Coming Soon: Your 2017 Retirement Review

Your 2017 Retirement Review, complete with your updated Retirement Readiness Score, will be available online in late February.

Here's what you need to know.

ABOUT YOUR RETIREMENT REVIEW

Your Retirement Review is a personal statement that is designed to show you the monthly retirement income you could have from your UC retirement benefits, assuming you retire from UC at age 65.

The Retirement Review includes a unique readiness measure—the Retirement Readiness Score—that can help you quickly determine how you’re tracking toward your retirement goals.

THE RETIREMENT READINESS SCORE EXPLAINED

Your Retirement Readiness Score is the percentage of your current income that you’re on track to have at retirement, assuming you retire from UC at age 65. The score is calculated from the potential retirement income provided by your UC retirement benefits: your UC Retirement Plan (UCRP) pension and your voluntary savings in the UC 403(b), 457(b), and DC Plans.

  • If you are a Career employee, the Retirement Readiness Score is automatically calculated for you. Note that your Retirement Readiness Score assumes that you’ll work for UC until you reach age 65, and then retire. In general, the 2017 Retirement Review will be available to UCRP-eligible employees who were hired before July 1, 2016, and received pay from UC in November 2016.
  • If you are a former UC employee, you can get your Retirement Readiness Score once you enter your current annual pay. Note that your Retirement Readiness Score assumes that you’ll retire at age 65 and won’t include any savings or benefits you may have outside of your UC retirement benefits unless you input them.
  • If you are a Safe Harbor employee or are a Choice-eligible employee hired on or after July 1, 2016, you do not have access to the Retirement Review this year.

YOUR READINESS SCORE ASSUMES THAT YOU CONTINUE WORKING FOR AND RETIRE FROM UC

Remember, if you have a pension benefit in the UCRP, what your benefit will be worth depends on how long you work for UC, your highest average pay, and other factors. Consider this:

  • The average UC retiree has roughly 20 years of service. For most employees, that equates to a UCRP pension benefit at age 60 of 50% of their highest average pay. If you were hired on July 1, 2013, or later, that equates to 50% at age 65.
  • If you’re like many people, you’ll work for several employers during your career, and you might not stay at UC long enough to build your UCRP pension benefit to a level that can meet your needs.

What does this mean for you? You may need to save some of your own money to maintain the standard of living you’re used to. And that’s where UC’s Retirement Savings Program (UCRSP)—the UC 403(b), 457(b), and DC Plans—come in. Together, UCRP and the UCRSP give you the best chance for financial security when you retire.

USE THE MODELER TO SEE WHAT COULD HAPPEN IF YOU MAKE A CHANGE

The Retirement Review includes a modeler that lets you explore different assumptions, such as the amount you save in the UC 403(b) or 457(b) Plan, or the age at which you retire.

You can use the modeling tool to add in other sources of retirement income, including an old 403(b) or 401(k) Plan, an IRA, and Social Security. You can even add in your spouse or partner's retirement assets to get a more holistic view of your retirement income.

 

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