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Vice Chancellor for Health Sciences VCHS
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Retirement & Benefit Resources

This page provides resources and information on retirement and benefits.  

 

Retirement  

Depending on your appointment type (career level, appointment percentage [50 – 100% for example], years of service and title), University of California has several retirement tiers based on your hire date.  

NOTE: Postdocs do not participate in UC Retirement Plan (UCRP).

 

Vesting: To vest means to acquire certain rights. Once vested, you generally have a right to receive UCRP retirement benefits upon leaving the University and reaching retirement age. You must earn five or more years of service credit to be vested (by working at 100% time, vesting is pro-rated based on the % of your appointment).

Past service as Postdoc or Resident do not count towards UCRP Service Credit.

UC Retirement Plan 1976 Tier is for employees hired at 50% or more prior to July 1, 2013. 

  • This plan includes the possibility of continued health insurance depending on age and years of service 
  • There is also an option for Lump Sum Cash Out (not available in the other tiered plans) 
    • Lump Sum Cash Out exempts you from continued retiree medical benefits and stricter return to work options  
    • Forfeits UCRP Basic Death Benefit ($7,500), UCRP Survivor AND contingent Annuitant benefits  

2013 Tier includes employees hired between July 1, 2023 – June 30, 2016. 

  • 55 is minimum age to retire.
  • Some 2013 tier members with 10 years of service credit and meeting other eligibility requirements at retirement may have Retiree Health Insurance. 
  • Most active 2013 Tier members make contributions to UCRP equal to 7% of covered compensation.  

2016 Tier gives employees a choice of two options – Pension Choice or Savings Choice. 

  • Pension Choice is closer to the UCRP pension benefit with a 401K style component.
  • Savings Choice is similar to a stand-alone 401k.
  • ***The sooner you decide which option is best for you the sooner you start receiving UC contributions. You have 90 days from your retirement option eligibility date to choose a primary retirement benefit.  If you don’t choose a primary retirement option, you will automatically be enrolled in the Pension Choice at the end of 90-days*** 
  • Employees must make this election online at: https://myucretirement.com/choose
  • One-time irreversible opportunity to switch from Savings to Pension Choice on the fifth anniversary of the calendar year in which you made your initial election.

Resources: 

UC has dedicated workplace financial consultants free of charge through Fidelity Investments. 

There are many online courses, both live and recorded to help you learn about your UC retirement benefits. 

  • If you are retiring in the next few years or months you can begin to prepare by watching recorded retirement planning webinars.    
  • Health Sciences Academic Administration is also hosting faculty specific retirement workshops twice monthly with the slides found  here.

Health HR provides local presentations through UC Learning and recorded sessions  

VCHS Academic Administration has routine workshops specifically curated for faculty in the form of live zoom sessions and recordings on Pulse (login required). 

 Voluntary Retirement Options: 

In addition to the mandatory retirement plans that you and the University contribute to, you have the option to save additional money through several voluntary retirement programs. 

Postdocs are not eligible for the official UC Retirement Plan (UCRP) or pension options.  However, depending on a postdoc’s visa status, may instead contribute to the Defined Contribution Plan or choose to participate in a voluntary retirement plan. 

 

Preparing for Retirement: 

 

An employee should initiate retirement 3 months prior to their retirement date. Failure to do this may result in a delay to a retiree’s first paycheck and continued retiree health insurance. 

Prior to retiring, employees should be communicating their plans to retire with their department/department chair and the Academic Resource Center via the ARC Service Portal. 

An employee’s separation date needs to be distinct from their retirement date.  For example, an employee may separate/resign on June 27th and retire on July 1st.