Retirement Planning

In light of the uncertainties that COVID-19 has introduced into our personal and professional lives, I thought it might be useful to summarize the extensive array of retirement options that are available to those who have already devoted many years to UC San Diego. Whenever you begin to consider planning for retirement, the University offers you a variety of opportunities and in some cases, an individualized Pathway to Retirement Plan.

Many faculty take advantage of the financial benefits of our excellent retirement system to launch productive and personally rewarding post-retirement endeavors, including mentoring, teaching, serving as PI on research grants, chairing dissertation committees, and serving on Academic Senate committees at UC San Diego and Systemwide. The incentives to consider opportunities for retirement have grown, especially for faculty with >30 years of service. For example, simulations run by the Office of the President have shown that depending on a faculty member’s age, coordination with Social Security, and current contributions to a 403(b), retiring faculty members with extensive service may be able to take home more per month, than they do as active faculty. I encourage you to run the numbers from your UCRAYS dashboard: go to “Retirement Estimates” and then “Create a Retirement Estimate.” You can create estimates based on your anticipated age at retirement, projected service credit and salary and contingent annuitant details.

Of course, financial considerations alone should not guide any faculty member’s decision about retirement. For those who want to explore the social and personal dimensions as well, the UC San Diego Retirement Association hosts several year-long series of education and intellectual events. This year, all presentations will be delivered remotely. See a full listing of UC San Diego Retirement Association events here.

I also am aware that space to work on campus is a major concern of faculty contemplating retirement, as well as a scarce resource for UC San Diego. Whenever possible, departments provide adequate office and laboratory space for our research-active retired faculty, as well as access to appropriate departmental services. On this matter, you should consult with your department chair.

A number of important points and information regarding retirement options follow:

UC San Diego Benefits Office: Our on-site benefits counselors are ready to consult with you about the various retirement benefits available through the University of California Retirement Plan (UCRP) and about your specific situation. You may consult with one by emailing the UC San Diego Benefits Office at Benefits@ucsd.edu or by consulting directly with the Retirement Administration Service Center (RASC) at UC’s Office of the President.
Fidelity Retirement Services: Fidelity Retirement Services is the record-keeping and account services company for the UC Retirement Savings Program [Defined Contribution, Tax-Deferred 403(b), and 457(b) Deferred Compensation Plans]. Fidelity can provide account balances and other information about your accounts. In addition, it has interactive planning tools and other information to help you plan for your financial needs in retirement. UC San Diego appointees can meet with a Fidelity Planning and Advice Consultant at any time, for a one on one meeting, by requesting a consultation at 1-800-343-0860 or visiting their request a consultation page.
UC San Diego Emeriti Association: Over 500 of your colleagues have joined the Emeriti Association. The Association hosts a vibrant array of programs including monthly lectures, a book group, a stimulating publication (Emeriti Chronicles), and keeps track of benefits changes that are important to retired faculty. The Association also provides an immensely important and successful mentoring program to the Chancellors Scholars. Details about such programs are available here.
Disposing of books and papers: As faculty prepare for retirement and the likely resulting down-sizing, many are concerned to find a “home” for their books. The UC San Diego Library can assist in picking up books, acquiring them for UC San Diego library collections or disposing of them.
Parking: Emeritus faculty and retirees are eligible for an A parking pass. Those with over twenty years of service are further eligible for a free A parking pass.
Pathways to Retirement Plan: You can also explore the possibility of an individual Pathways to Retirement Plan, by which you can establish a specific date for retirement up to two years in the future and develop a plan of research, teaching and service prior to separation. Interested faculty should discuss this with your Chair, who may then choose to develop such a plan in consultation with you, subject to review and approval by your Chair, your Dean, and the EVC. Possible components of such a plan may include a modified teaching schedule for up to one year, a deferral of an upcoming review (which could otherwise entail augmented teaching or service responsibilities), summer ninths for specific research or assignments performed, office or laboratory space, or some other benefit.
Recall to Active Duty (RTAD): Regardless of Pathways to Retirement, faculty may be recalled to active duty part-time to assist the University’s missions in education, research, and service.
Faculty Retirement Liaison: Beginning in November 2015, UC San Diego initiated a faculty retirement liaison program. Over 900 faculty members have met individually with our liaison, Professor Emeritus Joel Dimsdale, to discuss retirement options and planning. Individual faculty are encouraged to contact him with questions. Departments are also encouraged to invite him to faculty meetings to provide a general briefing about retirement benefits. To initiate a meeting, please contact Professor Dimsdale via email at jdimsdale@ucsd.edu.

The University provides myriad resources to support the professional and personal welfare of the faculty. I encourage you to peruse the Academic Personnel Website for helpful links and timing best practices for faculty and academic appointees nearing retirement readiness.

Robert E. Continetti
Sr. Associate Vice Chancellor – Academic Affairs