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<h1><span style="font-size:11.0pt;line-height:105%;font-family:"Arial",sans-serif"><img width="153" height="59" id="_x0000_i1025" src="cid:image001.png@01D9C15F.560A26A0"></span><span style="font-size:11.0pt;line-height:105%;font-family:"Arial",sans-serif"><o:p></o:p></span></h1>
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<p class="MsoNormal"><span style="font-family:"Arial",sans-serif"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Arial",sans-serif">July 28, 2023<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Arial",sans-serif"><o:p> </o:p></span></p>
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<span style="line-height:110%;font-family:"Arial",sans-serif">To:</span><span style="font-size:12.0pt;line-height:110%;font-family:"Arial",sans-serif"><o:p></o:p></span></p>
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<span style="line-height:110%;font-family:"Arial",sans-serif">Department Benefits Representatives<o:p></o:p></span></p>
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<span style="line-height:110%;font-family:"Arial",sans-serif">From:</span><span style="font-size:12.0pt;line-height:110%;font-family:"Arial",sans-serif"><o:p></o:p></span></p>
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<td width="643" valign="top" style="width:482.45pt;padding:0in 0in 0in 0in;height:28.85pt">
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<span style="line-height:110%;font-family:"Arial",sans-serif">Central HR Benefits Office<o:p></o:p></span></p>
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<span style="line-height:110%;font-family:"Arial",sans-serif">Re:</span><span style="font-size:11.5pt;line-height:110%;font-family:"Arial",sans-serif"><o:p></o:p></span></p>
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<b><span style="font-size:12.0pt;line-height:110%;font-family:"Arial",sans-serif">Retirement Savings Program – Roth After-Tax Contribution Options</span></b><b><span style="font-size:12.0pt;line-height:110%"><o:p></o:p></span></b></p>
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<p class="MsoNormal">_____________________________________________________________________________________________________<o:p></o:p></p>
<p class="MsoNormal"><b><span style="font-size:10.0pt;font-family:"Arial",sans-serif"><o:p> </o:p></span></b></p>
<p class="MsoNormal"><b><i><span style="font-size:10.0pt;font-family:"Arial",sans-serif">DBRs, please share this important information via your department listserv</span></i></b><b><span style="font-size:10.0pt;font-family:"Arial",sans-serif">.<o:p></o:p></span></b></p>
<p class="wordsection1" style="margin:0in;margin-bottom:.0001pt"><span style="font-size:11.0pt;font-family:"Arial",sans-serif"><o:p> </o:p></span></p>
<p class="wordsection1" style="margin:0in;margin-bottom:.0001pt"><span style="font-size:11.0pt;font-family:"Arial",sans-serif">On August 1, 2023, the UC Retirement Savings Program will start offering a Roth After-Tax contribution option in the UC 403(b) and
UC 457(b) Plans. This enhancement will give employees more flexibility to save and plan for their future through regular pretax contributions, new Roth After-Tax contributions, or both.<o:p></o:p></span></p>
<p class="wordsection1" style="margin:0in;margin-bottom:.0001pt"><span style="font-size:11.0pt;font-family:"Arial",sans-serif"><o:p> </o:p></span></p>
<p class="wordsection1" style="margin:0in;margin-bottom:.0001pt;text-autospace:none">
<span style="font-size:11.0pt;font-family:"Arial",sans-serif">A Roth contribution is an after-tax contribution that can provide tax-free income in retirement. Roth After-Tax distributions (including earnings) can be withdrawn free of federal income tax after
a five-year aging requirement has been satisfied and one of the following conditions is met: age 59˝; disability; or death.<o:p></o:p></span></p>
