TO: Staff and Faculty
FR: Lisa Romero, Employee Services Manager, Human Resources
RE: Important changes to UC Benefits and UC Retirement Savings Programs -COVID 19
UC Benefits Programs
To provide relief for people affected by the COVID-19 pandemic, the federal government issued a rule and related guidance giving employees flexibility to make changes to their group health plan coverage and more time to complete certain transactions.
Some of these changes include:
· Enroll in new medical coverage
· Change plans or coverage level (e.g., self to family)
· Cancel coverage- For plans other than CORE the participant must attest that they have other coverage
· More time to file claims, file appeals and apply or pay for COBRA
· Enroll, change or cancel Health and/or Dependent Care FSA.
· Extending FSA deadlines and increasing the rollover amount for the next plan year, 2021
Please read the important details on UCnet regarding the changes to UC benefits programs, eligibility and how to request a change. Eligible individuals may begin requesting changes as of June 1, 2020. Employees may not make multiple elections during the election period provided through these new rules. Changes are made by signing in to your UCPath account.
Resources:
Flexible Spending Accounts (FSA) New Rules for tax-advantage accounts
Additional questions can be directed via ServiceNow: Human Resources ServiceNow =>
Login=>Benefits Administration=>Benefits Education and Eligibility Questions
UC Retirement Savings Programs
On May 21, 2020, the UC Board of Regents voted to implement provisions of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) designed to make it easier for participants to access funds from their retirement savings plans. Eligible participants will be able to withdraw funds from their UC 403(b), 457(b) and Defined Contribution Plan (DCP) without the early distribution penalties. The 403(b) loan maximum has increased as well as the option to delay repayments. Please review the important details on UCnet regarding UC Regent’s approval for loans and withdrawls before taking any action.
Resources:
To understand UC 403(b) Plan loans, read How 403(b) Plan Loans Work.
Details regarding your retirement savings plans- MYUCRETIREMENT
If you have questions about the CARES Act or need guidance on accessing your retirement funds through these provisions, call a UC-dedicated Fidelity Retirement Planner at 1-800-558-9182.
Call Fidelity at 1-866-682-7787 to request a withdrawal or loan, or to delay your current loan repayments.
Thank you.