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UC Davis Retiree CenterspacespacePlanning for Retirement

the retirement package is composed of 4 pieces Retirement is more than the UC pension. Whether you are new to the university or counting the days to retirement, download our one-page flyer "The Four Pieces of UC Davis Retirement" to learn about the various components of retirement from UC Davis.

Whether one is in his/her 20s, 30s, 40s, or older, it is never too early to start planning for retirement. Many of the decisions made (or not made) decades before retirement will impact one's ability to maintain his/her desired lifestyle into retirement. First and foremost, planning financially for retirement is much easier for those who start when they are young. According to the About.com website, the compounding of earnings is so great that those who start saving for retirement in their 20s can accumulate large account balances with relatively small investments if they contribute regularly. For example, a 25-year-old who invests $2,000 a year for eight years and never invests an additional dollar after the age of 33, can earn more by the age of 65 than a 35-year-old who invests $2,000 a year for 32 years, even though the 35-year-old invests four times as much.

Beyond the financial considerations involved in preparing for retirement, there are a myriad of factors to consider as retirement age nears. How will you spend your time—working part-time, volunteering, gardening or playing golf? Will you relocate to a new community? Will you downsize to a smaller home? Everyone should begin considering these and many other questions several years prior to retirement.

For those who are just starting to think about retirement, the Retiree Center has prepared a brief overview handout entitled “The Four Pieces of UC Davis Retirement.” The four pieces are 1) the UCRP pension plan, 2) retirement savings accounts, 3) health/welfare plans, and 4) additional benefits and discounts.

Additionally, UC Davis offers a variety of classes and resources for active faculty and staff.

Retirement preparation

Retirement Planning (Davis campus)

As of January 2014 retirement questions, estimates, and processing are handled by the Retirement Administration Service Center (RASC) at the UC Office of the President in Oakland.
   Telephone: (800) 888-8267, Ext 8 to speak to a retirement specialist
   Online forms available at https://secure.ucop.edu/secureapps/ays/csform.html

Retirement preparation classes

“Transitioning to Retirement” workshops

“Transitioning to Retirement,” is a four-part series of workshops held scheduled for winter quarter. Separate sessions for staff and faculty/academics encompass several different aspects of retirement planning. Schedule below:

  • January 16, 2015: Introduction and Understanding UC Retirement Plan (UCRP) Income Options.
  • January 23, 2015: Retiree health benefits and Social Security—the Retiree health benefits session in this workshop is similar to the “Health Insurance After You Retire” class above.
  • January 30, 2015: Financial planning for retirement—this workshop session is similar to the “Shifting from Savings to Spending” above, but goes into more detail on the retirement income planner tool.
  • February 6, 2015: Work/life transitions (additionally Emeriti Involvement for Faculty/Academics)

Classes will be held from 9 a.m. - noon for staff; 1:30 - 4:30 p.m. for faculty/academics. Registration will be required; you may email the Retiree Center to be added to a list to be notified when registration becomes available. Please use the Subject Line: Transitioning to Retirement 2015.

Detailed class descriptions and instructor information is available for staff and for faculty/academics.

Retirement Planning (Sacramento campus)

The health system also presents an overview of the pension and survivor benefits provided by the University of California Retirement Plan (UCRP), as well as an introduction to health insurance eligibility for retirees. This three-hour class is also offered several times per year. Register on the Training and Development Department website.

Health Insurance After You Retire

This one-hour workshop, which provides a more in-depth review of retiree health benefits, is offered by the Health Care Facilitator Program in the fall and spring quarters each year. Workshops are announced in the Staff Voice and Friday Updates. For more information, visit the HR/Health Care Facilitator Program website.

Financial Planning for Retirement

The UC Davis Benefits Office sponsors several financial planning workshops, presented by Fidelity Retirement Services. The topics most applicable to those within five years of retirement are “Shifting from Saving to Spending” and “Establishing and Maintaining an Estate Plan.” Additional workshop topics for employees at any stage of their career include “the UC Retirement Savings Program," “Building a Portfolio,” “Preparing Savings for Retirement,” and others. Visit UC's Focus on Your Future website for the most up-to-date course offerings and descriptions and for schedules for the Davis and Sacramento campuses.

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Resources

Retiree Center

The Retiree Center’s primary mission is to help retirees continue their connection to the university and to provide retirement information to the UC Davis community. When planning for retirement, please visit this website often. It contains many useful resources, including frequently-asked questions, retirement planning information, details about retiree benefits and discounts, and links to campus departments and community agencies that serve retirees.

The Retiree Center has developed a "Steps to Retirement" brochure that recommends a five-year period for retirement planning, and includes a checklist of items to consider and/or complete during each of those five years. Printed brochures are available at the Retiree Center, Suite 110 of the Walter A. Buehler Alumni Center, and at the Human Resources Departments on the UC Davis Health System campus.
   Telephone: (530)752-5182
   Email:

Human Resources/Employee Benefits Offices: UC Davis and UC Davis Health System

The benefits offices can provide a wealth of information to employees planning for retirement. This website also contains useful information about health and welfare benefits in retirement, including an eligibility and premium estimator and a function that allows one to search for health plan availability by zip code. In addition, the site includes links to several resources on the UC Office of the President’s “UCnet” website (detailed below).
   Telephone: (530) 752-1774 (Davis campus) or
                    (916) 734-8099 (Sacramento campus)
   Website: http://www.hr.ucdavis.edu/benefits (Davis campus) or
                http://www.ucdmc.ucdavis.edu/hr (Sacramento campus)

UCNet—UC Office of the President

The new “UCNet” website contains many helpful resources, including additional details about the UC retirement and savings programs and health and welfare programs, as well as a UC retirement calculator and benefits estimator. This estimator can be used to project monthly pension or lump-sum payout amounts at different retirement ages.
   Telephone: (800) 888-8267 (choose customer service [4] or retirement services [8])
   Website: http://ucnet.universityofcalifornia.edu

Health Care Facilitator Program (HCFP)

The HCFP assists UC Davis and UC Davis Health System employees and retirees with questions about their medical, dental, and vision coverage, including billing and claim problems, access issues, and Medicare coordination. For more information, contact the HCFP directly at:
   Telephone: (530)752-4264 (UC Davis) or (916)734-8880 (UC Davis Health System)
   Website: http://www.hr.ucdavis.edu/hcf/index.html

Fidelity Retirement Services

Fidelity Retirement Services is the university’s record keeper for the university’s defined contribution plan (DCP) as well as the voluntary 403(b) and a 457(b) retirement plans. Within these plans are a multitude of investment options. Log in to your Fidelity account. The university’s dedicated representative for Fidelity offers several different “Retirement Readiness” classes each year at both campuses. These classes provide the knowledge one needs to determine investment strategies and decisions for these funds. The Fidelity website contains additional information, including a retirement calculator to help project income and expenses in retirement.
   Telephone: (866) 682-7787
   Website: http://netbenefits.com
   Class information: http://www.ucfocusonyourfuture.com/  

Social Security Administration

While not a UC Davis resource, the Social Security Administration website has a very useful personal benefits calculator where one can enter his/her personal information, and estimate social security benefits based on the age one wishes to start drawing benefits. This estimate is based on ones' individual work history; the closer to retirement, the more accurate it will be.
    Phone: (800) 772-1213
   Website: http://ssa.gov

Other Retirement Planning Resources

In addition to the resources offered on campus, the Internet has an untold number of retirement planning sites and bookstores and Internet sites have many books that focus on both the financial and non-financial aspects of retirement. There is no reason to wait; start planning today!

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