Can I Change My Health Plans Or Add Dependents To Health Plans At Or After Retirement
Generally, retirement by itself doesnt provide an opportunity to change your health plans. However, you may be able to change plans if you have a qualifying event at the same time as retirement . Changes must be requested via written request within 31 days of a qualifying event. Consult with your RASC Retirement Counselor to discuss your options.
After retirement, health benefits Open Enrollment for Retirees occurs annually in autumn during the same period for employee Open Enrollment. Changes made during Open Enrollment become effective the following January 1st. If you retire and experience a family status change you may be eligible to enroll newly eligible family members within a 31-day Period of Initial Eligibility . Contact UC Retirement Administration right away following a family status change to learn your options. Changes must be requested via written request within 31 days of a qualifying event.
I Had A Leave Without Pay During My Career What Are My Options
You earn no UCRP service credit for any unpaid leave periods. Before you retire, you might want to consider buying back retirement service credit for the time you were on leave. Generally, the cost of a leave buyback depends on when the leave occurred, its length, your age, and how long you wait purchase service credit. Refer to the UCRP Service Credit Purchase Guide.pdf for eligibility rules. To obtain an estimate of the cost of a service credit purchase, contact RASC via Secure Message using UC RAYS .
What Happens To My Vacation And Sick Leave Accruals
You will be paid for any vacation time earned through your last day of work on your terminal paycheck when you leave UC employment to retire.
If you elect monthly retirement income, your unused sick leave will be converted to additional UCRP service credit. If you elect lump-sum retirement income, you will not be paid for any accumulated sick leave.
You may not convert sick leave in order to meet vesting requirements with UCRP.
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Uc Assets Grow By $38 Billion In 2021 To $168 Billion With Endowment Returning 337 Percent And Pension Up 305 Percent
The University of Californias Office of the Chief Investment Officer announced today that its assets under management grew to $168 billion as of June 30, 2021, a 29 percent jump over the prior fiscal year and the largest one-year gain in its history. The additional $38 billion in assets over the previous year represents a 77 percent increase since 2014.
In so many ways, this past fiscal year was intense, and humbling, said Chief Investment Officer Jagdeep Singh Bachher. Beyond the tumult of the pandemic, the social and geopolitical unrest, with the effects of climate change in sharp relief, we made some bold moves to capture the unique opportunities a surging market provided. Were well positioned to build on these strong returns for the long-term benefit of the University of California.
Said UC Regent Richard Sherman, chair of the Investments Committee, This past year has really tested all of us. Jagdeep and the UC Investments team, working entirely remotely, stayed calm and focused. We ended up significantly changing our asset allocation by increasing our exposure to equities in the middle of the pandemic. It proved to be the right move.
The endowment, which includes the General Endowment and Blue & Gold Pools, stood at $19.7 billion. Working capital, which includes the Total Return and Short-Term Investment Pools, ended the fiscal year at $22.6 billion.
How each of the financial products performed
More details can be found here.
Uc Retirement Plan Actuarial Valuation
*Please note that the 2016 CIO Annual Report is available in website format only, at http://invest.universityofcalifornia.edu/2016/.
|Chief Investment Officer Annual Reports||*Please note that the 2016 CIO Annual Report is available in website format only, at http://invest.universityofcalifornia.edu/2016/.|
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Is There A Difference Between Separation And Retirement
Yes. Separation simply means leaving UC employment. Retirement is your election to receive income from UCs Retirement Plan. Your retirement must follow your separation. You may not be both employed and retired from UC on the same date. Often, retirement is the day following your separation. Even if that day is a weekend or a holiday. Simply put:
- Your separation date is the last day of employment at UC Santa Cruz in any capacity
- Your separation date is last day you receive pay at UC Santa Cruz including sick leave pay, holiday pay, vacation pay, catastrophic leave pay, etc.
Im Thinking About A Lump Sum Cashout Of My Retirement Benefit What Should I Consider
As an alternative to monthly retirement income, you can choose a lump sum cashout of your retirement benefits. The Lump Sum Cashout is the actuarial equivalent of the present value of a UCRP members lifetime retirement income.
If you elect Lump Sum Cashout at retirement, you forfeit the following:
- eligibility to be covered by UC retiree health benefits
- survivor benefits
- contingent annuitant benefit
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What Decisions Will I Have To Make In The Retirement Process
You will have many decisions to make.
