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 classes
Retirement Planning (Davis campus)
This class, offered by the Benefits office several times per year, presents an overview of the pension and survivor benefits provided by the University of California Retirement Plan (UCRP), as well as a brief introduction to health insurance eligibility for retirees. This three-hour workshop is designed for UC employees who are within 5 years of retirement. Register at the Staff Development and Professional Services website, (search for "retirement").
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.
“Transitioning to Retirement” workshops
“Transitioning to Retirement,” a five-part series of workshops with separate sessions for faculty and staff, will encompass several different aspects of retirement planning, including:
- Introduction and UC Retirement Program (UCRP) income options—the UCRP income options session of this workshop is similar to the “Retirement Planning” class above.
- Retiree health benefits and wellness in retirement—the Retiree health benefits session in this workshop is similar to the “Health Insurance After You Retire” class above.
- 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.
- Work/life transitions
- Personal fulfillment
The five workshops will complement and build upon each other. It is recommended that participants register for the entire series of classes, but each session is available for individual registration.
The workshop series is scheduled for Fridays during the winter quarter. These workshops are intended for employees/appointees within five years of retirement.
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, 1001 Conference Center, and at the Human Resources Departments on the UC Davis and UC Davis Health System campuses.
Telephone: (530)752-5182
Email:
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://www.hr.ucdavis.edu/benefits/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. 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!