403(b) & 457(b) Voluntary Retirement Savings Accounts
In addition to UCRP, CAP and DCP, UC offers its employees two voluntary pre-tax retirement savings accounts: 403(b) and 457(b). Employees can contribute to either the 403(b) or the 457(b) or both. Let’s compare the two accounts:
All UC employees*
2009: $16,500 or $22,000 if > age 50
% or flat dollar
Yes, after age 59.5, Permanent Disability or Financial Hardship for six very specific reasons.
No; except in the case of unforeseeable financial emergency for very specific, very limited reasons.
Yes, from 401(k), 403(b) and 457 public plans; not from a 457 private plan.
|Loans||Yes||Not currently offered|
|Distribution After Separation from Service||Yes. A distribution can be requested 30 days after separation date.||Same|
|Early Distribution Penalty||Yes; 10% federal and 2.5% state.||No; except funds that were rolled into plan from a plan that was subject to penalty, i.e. 403(b).|
|Minimum Required Distributions - age 70.5||Yes (unless actively employed)||Same|
|How to Enroll||Go to: http://www.netbenefits.fidelity.com or call Fidelity at (866) 682-7787 (1-866-6UC-RSVP), M-F, 5 a.m. - 9 p.m. (PST)||Same|
|Payroll Deduction Enrollment/Changes Deadlines (Changes in where money is invested can be made more quickly. Call Fidelity Retirement Services at 1-866-682-7787.)||The deadline for the 403(b) and 457(b) are not the same. For 403(b), the deadline is different each month. Generally, if the request is processed 5 business days before the "pay-compute date," the change will be reflected in the next month's paydate. See the person in your department who handles payroll/benefits for the "pay-compute date."||5 p.m. (PST) on the last business day of the month for next month's earnings. For example, 2-28 for March earnings which is the 4-1 paydate for monthly payroll (earlier paydate for bi-weekly payroll). Cancellations can be processed more quickly.|
To request a Distribution from DCP, contact Fidelity Retirement Services by visiting its website in Related Information or by calling 1-866-682-7787 (se habla español at 877-297-3017).
*Except students who normally work less than 20 hours per week.
Campus Human Resources, Benefits Services
Phone: (310) 794-0830 | Fax: (310) 794-0835