The Election Worksheet, included with your Personal Retirement Profile, lists the decisions you must make to receive your retirement income benefit. Read the entire Retirement Handbook.pdf in preparation for making decisions.
You will record your decisions in the Election Worksheet and submit your completed worksheet to RASC.
Your RASC Retirement Counselor cannot give you financial or tax advice. Before you make any decisions, you are urged to speak with your family and/or with a trusted financial advisor to fully understand tax implications on your decision to retire. See the Special Tax Notice for UC Retirement Plan Distributions for more information.
Within 45-60 days of submitting your completed Election Worksheet, you will receive a confirmation of your retirement election choices. Carefully review this document for accuracy. Your confirmation statement outlines your retirement income and when you will receive your first retirement benefit payment.
Im Planning To Move After Retirement What Do I Need To Consider How Do I Change My Address
Your Retirement Initiation Packet asks you if and when you are moving after retirement. If you are moving immediately after retirement, inform RASC.
It is your responsibility to update your address any time you move.
- UC Employees update address & contact information via UC Path
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What Do I Do With My 403b 457b And/or Dcp Accounts
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. You have the option to move your money too. Call Fidelity Retirement Services, record keeper for UCs Retirement Savings Program, at 1-800-558-9182 with any questions or to discuss your options in greater detail.
What Tax Forms Will I Receive After Retirement
If you retired mid-year, separate tax documents will be issued:
- Form W-2 for your employment income and
- Form 1099R for your retirement income
- Form 1095, Affordable Care Act form-Employer Provided Health Insurance Offer and Coverage will also be issued for both employees and retirees.
To learn how to obtain these forms, visit UC Net
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What If I Have A Question About My Ucrp Service Credit
You may contact RASC with questions on your service credit total. If you have accrued less service credit that you thought, the reason may be due to a period in your career where you were on Leave Without Pay or worked a reduced/part-time schedule. Additionally, if you were hired as a limited employee, the limited periods are not generally counted toward your UCRP service credit because membership requirements were not met. UCRP service credit begins to accumulate on the date when you satisfy membership requirements.
If you believe that your service credit total is incorrect, you may request UCRP service credit verification from RASC. You may be asked to provide specific dates for review and supporting documents, such as earnings statements , for the time in question for a service credit verification. Service credit verifications generally take 6-8 weeks for completion.
Highest Average Plan Compensation
HAPC is a period of highest paid earnings. These earnings are an average over a 36-consecutive month period. Stipends are included, but over-time pay, bonuses and summer 9ths* are not . They are the full-time equivalent salary for employees who work part-time. For most employees, the HAPC will be the final 36 consecutive months preceding retirement, but can occur at any time. For UC employees who are coordinated with Social Security from their UC employment, the HAPC will be reduced by $133. This reduction represents the amount UC contributes to Social Security on the employees behalf both the employee and UC pay a tax to Social Security for the employees Social Security pension.
*IRC §401 sets a dollar limit for earnings upon which retirement benefits may be based. The earnings limit for the Plans fiscal year beginning July 1, 2009, is $245,000 annually for employees who became members as of July 1, 1994, or later. For those who were active members before July 1, 1994, the earnings limit is $360,000. These limits are for fiscal year 2009 prior fiscal years have different limitations that can affect the HAPC when calculated.UCRP formula: x HAPC = Basic Retirement Income , a monthly lifetime benefit. In addition, an inactive Cost of Living Adjustment of up to 2% will be added to the HAPC for each July 1 between the separation date and the retirement date, if UCRP entry date is before 7/1/13.
At Age 50:
At Age 60:
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What Are My Responsibilities Around Notification That I Plan To Retire
You are responsible for notifying your supervisor or Dean that you are resigning your position at UC Santa Cruz and for providing the reason for your resignation is retirement-IMPORTANT: please specify retirement in your resignation, for the sake of clarity. Academic and staff employees should notify their department manager on their decision to retire about three months before the retirement date.Your resignation letter must contain at least the following two facts:
Your Personal Retirement Profile , created for you by RASC, contains your separation date in section 2 of the Profile. You may use the Separation date from the PRP in your resignation letter. Do NOT use the Retirement date/Cashout date as your date of resignation. In other words, your retirement date MUST follow your separation date. You cannot be both employed by UC and retired from UC on the same day, so the retirement date is often the day following your separation date.
