The first day of school is just around the corner — and we’ve got your back to make the shift from summer break to the school-year routine as smooth as possible. Check out these resources for parents of all-aged children and get the support you and your family need.
A Roth option is now available in the UC Retirement Savings Program
The University of California is enhancing the UC Retirement Savings Program with a new Roth contribution option for the UC 403(b) and UC 457(b) Plans, giving you more flexibility to save and plan for your future through regular pretax contributions, new Roth contributions, or both.
How does Roth work?
A Roth contribution is an after-tax contribution to the UC 403(b) Plan or UC 457(b) Plan that gives you the opportunity for tax-free income in retirement. This is because your Roth distributions (including earnings) can be withdrawn free of federal income tax if certain requirements are met. (In general, Roth distributions are federally tax-free when withdrawn after the aging requirement has been satisfied and one of the following conditions is met: age 59½; disability; or death. For details, see the resources below.)
You can elect any combination of pretax and/or Roth contributions, subject to IRS limits. You can contribute up to $22,500 in pretax and Roth contributions combined ($30,000 if you’re 50 or older) to each of the UC 403(b) and 457(b) Plans in 2023, for a total of $45,000 ($60,000 if you’re 50 or older) to both plans. To enroll, sign in to your NetBenefits account.
Who might benefit from Roth contributions?
While Roth contributions are designed for anyone who likes the idea of potentially tax-free retirement income, here are some scenarios to consider Roth:
- You’re a younger investor with more time for earnings growth on retirement savings.
- You’re concerned that your tax rate will be higher in retirement than now.
- You want tax flexibility when you draw your retirement income.
- You’re interested in leaving tax-free money to your beneficiaries.
- You’re not eligible to contribute to a Roth IRA because of income limits.
Find out if Roth is for you
Pay for Family Care & Bonding, Adoption Assistance
Pay For Family Care and Bonding
PFCB income replacement will increase from 70% to 100% beginning with the pay period that starts on Jan. 1, 2023, for employees paid monthly and with the pay period that starts on Dec. 25, 2022, for employees paid biweekly. The increase will be available for qualifying leaves starting in 2022 and bridging to 2023, as well as for qualifying leaves beginning on or after Jan. 1, 2023.
Leaves that are eligible for PFCB
Rules for eligibility for PFCB aren’t changing. PFCB continues to be available for Family and Medical Leaves taken in a block of one workweek or more for the following qualifying reasons:
- Caring for a family member with a serious health condition
- Bonding with a new child
- Military Caregiver Leave
- Qualifying Exigency Leave
While an employee is receiving PFCB, UC will continue to cover its share of premium costs for health and welfare benefits. Employees cannot use any paid leave accruals (such as sick leave, vacation or PTO) while they are being paid through PFCB.
UC’s Adoption Assistance Plan
UC’s Adoption Assistance Plan reimburses those who are eligible (faculty and staff with Full, Mid-Level or Core benefits) for up to $5,000 of expenses related to adoption. There’s no need to enroll, and all expenses for the Plan are paid by the University.
LOCAL BACKUP-CARE PROGRAM FOR UCSB Staff, Faculty & Academic Employees
- Back-Up Child, Adult, and Elder Care: Stress less about school breaks, bad weather, or when your elder loved one is recovering from surgery. Reserve high-quality, child care in a center at $15/day, or in-home care at $6/hour for your child, adult, or elder relatives.*
- Enhanced Family Supports: Take advantage of priority enrollment, daycare and afterschool tuition discounts at our partner centers, and explore additional supports and services for you and your family.