Thinking About Retiring?
July 1 is the most popular date for UC employees to retire.
Applications for retirement should precede the retirement date by up to 90 days, which makes April 1 the beginning of retirement season.
Preparing for Retirement Help Desks
These sessions are intended for employees considering retirement within the next 3-24 months, but any employee is welcome to attend. We'll cover:
- UCRAYS website and the retirement estimator and self-service retirement process
- Monthly pension, lump sum cashout options and survivor options
- Timeline to start/complete the retirement process, documents needed and canceling retirement
- Health coverage and plan options, including Medicare coordination, and projected costs
- Managing your UC Retirement Savings Programs/Fidelity accounts
Presented by Don Goldberg, UC Davis Benefits Manager; Guerren Solbach UC Davis Health Care Facilitator; Spencer Richards, Fidelity; and Juliane Crowley, UC Davis Retiree Center.
The Health Insurance After You Retire presentation covers:
- UC retiree health plan eligibility rules and how to determine your premium costs
- Tip: Use the UC Retiree Premium Estimator (Excel) to calculate retiree medical/dental premiums
- How UC retiree health plans coordinate with Medicare
- Medical plan options for retirees who relocate out of state, or to more remote parts of California
- Employees should complete the retirement application process via the UCRAYS self-service portal, https://retirementatyourservice.ucop.edu, to reduce manual interactions with the RASC. If you are retiring soon, you may want to review detailed instructions on how to complete your retirement election via UCRAYS.
- To minimize any potential delay in the issuance of your initial pension benefit, consider applying for the “No Lapse in Pay” option available to July 1 retirement applicants who meet certain criteria.
- UC Davis pays for one extra month of health plan premiums (unless the employee has been on leave without pay) when a retiree is eligible for UC retiree health coverage. For example, if you separate from the University on June 29th and retire on July 1, your health benefits should cover you through July 31st. If you are eligible for UC retiree health coverage, those benefits should begin on the next day, August 1, so that you do not have a break in coverage.
- Note to those who joined the UC Retirement Plan before July 1, 2013: In order to take advantage of the 2021 “inactive COLA” you must separate from the University on or before June 29, 2021. You can then retire effective July 1, after a one-business-day break in service. That is why most employees who retire on July 1 separate on June 29th—not June 30th.