Advantages and Additional Perks
UC San Diego employees who are eligible for retirement benefits can look forward to a range of options for supplementing their retirement income. The University of California (UC) retirement system, UC San Diego included, offers various plans to help employees prepare for their golden years.
The primary retirement plan for eligible UC employees is the University of California Retirement Plan (UCRP). Employees who retire and wish to return to work can do so in two ways: through a Limited Appointment, allowing up to 43% time in a 12-month period without affecting their monthly retirement payments, or a Career Appointment, which requires 50% time or more for at least one year. In this case, the employee must suspend their retirement income, contribute to the Defined Contribution Plan (DCP) and/or UC Retirement Plan, and forgo retiree health and welfare benefits. Upon ending this appointment, the employee must re-retire, and their retirement income will be recalculated to reflect the re-employment period. Retirees who took a lump-sum cash-out have limited options and can only return in a Limited Appointment position.
In addition to the UCRP, eligible employees may participate in supplemental retirement savings through tax-advantaged retirement plans such as the 403(b), 457(b), and DCP accounts. These plans allow employees to contribute additional funds to save for retirement beyond the core retirement plan. New employees can often enroll immediately or at any time after hiring, depending on specific plan rules.
UC San Diego employees also have access to various financial wellness programs and educational resources to help them prepare for retirement. The San Diego County Office of Education - Fringe Benefits Consortium (FBC) supports deferred retirement savings plans with financial wellness education and personalised plans, which UC San Diego employees may access through their benefits resources.
Returning retirees in a career appointment are required to complete specific forms and adjust their retirement and health benefits accordingly. Employees are encouraged to use available calculators and financial tools provided through UC San Diego resources for planning purposes.
Another voluntary tax-deferred savings and investment plan is the 457(b), which can be used in conjunction with an existing 403(b) plan. To enroll in any or all of these supplemental retirement benefits, employees can log into Fidelity NetBenefits. A virtual benefits guide named ALEX is also available for users.
UC employees eligible for the full benefits package are automatically enrolled in a Basic Short-Term Disability Insurance Plan at no cost. A new Roth contribution option is available for the UC 403(b) and 457(b) Plans, allowing for tax payment on contributions now with the potential for tax-free withdrawal in retirement. Fidelity Retirement Services maintains participant accounts and records for these plans.
The UCRP provides monthly retirement income or a lump sum cashout. Lincoln Financial determines disability and eligibility for benefits based on information from the treating physician. The maximum benefit period for Short-Term Disability insurance benefits is 24 weeks. For those interested in Disability benefits, it is necessary to be under a physician's care. The cost for the Voluntary Short-Term Disability Insurance Plan depends on factors such as age and annual salary, and the insurance premium calculator can determine the cost.
In conclusion, eligible UC San Diego employees have access to a comprehensive suite of retirement savings and investment plans, including the UC Retirement Plan and supplemental tax-advantaged retirement savings plans like 403(b) and 457(b). These plans come with structured rules for contributing, returning after retirement, and managing health and welfare benefits in relation to retirement status. UC San Diego also offers various financial wellness programs and educational resources to help employees prepare for retirement.
Science plays a crucial role in workplace wellness as UC San Diego offers financial wellness programs and educational resources for employees to prepare for retirement, including resources on health and wellness, fitness and exercise, and nutrition. By participating in these supplemental retirement savings plans like the 403(b) and 457(b), employees can ensure their financial stability during their golden years.
