[UCRDBR] New Deferred Lifetime Income

[Departmental Benefits Representatives]

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July 22, 2021
To:
Department Benefits Representatives (DBRs)
From:
HR Benefits Office on behalf the UC Office of the President
Re:
New Deferred Lifetime Income
The UC Voluntary Retirement Savings Program, managed by Fidelity Investments, is adding a new feature - Deferred Lifetime Income to the UC Pathway Funds<https://myucretirement.com/Resource/84>. Deferred Lifetime Income is an enhancement that allows participants, who are 62-69 years of age, to use a portion of their Voluntary Retirement Savings Plan account balance to purchase a deferred annuity that starts paying monthly income at age 78. This feature is meant to provide steady monthly income at a time when many retirees need this security most.

There is an annual opportunity to make this purchase during the enrollment period: August 16 - September 10, 2021.

A Deferred Lifetime Income Decision Guide<https://myucretirement.com/Managed/Assets/File/1626274752/uchr-qlac-brochure.v8.pdf> will be mailed to eligible participants this week. In addition, the companion article - Deferred Lifetime Income: Money when you need it most<https://myucretirement.com/Resource/2302> and an education module/tutorial<https://myucretirement.com/Income/Welcome> are now available on myUCretirement.com<https://myucretirement.com/>.

If you should have questions regarding the Deferred Lifetime Income option, please contact Fidelity Investments at (800) 558-9182.

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