The University of California’s retirement-savings plan, the nation’s second largest, provides a unique perspective on the retirement challenges facing Americans.
The UC is rising to the challenge by developing best practices for the savings and draw down phases of retirement.
Empowering participants to prepare for and experience the retirement they deserve is a driving objective for so many engaged plan sponsors. One organization that stands apart from the rest — both in plan largess and commitment to its participants — is the University of California (UC).
The UC is vast, spanning 10 campuses, 5 medical centers, 3 national energy labs, and an array of agriculture and natural resource centers. Reflecting this scale, the Office of the Chief Investment Officer (CIO) oversees almost $120 billion in assets across pension, endowment, working capital, and defined-contribution (DC) pools. The defined-contribution plan covers over 300,000 participants, totaling $24 billion in plan size1 — the second largest public-entity plan, with the largest belonging to the US Federal Government.
The uniqueness of the university’s retirement savings plan size and diversity — almost a microcosm of the larger public — provides the office of the CIO with a perspective on the challenges facing Americans saving for, transitioning to, and living in retirement.
As an academic juggernaut, the UC isn’t merely observing potential participant pitfalls. It’s harnessing its culture of innovation to explore solutions to looming retirement risks — most significantly, longevity risk.
The defined contribution plan covers over 300,000 participants, totaling $24 billion in plan size — second only to the US Federal Government in terms of assets under management.