That means it wont affect the amount you would normally contribute to your UC plan. The UCRSP Fund Menu lets you create a custom mix of fixed income fundsand equityfunds. Because of their narrow focus, sector investments tend to be more volatile than investments that diversify across many sectors and companies. For the supplemental account, you choose from a menu of funds and you assume the investment risk. Both Pension Choice and Savings Choice can help you build valuable retirement income, in addition to Social Security benefits and any other retirement income you may have. Unlike individual bonds, most bond funds do not have a maturity date, so holding them until maturity to avoid losses caused by price volatility is not possible. Investing in stock involves risks, including the loss of principal. University of California - Introduction to the UC Fund Menu UC offers a comprehensive array of retirement benefits, savings programs and educational and counseling resources to help you plan for retirement. TheUC Retirement Savings Programoffers a convenient, tax-advantaged way to save for retirement. You can explore options that could help you build a brighter future. 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. Try these tools and resources to help manage your money. Please refer to your collective bargaining agreement for details. All rights reserved. Call Fidelity Retirement Services, record keeper for UC's Retirement Savings . You must enable cookies in order to view various portions of this site. The withdrawal made will not be subject to federal tax income and can be paid back partly or in full within three years. The balance of your account will depend on the amount contributed by you and UC and on the performance of the investments you select. 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. The investment menu is selected and monitored by the UC Office of the Chief Investment Officer of the Regents. UC provides many resources and tools to help you answer that question. You contribute 7% of your eligible pay1, before taxes. 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. 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. This and other information on the UC Retirement Savings Program Fund Menu is available, free of charge, online at www.netbenefits.com or by calling Fidelity Retirement Services at 1-866-6UC-RSVP (1-866-682-7787). 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. 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). * Havea retirement account in a previous employers plan? Your individual pretax contributions, plus contributions from UC (based on your eligible pay1), accumulate in a tax-deferred retirement account that you draw from in retirement. 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 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). For the supplemental account for eligible faculty. Call a UC-dedicated Fidelity Retirement Planner at1-800-558-9182. This link will take you away from our website. A switch from Savings Choice to Pension Choice is a change in your primary retirement benefits going forward; it is not retroactive. 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. Read the information carefully before you invest. Pension benefit is based on UCRP service credit, highest average 36 months of eligible pay (up to the PEPRA maximum) and age at retirement. Watch a recording of the Five Steps to a More Financially Secure Retirement webinar. The program includes: Tax-Deferred 403 (b) Plan 457 (b) Deferred Compensation Plan Youll need to decide which UC primary retirement plan you want to participate inPension Choice or Savings Choice. As of June 30, 2022, the core fund menu will no longer hold investments in companies that own fossil fuel reserves. UCLA has adopted the concept of FlexWork, which encourages our department to work in a hybrid environment. For the supplemental account for eligible staff and other academic employees, 3% on eligible pay above the PEPRA limit, up to the annual IRS pay maximum. You may also have an opportunity to recover the income taxes that you originally paid with respect to your CARES Act distribution. For 2023, this limit is $330,000. The limit is reviewed and adjusted annually. Additional retirement savings account education (including webinars) can be obtained here. University of California Retirement Plan (UCRP) | UCnet Start taking advantage of your UC Retirement System benefits today. 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). Will inflation deflate your retirement savings? UC Retirement Choice Program | UCnet - University of California This limit applies to other California public pension plans and is calculated and reviewed annually. Are you ready to retire? The process to retire from UC is fairly easy, but it's important to plan ahead. For more information on this topic, please visit the, End of Life Tip - 4: After the Death of a Loved one. The CARES Act is designed to help by extending access to loans and withdrawals from employer-sponsored retirement savings plans like UC's voluntary plans. Participants who want to learn how to invest and grow savings in the UC Retirement Savings Program. 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. Before investing in any investment option, please carefully consider the investment objectives, risks, charges, and expenses. Contributions (from you and UC) to your Savings Choice account will stop on the date the change takes effect. Changes in real estate values or economic conditions can have a positive or negative effect on issuers in the real estate industry. Savings Choice works much like a 401(k) plan. 2020 Regents of the University of California. FREQUENTLY ASKED QUESTIONSTERMS AND CONDITIONS. You have the option to move your money too. Fidelity Brokerage Services LLC, member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917 2020-2023 FMR LLC. Before investing in any investment option, please carefully consider the investment objectives, risks, charges, and expenses. The University of California Retirement Plan (UCRP) provides retirement income for eligible employees and their eligible survivors and beneficiaries. 