[IGPP Everyone] [EPSS Everyone] 2017 Retirement Readiness Review

[Brown, Carlene]

Dear Everyone,

If you are a member of the UC Retirement Plan (UCRP) please review the information below and attached.

Thanks,

Carlene

Carlene Brown
CAO, Earth, Planetary, and Space Sciences
Phone: 310-825-9784
Fax: 310-825-2779

Subject: 2017 Retirement Readiness Review

A powerful tool that helps gauge potential retirement income is the 2017 Retirement Review, now available on www.myUCretirement.com<http://www.myUCretirement.com>.

What is the Retirement Review and why is it important?
The Retirement Review is a personalized statement featuring your retirement readiness score - the percent of your current salary that you are on track to receive from UC retirement system sources (UCRP and the Retirement Savings Program).  For example, a readiness score of 80% means that you could receive 80% of your current pay from pension and Retirement Savings Program accounts each month when you retire.

Everyone should take a look at their score and decide if it will be enough for them.  If not, try modeling the impact of increasing savings contributions, adding other sources of income like Social Security, changing retirement ages and many more.

Did employees receive any communications about the Retirement Review?
The attached email/postcard notice announcement was sent to employees on March 7.

Please note that the following groups were not included in the announcement mailings

1.       Readiness scores could not be generated for multi-tier and modified tier 2013-A UCRP members, as well as certain members with community property liens and pending QDROs.  However, they can access their Retirement Review on myUCretirement.com and generate readiness scores by manually entering certain information into the modeling tool.

2.       Retirement Reviews are not available for Safe Harbor and 2016 Tier employees.

For those who want to improve their financial situation or retirement readiness, classes<https://myucretirement.com/Classes> are available on various financial wellness topics.  Telephone consultations and in-person one-on-one sessions<https://nb.fidelity.com/public/nb/default/fort> are also available.

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