MIKE
ANALYST
AGE 31
The last few years have been devoted to getting my career going, paying off my college loans, and generally enjoying my freedom. I haven’t really taken the time to think about the future.
When I joined UC, I wasn’t sure I even wanted to save for retirement, let alone decide which retirement plan option was best for me. But then a friend told me that saving some money—before you have a chance to spend it—can help you feel more in control of your finances.
Since I’m relatively early in my career and not sure how long I’ll work for UC, I decided on Savings Choice. My friend was right. I’m glad now that I’m saving, and I’m also learning about investing.
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JAVIER
HEALTH PROFESSIONAL
AGE 37
I’m used to working for a much smaller organization than the UC system, and I’m excited about the potential career opportunities here.
Right now it’s a stretch to make my pay cover the mortgage and other expenses for our growing family. Still, saving for retirement has always been important to us. I’m already familiar with the way 403(b) plans work, but this is the first time I’ve had the option of a pension plan.
At first, we thought Savings Choice might make sense. But after talking it over, we opted for Pension Choice, because I’m hoping to spend a good portion of my career at UC. There’s a passion here for making a difference, and that really speaks to me.
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DEBRA
ASSISTANT PROFESSOR
AGE 42
My husband and I are both academics from the Midwest. We have family in California, so I’m excited to be teaching at UC and hope my husband can join me here, or nearby, soon.
When I researched UC’s retirement benefit options, I was at first very interested in Pension Choice. The idea of having a predictable stream of income throughout my retirement is really attractive.
Ultimately, my husband and I decided to go with Savings Choice, since there’s a chance we may need to relocate before I can vest in the pension.
I had a 403(b) plan at my last job, so I’m comfortable with the way it works, especially since the UC contribution vests after a year.
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JIRO
PROFESSOR
AGE 51
We’re lifelong Californians. We started our family young, and now our kids are off building their own lives. I’m excited about my new role at UC. It’s giving me a chance to advance the research I’ve been working on recently.
When I looked at the retirement benefit options, I needed help understanding the role of the PEPRA maximum and the connection between the pension benefit and the supplemental component of Pension Choice.
I met with Joe, one of the UC Fidelity Workplace Financial Consultants in our area, to learn more. Joe explained that under Pension Choice I would receive the supplement in addition to my pension benefit— and that UC would contribute 5 percent based on all of my eligible pay to my supplemental account. That meeting helped me realize that, since I’m planning to stay at UC for the long term, Pension Choice is right for me.
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MADHU
HEALTH SCIENCES ASSOCIATE PROFESSOR
AGE 36
Between our children and our careers, my partner and I have a busy schedule. We’re working hard just to get through each day! So when I realized I needed to choose a retirement benefit option at UC, I didn’t know how I was going to make the time to learn about the options well enough to choose one.
But then I discovered that UC provides an array of resources to help with choosing retirement benefits – free of charge to all UC employees – including one-on-one counseling. I made an appointment with Nancy, one of the UC Fidelity Workplace Financial Consultants in our area, and we were able to meet within the week. In about an hour, I was able to get enough background on the options to understand how each one might fit into my overall financial plan. Nancy even helped me use the interactive modeler on myUCretirement.com to see how my retirement benefits might compare over time.
I’m hoping to be with UC for a long time, so I chose Pension Choice. Nancy made it easier for me to feel confident about making a choice.
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