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. myUCretirement offers a range of retirement planning and financial education classes and resources to help you make the most of the UC Retirement System and Savings Program. Distributions from your supplemental account are governed by plan rules. PDF University of California Retirement Savings Program We are working to improve the site. Note: Contributions are made only on pay you earn after you are enrolled, subject to payroll processing cycles. Are you sure you wish to continue? You must enable cookies in order to view various portions of this site. Your benefit options vary depending on your hire date. You vest in your pension benefits and in UCs contributions to your supplemental account once you have earned five years of UCRP service credit. Read the information carefully before you invest. These sessions are confidential and are conducted in a one-on-one private-setting format at the Emeriti/Retirees Relations Center. UC employees who are members of UCRP are governed by the 1976 Tier, 2013 Tier or 2016 Tier plan provisions. Preparing for a successful retirement is one of the biggest financial responsibilities youll face. Check with your state tax board for more information about how this applies to your state income taxes. This and other information on the UC Retirement Savings Program Fund Menu is available, free of charge, online atwww.netbenefits.comor by calling FidelityRetirement Services at 1-866-6UC-RSVP (1-866-682-7787). You can continue to keep your retirement savings in the UC Retirement Savings Program even when you are not working for University of California or have retired, provided the minimum balance requirement is satisfied. The current administrative services fee is $8.25 per quarter ($33 per year). 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). Are you sure you wish to continue? Copyright Regents of the University of California, Retiree Health Benefits presentation slides, Retiree Health Benefits Frequently Asked Questions. UC provides educational tools and resources to help you plan. All rights reserved.1009076.1.0, FREQUENTLY ASKED QUESTIONSTERMS AND CONDITIONS. What will you learn? 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. Your contributions to your supplemental account, if any, will vestimmediately. These risks are particularly significant for investments that focus on a single country or region. This article was updated on June 30, 2020, with additional guidance from the IRS. 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. Are you sure you wish to continue? You choose your investments from a menu of available funds, and you assume the investment risk. Watch Jagdeep Singh Bachher, Chief Investment Officer of the Regents, and retirement planning professionals from Fidelity Investments discuss recent market volatility and provide tips for retirement savers and other long-term investors. A switch to Pension Choice during your second choice window means: Speak with a UC-dedicated workplace financial consultant for help with your options. This link will take you away from our website. As a Fidelity Director/Retirement Planner, Andrew has more than nine years with the company. Savings Choice does not include disability benefits or continuing health benefits for your survivor, but you can choose employee-paid disability and supplemental life insurance. To be eligible, you must meet several requirements. 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. Go to "Benefits Payments & Taxes" and then to the "Net Payment Estimator". Congratulations! When you vest in (become eligible for) benefits:Your contributions to your account are always yours. The ERRC has a small dynamic workforce dedicated to serve our constituents. This link will take you away from our website. 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. Additional benefits:You may be eligible forretiree health benefits from UC. About three months before you plan to retire, you will want to begin the retirement process. You will remain in the pension plan for the remainder of your career, even if you separate and return. Retirement Savings Programs The UC Retirement Savings Program offers a convenient, tax-advantaged way to save for retirement. The Guide to investing in the UC Retirement Savings Program class can help you understand the basics of investing. This information is intended to be educational and is not tailored to the investment needs of any specific investor. UC Retirement Savings Program (UCRSP) The investment funds managed by the Office of the Chief Investment Officer of the Regents consist of the university's retirement, defined contribution, and endowment funds, as well as the system's cash assets. 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. Human Resources - Retirement & Savings Webinars- take place on the second and fourth Tuesdays of every month from 10:00am - 12:30pm. You wont owe the customary early withdrawal penalty when you withdraw under the CARES Act provision. Simplify your finances by rolling it into one of UC's retirement savings plans. The UC Retirement Savings Program is experiencing lower-than-expected administrative costs and is passing the savings on to you. The CARES Act increases the maximum amount you can borrow from your UC 403(b) Plan. Voluntary UC Retirement Savings Program | UCnet - University of California Go to the Financial Education Classes page. UC Retirement Savings Plan update | UC Davis Retiree Center He was previously a Financial Consultant at the Fidelity Pasadena Investor Center. 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). The 403 (b) plan features most closely resemble a 401 (k) plan. The Program consists of: Fidelity Retirement Services Updated guidance for loans and withdrawals from UC Retirement Savings