<p class="wordsection1" style="margin:0in;margin-bottom:.0001pt"><span style="font-size:11.0pt;font-family:"Arial",sans-serif"><o:p> </o:p></span></p>
<p class="Body" style="margin:0in;margin-bottom:.0001pt">Pretax and Roth After-Tax contributions are subject to IRS limits: $22,500 in pretax and Roth After-Tax contributions combined ($30,000 if you’re 50 or older) to each of the UC 403(b) and 457(b) Plans
in 2023, for a total of $60,000 to both plans.<o:p></o:p></p>
<p class="wordsection1" style="margin:0in;margin-bottom:.0001pt"><span style="font-size:10.0pt;font-family:"Arial",sans-serif"><o:p> </o:p></span></p>
<p class="Header2" style="margin:0in;margin-bottom:.0001pt;line-height:normal"><span style="font-size:11.0pt">Planned Employee Communications
<o:p></o:p></span></p>
<p class="Body" style="margin:0in;margin-bottom:.0001pt"><span style="font-size:9.0pt"><o:p> </o:p></span></p>
<p class="wordsection1" style="margin:0in;margin-bottom:.0001pt"><span style="font-size:11.0pt;font-family:"Arial",sans-serif">8/1/2023 - All active employees who are eligible to participate in the UC Retirement Savings Program (RSP) will receive an announcement
email with a link to the <a href="https://hr.ucr.edu/sites/default/files/2023-07/uc_rothtransition_brochure_072523_final.pdf">
Detailed Brochure</a>, overview video and webinar registration. Note that some of the links will not be live until 8/1/2023.<o:p></o:p></span></p>
<p class="wordsection1" style="margin:0in;margin-bottom:.0001pt"><span style="font-size:11.0pt;font-family:"Arial",sans-serif"><o:p> </o:p></span></p>
<p class="wordsection1" style="margin:0in;margin-bottom:.0001pt"><span style="font-size:11.0pt;font-family:"Arial",sans-serif">8/1/2023 – A Roth resource page will be available on the
</span><span style="font-size:11.0pt;font-family:"Arial",sans-serif"><a href="https://www.myucretirement.com/">myUCretirement website</a></span><span style="font-size:10.0pt;font-family:"Arial",sans-serif">
</span><span style="font-size:11.0pt;font-family:"Arial",sans-serif">and all other RSP content on the site will be updated to reflect the new offering.<o:p></o:p></span></p>
<p class="wordsection1" style="margin:0in;margin-bottom:.0001pt"><span style="font-size:11.0pt;font-family:"Arial",sans-serif"><o:p> </o:p></span></p>
<p class="wordsection1" style="margin:0in;margin-bottom:.0001pt"><span style="font-size:11.0pt;font-family:"Arial",sans-serif">8/1/2023 – Banner alerts on UCPath and NetBenefits sites, UCnet article and updated New Employee Benefits Orientation will promote
the new enhancement.<o:p></o:p></span></p>
<p class="wordsection1" style="margin:0in;margin-bottom:.0001pt"><span style="font-size:11.0pt;font-family:"Arial",sans-serif"><o:p> </o:p></span></p>
<p class="wordsection1" style="margin:0in;margin-bottom:.0001pt"><span style="font-size:11.0pt;font-family:"Arial",sans-serif">9/13/2023 and 9/19/2023 – Live webinars led by a UC-dedicated Fidelity Investments workplace financial consultant will explain Roth
After-Tax in detail and allow for questions.</span><span style="font-size:11.0pt;font-family:"Arial",sans-serif"> Webinar details will be shared when
</span><span style="font-size:11.0pt;font-family:"Arial",sans-serif">available.<o:p></o:p></span></p>
<p class="wordsection1" style="margin:0in;margin-bottom:.0001pt"><span style="font-size:11.0pt;font-family:"Arial",sans-serif"><o:p> </o:p></span></p>
<p class="Header2" style="margin:0in;margin-bottom:.0001pt;line-height:normal"><span style="font-size:11.0pt">Help and Questions
<o:p></o:p></span></p>
<p class="Body" style="margin:0in;margin-bottom:.0001pt"><span style="font-size:9.0pt"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Arial",sans-serif">Please direct employees with questions about Roth After-Tax to Fidelity Investments at 1-866-682-7787. <o:p></o:p></span></p>
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