What Is Ucrp Service Credit
A measure of time you have participated in the Plan in one or more membership classifications. Service credit is used to determine eligibility for most benefits and to calculate benefits such as monthly retirement. You earn service credit whenever you receive covered compensation for an eligible appointment. Part-time or variable-time work results in a proportionate amount of service credit. For example, if you work 50 percent time for one year, you receive ½ year of service credit.
Please note: UCRP service credit and Employment Service Credit are different measures of your work at UC. Employment Service Credit may not correspond to the amount of service credit you have accrued in the UCRP system or to your seniority for layoff units.
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I Have Medicare Eligibility What Do I Need To Do
If you are enrolled in a UC-sponsored medical plan after retirement and you or any of your enrolled family members are or become eligible for Medicare, UC requires that you enroll in both Medicare Parts A and B. More information about UCs Medicare requirements is in the Medicare Factsheet. If you dont enroll in Medicare or dont keep up with your Medicare premiums, you could lose your UC retiree health coverage.
Your RASC Retirement Counselor should provide you with a signed Request for Employment Information to provide to Social Security Administration about 2 months before your Medicare Part B coverage start date and additional forms for coordinating your UC Retiree Health benefits with Medicare. You may also obtain the Request for Employment Information form from the Social Security Administration and your UC Santa Cruz Benefits Office or your UC RASC retirement counselor can complete the form for you.
How Do I Stay Connected To Uc Santa Cruz
All UC Santa Cruz retirees are invited to join the UC Santa Cruz Retirees Association. The UC Santa Cruz Emeriti Association is available for retired faculty members too. There are many opportunities available to you to stay in touch at regularly scheduled events.
Following your retirement from UC Santa Cruz you will receive a UC Santa Cruz Retiree identification card and information for use in accessing privileges that may include parking, library, recreational facilities, e-mail accounts and reduced fee enrollment at UC Santa Cruz.
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How Much Does Retiree Health Coverage Cost
Currently, UC contributes toward the monthly cost of medical and dental coverage, but the contributions may change or stop altogether. The amount UC will contribute depends on the date you were hired and the amount of service credit you have earned. More information is on the UC Retiree health and welfare benefits website. You will be provided with your estimated retiree health costs with your Personal Retirement Profile .
Additionally, medical and dental premiums and plan options are renewed each year and are communicated during the annual Open Enrollment for UC Employees and Retirees. Look for the next years premium and plan information in October on UCNet.
Uc Pension And Retirement Benefits Questions
You’ve got questions? They’ve got answers.
UC Retirement Administration Service Center
Active Employees, choose extension 3Phone: 1-510-987-0200 MondayFriday, 8:30 a.m.4:30 p.m. .
Using your benefits
Here are some roadmaps for using your benefits including what steps to take and when to take them, including changing your address, enrolling in medicare, preparing for retirement and more.
Retirees can contact RASC about the following topics:
- Benefit Payment and Plan Distribution Administration Restoration Plan)
- UCRP Compliance
- Annual Cost of Living Adjustments
- Health Insurance Program Administration and Enrollment
- Medicare Coordination, Compliance, and Claims Administration
- Demographic Updates
- At Your Service Online Support
- Beneficiary Changes
- QDRO Counseling and Administration for UCRP
- Death Reporting
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Cost Of Living Adjustments
Once retired, there is an annual COLA every July 1 for eligible retirees. The retiree must have been retired for one full year on or prior to a subsequent July 1. COLAs are based on movement in the Consumer Price Index and are not necessarily matched point for point. COLAs range from a minimum of 0.1% to a maximum of 6%.
Am I Eligible For Health And Welfare Coverage As Retiree
Retiree health eligibility is described in detail on the UC Net website. Currently, UC contributes toward the monthly cost of medical and dental coverage, but the contributions may change or stop altogether. Health and welfare benefits are not accrued or vested benefit entitlements.
Generally, if you elect monthly retirement income and you meet UCRP service credit requirements, you may be eligible to continue your UC medical, dental, vision, legal and/or AD& D coverage if:
- You were enrolled when you left UC employment and
- You elect to continue coverage at the time of retirement and
- Your retirement date is within 120 days of your separation from employment and
- Your coverage is continuous until the date your retirement income begins.
Vision coverage in retirement is not funded by UC, but you may continue coverage by paying premiums directly to the vision plan. Your retirement counselor will provide you with a vision plan continuation form and enrollment deadlines. Premiums for vision coverage cannot be directly deducted from UC retirement income. Occasionally, UC offers retiree vision coverage to eligible retirees during Open Enrollment, but not every year.
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