[UCRDBR] UCnet Story – “no lapse in pay” option for prospective July 1 retirees

[Departmental Benefits Representatives]

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April 28, 2021
To:
Department Benefits Representatives (DBRs)
From:
HR Benefits Office on behalf of UCOP and RASC
Re:
UCnet Story – “no lapse in pay” option for prospective July 1 retirees
On behalf of the UC Office of the President and the Retirement Administrative Service Center (RASC), it was announced that an article – New options for prospective retirees<https://ucnet.universityofcalifornia.edu/news/2021/04/new-options-for-prospective-retirees.html> –was posted on UCnet. The article provides information about this new option for upcoming UC retirees who qualify for the program.

As previously communicated<https://hr.ucr.edu/benefits-announcement-news/2021/04/22/new-no-lapse-pay-option-prospective-july-1-retirees>, when electing to retire, a delayed payment may not be a problem for those with enough savings or other income to cover their bills for an extra month or two. But we know that many people can’t afford a lapse in pay before their monthly retirement benefits begin. So UCOP is able to offer a guarantee of no lapse in pay for prospective retirees who qualify.

No Lapse in Pay Option
UC employees who are on schedule to retire with a monthly benefit on July 1 will have the opportunity to opt-in for a guaranteed payment beginning August 1. The request to opt-in<https://hr.ucr.edu/sites/g/files/rcwecm656/files/2021-04/no-lapse-in-pay-opt-in-form-ucrs168.pdf>, along with a signed election and all required documents, must be submitted by May 14, 2021.

UCOP has also added information about the new option and self-service retirement features in the following webpages: Preparing for Retirement webinars<https://ucnet.universityofcalifornia.edu/compensation-and-benefits/retirement-benefits/preparing-for-retirement-presentation/index.html>, Frequently Asked Questions about UCRAYS<https://ucnet.universityofcalifornia.edu/compensation-and-benefits/frequently-asked-questions-about-ucrays.html>, and What to do if you’re preparing for retirement<https://ucnet.universityofcalifornia.edu/compensation-and-benefits/roadmaps/retiring.html>. Please be sure to share these resources with prospective retirees.
The UC Riverside Benefits Office encourages employees to meet with the HR Benefits Team for retirement counseling to ensure proper processing, understanding of the retirement benefit options, health and welfare coverage, and additional UC benefits available to retirees. To schedule a retirement counseling appointment, employees may contact benefits at ucr.edu<mailto:benefits at ucr.edu>.

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