[Ucrea] New Deferred Lifetime Income

[Cristina L Otegui]

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July 22, 2021
To:
UCR Emeriti & Retirees
From:
HR Benefits Office on behalf of 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. To learn more about the UC Pathway Funds, please visit the UC retirement webpage at: https://myucretirement.com/Resource/84.

Deferred Lifetime Income is an enhancement that allows participants 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.

Eligibility
Retirees are eligible to purchase Deferred Lifetime Income if between the ages of 62 and 69, possess a Social Security or tax ID number and a permanent U.S. mailing address. Participants must be the primary account holder in the UC Retirement Savings Program with a combined account balance of at least $40,000 across the UC 457(b), 403(b), and DC Plans.

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


*       A Deferred Lifetime Income Decision Guide will be mailed to eligible participants this week and can be viewed on the UC webpage at: https://myucretirement.com/Managed/Assets/File/1626274752/uchr-qlac-brochure.v8.pdf

*       The companion article - Deferred Lifetime Income: Money when you need it most can be viewed at: https://myucretirement.com/Resource/2302

*       An education module/tutorial are now available on the UC retirement webpage at: 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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