The Retirement Process
Who is eligible to retire?
The University of California Retirement Plan (UCRP) consists of three tiers, best explained on the University of California retirement website.
How can one find out more about retirement plan options?
Your primary retirement benefits are determined by when you were hired.
- On or after July 1, 2016
- Between July 1, 2013 and June 30, 2016
- Before July 1, 2013
- Rehired, newly eligible and former CalPERS-covered faculty and staff
These links also provide helpful information:
When should one start planning for retirement?
It is never too early (or too late) to start planning for retirement. Decades before retirement, the decisions made, or not made, will have a significant impact on the ability to retire with a desirable lifestyle. Those within five years of retirement are encouraged to take the Retiree Center's "Transitioning to Retirement" classes, offered each winter quarter.
What steps should employees take if they want to retire in the foreseeable future?
Please visit the Retiree Center’s Planning for Retirement page, which provides a variety of links and resources to assist with retirement preparations.
Those who wish to explore options for volunteer or work in retirement can schedule an appointment with a career counselor at Staff Development & Professional Services (SDPS). These appointments are free and confidential. Appointments can be scheduled on an annual basis as plans are refined.
How does one estimate his/her pension?
Automatically-generated UC Retirement Plan pension (and lump sum cash out) estimates are available by logging on to Retirement At Your Service. (Click on "Retirement Estimator.") This estimator will also report one's current UC Retirement Plan service credit. Custom estimates can also be calculated. Note: the Retirement Estimator on the Retirement At Your Service website uses the current Highest Average Plan Compensation (HAPC) in all the estimates but different HAPC amounts can be entered manually. The closer one is to retirement, the more accurate the retirement estimate. Employees may contact the Retirement Administration Service Center (RASC) with any questions regarding the retirement estimates.
How can one find out more about the DC, 403(b) and 457(b) Plans.
The UC Retirement Savings Program offers a convenient, tax-advantaged way to save for retirement. The Program consists of:
- the Tax-Deferred 403(b) Plan and
- the 457(b) Deferred Compensation Plan
- the Defined Contribution Plan, which consists of the Pretax Account for mandatory contributions and the After-Tax Account for voluntary contributions and the taxable portion of rollovers from other employer plans.
While UC is the administrator of the Retirement Savings Program, Fidelity Retirement Services provides the record keeping and account services.
Ninety days prior to ones' effective date of retirement, employees will need to contact the Retirement Administration Service Center (RASC), from which they will receive information regarding retirement options.
RASC: 800-888-8267, M-F; 8:30 to 4:30 Pacific time