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Note that if you retire more than 120 days after your separation date, you will not be eligible for coverage under UCs retiree health coverage. Academic and staff employees should notify their department manager on their decision to retire about three months before the retirement date. Social Security wages: year-to-date wages subject to OASDI, including imputed income. W-2s will reflect all employee wages paid in the calendar year, not necessarily all the HOURS worked during that year. Your benefits are defined by formulas that vary according to the type of benefits payable (for example, retirement, disability or survivor benefits). Local wages, tips, etc. If you are a U.S. citizen or a resident Postdoctoral Scholar who is the recipient of a fellowship (i.e., a PostDoc Fellow or Paid Direct), the following information is intended to provide you with general federal tax rules regarding your award, including your reporting and record keeping responsibilities. Regularly review your beneficiary designations for your 403b, 457b, DC Supplemental Plan at NetBenefits. You will be notified by RASC when you need to provide documentation. For more information on the tax treatment of fellowship grants, see IRS Publication 970: Tax Benefits for Education. Your coverage is continuous until the date your retirement income begins. Select electives from four specialties. UC retirees are a valuable resource, providing UC with institutional knowledge, research resources and experienced replacements when needed. When you resign, stating your reason as retirement, an additional full month of health and welfare premiums will be paid by both the University and you and these premiums will apply to your final paycheck. All Rights Reserved. If the 1st of the month falls on a non-working day, payment is made on the last working day of the pay period. You can also consult the W-2 Form Box Descriptions. Q) Can an employee elect to have deductions to investment account plans (salary deferrals) from final pay? Q) My same-sex partner and I are not married; how does that affect my taxes? The UC Santa Cruz e-mail system is not encrypted, therefore, to communicate your issue/question use as little Personal Health Information as possible. Premiums for vision coverage cannot be directly deducted from UC retirement income. You may contact RASC with questions on your service credit total. Enter the desired Date Range of Record Requested. What if I change my mind and decide not to retire? Turnaround time for PreviousEmployment Verification with historical gross earnings request is three weeks from receipt of form. Payroll Department - University of California, Santa Cruz If you are having issues accessing this site, please reach out to UCPath Center directly at 855-982-7284. Often, Pay Dates and Service Dates for academic appointees dont perfectly align. Not sure where to go? What about my medical plan with HSA (Health Savings Account)? Retirement - Frequently Asked Questions - University of California Health Flexible Spending Account (FSA) participation is not eligible under IRS rules for continuation via deductions from UC retirement income. What should I do? Composite Benefit Rates Tables - planning.ucsc.edu UC RAYS has increased security and Secure Messaging tools to transmit questions and documents to your UC Retirement Counselor. Benefits Management: A Comprehensive Study of Employee - UCSC Extension Answers to the most frequently asked questions (FAQs) Select option #2 for all other survivor and beneficiary support-related questions, For information regarding how medicare works with UC Retirement and General Medicare information select option #1, For all other retiree insurance related questions, press option #2, For information regarding the status of a retirement in process select option #1, Due to remote work requirements, members must follow instructions for the remote retirement process via the on-line tool, Retirement > Initiate & Elect Retirement > Create PRP, Follow the prompts to create and save your Personal Retirement Profile (PRP). Carefully review this document for accuracy. I have (or my dependent has) Medicare eligibility. UC will fund an annual contribution to your HRA (Health Reimbursement Account) to help pay for the Medicare plan you choose through the UC Medicare Coordinator Program. If you elect monthly retirement income, your unused sick leave will be converted to additional UCRP service credit. 403(b), 457(b), DC Plan, Safe Harbor Plan, Guides for Life Events (enrolling, having a baby, going on leave, retiring from UC, etc. From the Dashboard located on the left of your screen, click on Employee Actions. Q) How should the Department handle delivery of the final check when an employee is dismissed at the end of an investigatory leave? You earn no UCRP service credit for any unpaid leave periods. Generally, retirement by itself doesnt provide an opportunity to change your health plans. Health benefits provided by the University to postdoctoral fellows and their dependents are subject to income tax with respect to the premiums that are paid by the University, less any amounts paid by the recipient. If you don't see your changes recorded, please submit an inquiry by clicking on "Ask UCPath.". Am I eligible for health and welfare coverage as retiree? The UC Santa Cruz Emeriti Association is available for retired faculty members too. CA State W-4 (DE-4) and Federal Withholding (W-4), More information on same-sex marriages and the, For more information on how this impacts your benefits contact the campus. Parking. Biweekly Pay Schedule: Constructive receipt of funds received in December are reported in the tax year. Wages, tips, other compensation. How can I verify that my sick and vacation accruals are