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 planning classes
“Transitioning to Retirement” Pilot workshops offered for Staff and Faculty/Academics
Are you considering retirement within the next five years? Does the idea of suddenly leaving the university after many years seem like too difficult a decision to make? The transition to retirement can be unexpectedly challenging—as challenging as other significant life changes—first job, marriage, having children, changing careers, or relocating. The best way to transition to a meaningful retirement is to plan for it in advance. “Transitioning to Retirement,” a new pilot program with separate sessions for UC Davis faculty/academics and staff, will provide valuable information and tools to assist with planning a successful strategy for retirement.
“Transitioning to Retirement” is a five-part series of workshops that will encompass several different aspects of retirement planning, including:
- UC pension options
- Retiree health benefits
- Social Security
- Budgeting/financial considerations
- Work/life transitions
The five workshops will complement and build upon each other. Workshop leaders will include UC Davis staff and faculty and representatives from retirement-focused organizations. “Transitioning to Retirement” is a collaborative project among the following units: the UC Davis Retiree Center, Benefits Office, Office of the Vice Provost-Academic Affairs, and Staff Development and Professional Services.
The workshop series for faculty/academics is scheduled for Fridays, January 13 to February 10, 2012, 1:30 to 4:30 p.m. The series for staff is scheduled for Fridays, February 17, 2012, to March 16, 2012. All sessions will be held at the UC Davis Conference Center, room 2207. Information is available on the Staff Development and Professional Services website, under the “Training/Course Catalog/Orientation and Benefits” tab. These workshops are intended for employees/appointees within five years of retirement. Registration is now available through the UC Learning Center. Once you are logged-on, use the site search feature in the left column to search for "transitioning to retirement." Please check-off all five sessions before selecting "Submit." Space is limited so early registration is advised. Supervisors/Chairs will not be automatically notified when an employee/appointee registers for this workshop.
For more information, or call (530) 752-5182. Directions and parking information for the Retiree Center and UC Davis Conference Center.
Retirement Planning Class:
- Fidelity: The UC Davis Benefits Office sponsors several financial workshops, presented by the representative from Fidelity Retirement Services. Workshop topics include the UC Retirement Savings Program, building a portfolio, preparing savings for retirement, establishing and maintaining an estate plan, and others. Reservations are recommended. The Fidelity reservation line is available Monday through Friday, 5:00 a.m. to 9:00 p.m. Pacific Time at (800) 642-7131. Please visit UC's At Your Service website for the most up-to-date course offerings and descriptions and for schedules for the Davis and Sacramento campuses.
- Davis: In addition to the workshops offered by Fidelity Retirement Services, the campus Benefits Office offers a Retirement Planning class throughout the year. The class presents an overview of the pension and survivor benefits provided by the University of California Retirement Plan (UCRP), as well as information about health insurance eligibility for retirees. It runs approximately 3 hours and is designed for UC employees who are within 5 years of retirement. The retirement preparation classes are listed on the Staff Development and Professional Services (SD&PS) website, http://www.hr.ucdavis.edu/sdps (search for "retirement")
- Sacramento: The health system offers a variety of retirement preparation classes. Class topics include "Transition from Work to Retirement," "Social Security," "Long-Term Care Insurance," and "Estate Planning." Complete course descriptions, schedules, and registration information are available on the Training and Development Department website.
Resources
Retiree Center
The Retiree Center’s primary missions are 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, 1001 Conference Center, and at the Human Resources Departments on the UC Davis and UC Davis Health System campuses.
Telephone: (530) 752-5182
E-mail:
Human Resources/Employee Benefits Offices: UC Davis and UC Davis Health System
The benefits offices on both campuses can provide a wealth of information to employees planning for retirement. The UC Davis Benefits Office website has many helpful resources and links, including a downloadable PDF of the UC Retirement Handbook. 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 “At Your Service” website (detailed below).
Employees who are within one year of retirement can schedule an appointment with a benefits representative to obtain information on their estimated pension, lump-sum payouts, and other pertinent retirement details. These appointments typically are not scheduled during the months of April, May, June, or November.
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)
At Your Service—UC Office of the President
The “At Your Service Online” 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)
Website: http://atyourservice.ucop.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://hr.ucdavis.edu/1hw/hcf
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 to 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.