UC launches new Retirement Choice Program for new 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. New employees have a 90-day window to enroll in primary retirement benefits. 

This story was originally published by UCnet, the University of California news site.