030, UC Pathway Fund 2035UC Pathway Fund 2040UC Pathway Fund 2045UC Pathway Fund 2050, UC Pathway Fund 2055UC Pathway Fund 2060UC Pathway Fund 2065, Tier II Main Fund MenuBond and StockInvestments*, Inflation-ProtectedUC Short Term TIPS FundUC TIPS Fund, Domestic StockBroad CapUC Domestic Equity Index Fund, Small CapUC Domestic Small Cap Equity Fund, Foreign StockDeveloped MarketsUC International Equity Index FundUC Diversified International Fund, Emerging MarketsUC Emerging Markets Equity Fund, Specialty StockUC Global Equity ex Fossil Fuel FundUC Real Estate FundUC Social Equity Fund, Comfortable building a diversified portfolio on your own? Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Schedule a one-on-one session, or call1-800-558-9182. UCs primary retirement benefits provide a strong foundation, with costs shared by you and UC. If youre ready to think seriously about investing, its time to learn about the investments available through the UC Retirement Savings Program (UCRSP)the 403(b), 457(b), and Defined Contribution (DC) Plans. The current administrative services fee is $8.25 per quarter ($33 per year). UC provides educational tools and resources to help you plan. Go to "Benefits Payments & Taxes" and then to the "Net Payment Estimator". Register for a live morning webinar. If you have more than one Retirement Savings Program account (for example, a 403(b) Plan account and a DC Plan account), you will be charged only one administrative services fee per quarter. For 2023, the limit is the first $146,042 of annual pay. You must enable cookies in order to view various portions of this site. Currently, you can borrow up to 50% of your total UC Retirement Savings Program account balance up to $50,000. All rights reserved.1009076.1.0, FREQUENTLY ASKED QUESTIONSTERMS AND CONDITIONS. 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. 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. Investing involves risk, including risk of loss. If you don't make an active choice, you automatically will beenrolled in Pension Choice when your 90-day selection window ends. Effective January 1, 2023, the fee is being reduced to $7.75 per quarter ($31 per year). Put the law of averages to work for your retirement, Where to go for help with your investment decisions, How to prepare for your one-on-one counseling meeting, Manage DC Plan account (Savings Choice, and DC Supplement for Pension Choice). There is a list of financial consequences one must qualify for to obtain a CARES Act withdrawal, loan, or to delay a loan repayment. Note: Contributions are made only on pay you earn after you are enrolled, subject to payroll processing cycles. Pension Choice includes a monthly pension benefit under the University of California Retirement Plan (UCRP), for predictable lifetime retirement income based on your eligible pay (up to the PEPRA maximum), service credit and retirement age. Register for a live morning webinar. Retirement & Savings Planning for the future. 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. Keep in mind that investing involves risk. Also, if youre represented by a union, your retirement benefits are governed by your unions contract with UC. Your contributions to your supplemental account, if any, will vestimmediately. Before investing in any investment option, please carefully consider the investment objectives, risks, charges, and expenses. Click How was your visit today? below to complete a short survey. The CARES Act increases the maximum amount you can borrow from your UC 403(b) Plan. To be eligible, you must meet several requirements. The University of California Retirement Plan (UCRP) is a defined benefit (pension) plan that . As a result, your benefits may be different than the benefits outlined here. 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). 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. Personalized Retirement Roadmap- Sign-in required You can designate a beneficiary for your supplemental account balance. You must enable cookies in order to view various portions of this site. You may also have an opportunity to recover the income taxes that you originally paid with respect to your CARES Act distribution. For more information, contact Fidelity directly at (866) 682-7787. If you don't choose a primary retirement option, you automatically will be enrolled in Pension Choice at the end of the 90-day period. Policy-covered UC faculty and staff fall into one of three categories for retiree health benefits eligibility, each based on the date of membership in UCRP or their rehire date after a break in service of 120 days or more. myUCretirement The UC Retirement Savings Program is experiencing lower-than-expected administrative costs and is passing the savings on to you. Make sure you know how changes in your life may affect your financial plan. The Program consists of: Fidelity Retirement Services 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. UC Retirement Savings Program lowers administrative fee (01.01.2023) NEWS New IRS limits for 2023 NEWS Your tax forms for 2022 are available now News Most Popular New Retiree Webinar Series Video Be careful about financial adviser solicitations ARTICLE Options for taking your first minimum required distribution (MRD) How to Update your Beneficiary Are you sure you wish to continue? The program consists of the Tax-Deferred 403(b) Plan, the 457(b) Deferred Compensation Plan and the Defined Contribution Plan, which is made up of a pretax account for mandatory contributions and an after-tax account for voluntary contributions. 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. Please refer to your collective bargaining agreement for details. The Guide to investing in the UC Retirement Savings Program class can help you understand the basics of investing. Its a good idea to start preparing as soon as possible, and webinars offered by the UC Retirement System are a good place to start. What will you learn? Please send inquiries regarding the Universitys affirmative action and equal opportunity policies for staff to Affirmative Action Officer, University of California Office of the President, 1111 Franklin Street, Oakland, CA 94607, and for faculty to Director of Academic Affirmative Action, University of California Office of the President, 1111 Franklin Street, Oakland, CA 94607. The menu includes a full range of asset classes designed to help meet your needs, no matter what type of investor you might be. When you vest in (become eligible for) benefits:Your contributions to your account are always yours. For the supplemental account, you choose from a menu of funds and you assume the investment risk. About three months before you plan to retire, you will want to begin the retirement process.