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2022-2023 Retirement Planning Memo

UCLA Office of the Vice Chancellor for Academic Personnel

 

Date:               November 9, 2022

Subject:           Retirement Planning

To:                   Academic Senate Faculty

Dear Colleagues:

The purpose of this annual letter is to remind you how your professional lives at UCLA can continue after you have “retired” to emerita/us status. The unique UCLA Pathways to Retirement program allows senior faculty to make firm plans for continued campus engagement after retirement, and to plan-out up to two transitional years prior to retirement, at full pay.

 

Rewarding retirement years begins with financial security and the University of California famously has among the very best retirement plans in Academia. The Classic UC Retirement Plan (UCRP) that covers all faculty (and staff) initially hired before July 1, 2016 is quite generous and provides the foundation essential for whatever plans you may have for the future:

  • UC employees with 40 years of service receive pensions equal to their academic year basic salary.  Even those with fewer years of service often find that their net income can increase after retirement, due to reduced deductions and new income sources like social security, distributions from retirement savings and recall salary.
  • The UC pension is unaffected by furloughs or salary reductions that may be mandated by UC finances, and unlike employee salaries, the UC pension is NOT subject to contribution deductions for retirement, Social Security or Medicare; thus, take-home pay is up to fifteen percent greater.
  • The UC pension has a guaranteed annual cost of living allowance that is not contingent on the financial health of the University.

 

Faculty hired after July 1, 2016 are subject to the new “Retirement Choice” Plan that differs substantially from the Classic UCRP, but is still quite generous.  A summary of the Tier 2016 New Retirement Choice Plan may be found on the APO Retirement Resources webpage.

And, at UCLA there is also substantial support for continued engagement with academic life:

  • Emeriti maintain full membership in the UCLA Faculty Senate, along with all the rights that Senate membership bestows.
  • UCLA emeriti can choose the extent to which they continue to be engaged and active in their professional lives, including mentoring, teaching, serving as PI on research grants, chairing dissertation committees, and serving on Academic Senate committees.
  • Senate faculty who continue to be active in research and scholarship are eligible to apply to use the title “Research Professor” (or “Distinguished Research Professor” for Above Scale Faculty).  Consult Appendix 38 of the CALL for more information.
  • Emeriti faculty on Paid Recall are allotted workspace, and many Schools and Departments provide some form of shared space for all their emeriti.

 

As you begin to consider retirement, please be aware of the following planning services and programs:

  1. Path Forward Workshops: exclusively for UCLA faculty, these Winter Quarter sessions examine opportunities for continued involvement after retirement in your department, the Senate and the campus, and also delve into the nuts and bolts of the UC retirement process, including special considerations for faculty. Please watch for the announcement about our 2023 program.
  2. Faculty Retirement Liaison: Professor Emeritus David Lopez, UCLA’s Faculty Retirement Liaison, coordinates the workshops, and consults individually in total confidence (mostly via Skype, FaceTime or Zoom) with faculty who are planning for retirement, helping them make pre and post-retirement arrangements with their departments and advising them about the retirement process. Contact him at his Faculty Retirement Liaison website, by phone (310) 210-1118, or by email at dlopez@ucla.edu.
  3. Pathways to Retirement Plan: these individual plans specify a separation date up to three years in the future in conjunction with considerations both prior to retirement (e.g. reduced teaching loads, modest re-arrangement of sabbatical plans, suspension of an upcoming five-year review) and following retirement (office and/or laboratory space, recall teaching, research funds, etc.). Individualized plans are developed in consultation with your department chair, subject to approval by your dean and my office. Over 400 Senate faculty members have utilized this program in the past few years. More information can be found in the Guide to the Faculty Retirement Process. 
  4. UCLA Benefits Office: Retirement counselors are available to consult with you about the University of California Retirement Plan Process and about your specific situation. Schedule a consultation by calling the UCLA Benefits Office at (310) 794-0830.
  5. Fidelity Retirement Services: As the record-keeping company for the UC Retirement Savings Program’s Defined Contribution, Tax-Deferred 403(b), and 457(b) Deferred Compensation Plans, Fidelity can help you plan for your financial needs in retirement. Visit the Fidelity website to use its interactive planning tools or schedule a one-on-one meeting online with a Fidelity Planning and Guidance Consultant or by calling 1-800-558-9182.
  6. UCLA Emeriti/Retirees Relations Center (ERRC):  The ERRC, led by Director Ayesha Dixon, serves as the connecting link between UCLA and its retirees. In partnership with the UCLA Emeriti Association and the UCLA Retirees’ Association the ERRC offers programs on wellness, economic sustainability, relationship building, social responsibility, civic engagement, and assists with emeriti privileges, and facilitates opportunities for retired faculty and staff to continue their engagement with the campus. For more information please contact the ERRC at (310) 825-7456 or emeriti@errc.ucla.edu.
  7. Reduced Rate Parking:  Emeriti are eligible to purchase an “EMER” parking permit, with privileges similar to an X permit, at a substantially reduced rate (currently just $150.00 for the entire year).

 

For all matters regarding retirement, including how to craft a formal Pathways to Retirement Agreement with your Department Chair, or navigating the UC retirement process, I encourage you to contact Emeritus Professor David Lopez, the UCLA Faculty Retirement Liaison (Faculty Retirement Liaison Website; or at dlopez@ucla.edu).

Sincerely,

Michael S. Levine

Vice Chancellor, Academic Personnel