The Future of UC Retirement Benefits

If I retire next year will I fall into the “Current UC Retirees” status and not have to contribute to UCRP?

Will current faculty members, either close to their retirement (within 3-5 years), or not, be asked to move under the new retirement plan? if so what will change? will they be able to count on the current projections for their monthly retirmenet income and / or the lump sum? will the promised lump sums still be available? if different from the current projections, how does one calculate the new amounts for the monthly retirement income ?

How will the cost of living increases for current retirees differ from the current plan?

Will retiree health benefits continue to be available for the retiree’s dependents as well as the retiree? Is there any talk of tiering retiree health care costs to retirement income similar to still working employees vs. the current formula linking all retirees to Tier 2 regardless of post employment income level?

When you say, “…up to the time changes are made…,” what is the time frame that changes are expected to be made?

When you say “Any pension benefits you have accrued up to the time changes are made cannot be altered;” Would this also include the minimum age requirement of 50yr? For example if the “New Tier” is implemented in July 2013 and you were still employed by UC and were age 50 plus would you then fall under the proposed new minimum age requirement of 55 yrs or be grandfather in with your years of service plus age?

Will there be a change to the age cutoff (now 60 years I believe) for maximum retirement benefits? If a staff member is planning to retire in the next few years would the age maximum remain the same as it is presently?

I am 51 yrs old with 25 years of service credit. How will the new retirement plan affect me? Will I have to wait until 55 to retire? Also, under the current plan, I already qualify for the retiree’s maximum health benefits. Will this still apply for me when the new plan is implemented?

What, if any, of these changes will apply to current retirees receiving pension and health benefits?

Responding to the last comment: Read what it says in the summary for Current UC Retirees. What could be clearer?
And thanks to all the Task Group members who obviously worked hard and long to develop these recommendations, and special thanks to the retiree association reps who volunteered their time and expertise and valuable perspectives.

As someone who fits in the grandfather clause for health benefits eligibility (years of service + age => 50), I still don’t understand if that means all health benefits that are projected for me at retirement whether at 50 or 55 or 60 will be the same or if I will have to pay more, my spouse’s coverage, etc…

What impact will the various bargining units have on the proposed
retiree health care provisions? Retiree health benefits might be
leveraged downward, drastically, in favor of current employee benefits.

How will health benefits and pension change for surviving dependents of deceased UC retirees ineligible for Medicare (who might live on this fixed income and depend on the health insurance) ?
How will survivor benefits be affected under this new plan? Are the pension/health benefits given the surviving spouse the same as under the current plan if the UC employee dies when still working ? When retired ? What are the survivor benefits for orphaned minor children under this plan?