Editor’s Note: This is the first of two stories regarding retirement. Today’s story focuses on resources available to prospective Laboratory retirees. Wednesday’s story will focus on specifics of a four-step retirement process developed by the Human Resources (HR) Division to accommodate increased interest in retirement options.
The Human Resources (HR) Division is increasing Benefits (HR-SC) personnel support for retirement counseling and benefits administration throughout the transition period to meet the needs of the Laboratory work force. In addition, HR is bringing 10 to 12 benefits specialists from other University of California facilities in April to conduct one-on-one retirement election meetings with employees.
“During the transition, many employees who are retirement eligible will want to understand their options for retiring under the University of California Retirement System (UCRS) in order to make important life decisions such as whether to retire, become an inactive vested UC employee, etc.,” said Karen Burkett, HR deputy division leader.
Any employee who is at least 50 years old and has five or more years of service credit under the UC system is retirement eligible, said Ellen Fox, HR-SC team leader. Approximately 2,500 current UC employees are eligible to retire, according to statistics provided by HR.
HR is forecasting increased interest in retirement options as the May 31 closeout date of the current UC contract quickly approaches. To accommodate this potential increased interest, the division has developed resources to help facilitate gathering of UCRS information.
Each week, HR is offering an overview of the UC Retirement System in the Physics Building Auditorium at Technical Area 3. The presentations are on a first-come-first-served basis and do not require pre-registration. Each session can accommodate about 180 people. A schedule of the weekly presentations is available at the Benefits homepage online.
Employees also can watch a streaming video of the UCRS presentation if they prefer. The link for the video (Real Media required) can be found on the Benefits homepage online. Slides from the UCRS presentation also can be accessed from the page.
After attending or watching a UCRS overview presentation, employees who are interested in retiring should request a Personal Retirement Profile (PRP) online. After an employee has completed and submitted the PRP request form, the Human Resources Service Center will contact an employee to schedule a group PRP review session. Employees will receive their individual PRPs when they arrive at their scheduled sessions. Employees can ask general questions at the sessions, which are scheduled several times a week beginning in March.
An individual meeting with a benefits specialist will be scheduled once an employee formally decides to retire.
If after attending a PRP group session an employee determines they want to retire before June 1, the employee must contact the Benefits Office at 7-1806 to schedule an individual retirement election appointment with a benefits retirement specialist.
“The division is augmenting its benefits staff to address increased demand for benefits assistance and retirement counseling,” Burkett said. “In addition to the 10 to 12 new HR staff members we’re making available, we will be bringing 10 to 12 benefits specialists from other UC facilities in April to conduct one-on-one retirement election appointments.”
Burkett said it is important for employees to attend one of the PRP group sessions—where the majority of questions can be answered— before scheduling a one-on-one retirement election appointment with a benefits specialist.
Wednesday’s Daily Newsbulletin will publish a story on the specifics of the four-step retirement process that must be completed by May 31.
For more information about benefits or retirement, call 7-1806.
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