ANSWER
There are three tier levels for retirement plans:
- UC Retirement Choice Program - For employees hired July 1, 2016 and after
- UC Retirement Plan (UCRP) 2013 Tier - For employees hired July 1, 2013 – June 30, 2016
- UC Retirement Plan 1976 Tier - For employees hired before July 1, 2013
To be eligible for retiree health and welfare benefits, the employee must meets the following criteria at the time of retirement (in addition to age and service credit requirements):
- Have a retirement date that is within 120 days of the date the employee ends UC employment
- Be an active eligible employee enrolled in either UCRP (including Pension Choice) or Savings Choice
- Be enrolled in or eligible to enroll in Full UC employee benefits
- Continue health coverage until the employee’s retiree health benefits become effective
Benefits the eligible employee may continue include:
- Medical
- Dental
- Vision
- Legal
- Accidental Death & Dismemberment (AD&D)
Pension Choice (UC Retirement Choice Program) – Pension with predictable benefits payment throughout the employee’s lifetime in retirement. Includes disability benefits and options for income for eligible survivors
Savings Choice (UC Retirement Choice Program) – An account an employee withdraws money from during retirement. Remaining funds can be left to the employee’s beneficiaries. Does not include disability or survivor benefits.
UCRP 2013 Tier - As a UCRP 2013 Tier member, the member can elect to retire and receive benefits at any time after he/she becomes eligible — that is, when he/she reaches age 55 and leaves UC employment with at least five years of service credit. When the member retires, he/she may choose a lifetime monthly benefit.
UCRP 1976 Tier - As a UCRP 1976 Tier member, the member can elect to retire and receive benefits at any time after he/she becomes eligible — that is, when he/she reaches age 50 and leaves UC employment with at least five years of service credit. When the member retires, he/she may choose a lifetime monthly benefit or a lump sum cashout.
The UC Retirement System (UCRS) Advisory Board develops ideas or new approaches to the provisions of UCRS benefits and communicates them to the President of the University. The UCRS Advisory Board discusses concerns relating to all Members, Participants and their Beneficiaries.