UC Retirement Choice Program launches for new employees
On July 1, 2016, UC launched its UC Retirement Choice Program for new (and newly eligible) employees. The new retirement choice program was approved by the UC Board of Regents at its March 2016 meeting, as part of a broader effort to maintain the university’s excellence and sustain its long-term financial health.
UC employees hired before July 1, 2016, or current retirees, will not see any changes to their retirement benefits. Retirement benefits for future union-represented employees will be determined through the collective bargaining process.
New eligible employees will now have two retirement benefits options – Pension Choice or Savings Choice. Pension Choice includes a pension benefit through the UC Retirement Plan (UCRP), along with a supplemental 401(k)-style benefit for those who are eligible. Savings Choice is a 401(k)-style benefit, with mandatory pretax employee contributions and contributions from UC.
To help new employees learn about their options and make informed decisions, UC has developed a range of educational resources including a Decision Guide (PDF), FAQs, interactive chooser tool, classes and webinars, and personal retirement counseling. New employees have a 90-day window to enroll in primary retirement benefits.