accurate? Buyback Needed for Vesting? The chart below illustrates the basic structure of UCRS. As a public institution, UC is also committed to being transparent about its compensation practices. What if I worked at UC Santa Cruz previously and returned? University of California Retirement Plan (UCRP) contributions are withheld from Employees participating in one of three UCRP tiers (1976, 2013 and 2016). Monthly Pay Schedule: The entire month of December is reported in the next tax year because the constructive receipt of funds for the month of December is always in January of the following year. Benefits for UC Santa Cruz Employees - University of California, Santa Cruz Q) I closed my active account and opened a new account at a new bank. parking, housing, Farmers. OASDI tax is withheld only from employees in 'career' status, that is: Medicare tax is withheld from most employees pay.*. Are my current dependents eligible for retiree health? Consult with your RASC Retirement Counselor to discuss your options. Information from UCRP regarding cost of living adjustments, survivor benefits, death benefits, and retiree health and insurance benefits.. These are not available for continued automatic deduction from retirement income. Please refer to the Group Insurance Eligibility Factsheet for Retirees and Eligible Family Members. The exact date for the upcoming year will be announced on December 1st. DCP (Defined Contribution Plan) is not a tax but a mandatory contribution to a self-directed investment account. Retirement and Savings Program inquiries: Fidelity Retirement Services, 1-866-682-7787, Last modified: May 12, 2022 128.114.113.87, UC Santa Cruz, 1156 High Street, Santa Cruz, Ca 95064. If you wish to see a member in person, please contact the appropriate individual for an appointment. You may also obtain the Request for Employment Information form from the Social Security Administration and your UC Santa Cruz Benefits Office or your UC RASC retirement counselor can complete the form for you. Q) Does California Assembly Bill 2410 apply to distributions of retirement funds? HAPC stands for Highest Average Plan Compensation. SexualViolencePrevention&Response (Title IX). Yes. Contact UC Retirement Administration (UC RASC) right away following a family status change to learn your options. Q) What should I do if I forget my user name and password? The service credit may not be viewable on AtYourServiceOnline after an extended period of inactivity (no pay), but will become activated again when you begin to receive pay from UC. If you worked at multiple UC locations, you will receive one W-2 for both locations. for California, of the W-2. University of California, Santa Cruz (UCSC) employee benefits and perks data. UC RAYS was launched in March 2019. Be sure to submit your claims to WEX by the filing deadline for the year in which your expenses were incurred; otherwise youll lose any money left in your account. Services are available under the Employee Assistance Program to help identify, counsel and refer troubled employees to professional resources. Review the Retirement Handbook to learn about your options. New to UC? Q) Who can I contact if I need help with my GLACIER Tax Record? Lump Sum Cashout is not available to 2013 and 2016 Tier members. Please register from here. Can the visitor fill out a GLACIER record? Due to changes in the tax law, personal exemptions are currently not a central feature of the tax code. If an employee anticipates they will not earn enough by the taxable year-end to be included in the minimum tax bracket, the employee may claim 'exemption' from withholding so no income taxes will be withheld from earnings. Once you (and your spouse/partner, as applicable) have signed your retirement election form, you have communicated your intent to retire and, as part of signing the election form, you agree to the following: "I will have the option to cancel my election to retire until the later of: my retirement date or 15 days from the date my confirmation letter is sent. You may not convert sick leave in order to meet vesting requirements with UCRP. Go to Employee Actions> Health and Welfare > Benefits Summary, change the date to January 1, 2022, and click Go. If you retired mid-year, separate tax documents will be issued: To learn how to obtain these forms, visit UCNet. UCPath Open Enrollment FAQs | UCnet - University of California How does retirement effect loan re-payment? Employees who live outside of California can also change their tax withholding to align with their state of residence. This additional month of premiums and coverage applies whether or not you are eligible for continued UC health coverage as a retiree. In fact, it is your responsibility to inform your supervisor in writing that you plan to retire. Benefits for UC Santa Cruz Employees Services Provided The Benefits Office Staff administers comprehensive University benefits programs and provides information and counseling on benefits programs for academic appointees, staff and eligible dependents. All Rights Reserved. It is recommended to start the retirement process four months before you intend to retire. the employee must be participating in the UC Retirement Plan and accruing service credit. Retirement Savings Program counseling e.g. Read your bargaining unit's employment contract, stay abreast of current negotiations and learn about collective bargaining at UC. Microsoft Office 365 - University of California, Santa Cruz PDF University of California, Santa Cruz Policies and Helpful Websites for Glassdoor has salaries, wages, tips, bonuses, and hourly pay based upon employee reports and estimates. UC is committed to providing competitive compensation and benefits for all UC employees. PLEASE NOTE: Certain notices are sent in compliance with Federal requirements.