Put your 403(b), 457(b), and DC plan withdrawals on autopilot

Did you know that, once you become eligible for withdrawals from your UC 403(b), 457(b), and/or DC Plan accounts, you can schedule regular payments straight to your bank account? With the plan’s automatic withdrawals tool, you can put those payments on autopilot.

Here's what you need to know.

PUT YOUR RETIREMENT SAVINGS PROGRAM WITHDRAWALS ON AUTOPILOT

If you have left or retired from UC, you can use your Plan's automatic withdrawals tool to decide which withdrawal option is best for you. The tool can even help answer the big questions: “How much retirement income will I have? How long will it last? What will be left?”

The automatic withdrawals tool gives you more flexibility over how much you take from your accounts, and when. You can now set up scheduled payments as either a dollar amount or a percentage of your balance. You can even set up ongoing payments for the rest of your life.1 And you can start, stop or change your election at any time.

If you are required to receive IRS Minimum Required Distributions (MRDs), automatic payments may help offset your MRD requirements.2

HOW TO USE THE AUTOMATIC WITHDRAWALS TOOL

Explore the automatic withdrawals tool at withdrawals.fidelity.com. Select See Your Options, then, under Automatic Withdrawals, select Explore This Option.

You can choose from several options:

  • A set dollar amount
  • A specific time frame (e.g., over 10 years)
  • A percentage of your balance (e.g., 4% each year)
  • A specific age
  • Ongoing payments based on your life expectancy1

And specify a specific payment frequency:

  • Biweekly
  • Semi-monthly
  • Monthly
  • Quarterly
  • Semi-annually
  • Annually

You decide the date your withdrawals will begin. You can also include an assumption for investment returns.

Note that the automatic withdrawals tool will only show if you have left or retired from UC. If you are at least age 59.5 and an active UC employee, you can still set up a withdrawal online or by phone, but you won’t be able to access the automatic withdrawals tool.

WHERE TO GO FOR HELP

The UC Retirement System contracts with Fidelity Investments to provide you with one-on-one guidance at no additional cost. For help setting up your retirement income plan, call a UC-dedicated Retirement Planner at 1-800-558-9182.