February 2006
     

he following article summarizes information that appears on the “At Your Service”
website . . .

Unless you’ve been in seclusion the past two years, you’ve probably read or heard via daily media reports about U.S. companies’ ailing pension plans. Many large companies nationwide have frozen or terminated retirement benefits because of under-funded pension plans.

Fortunately, a recent annual checkup revealed that the University of California Retirement Plan is “financially fit,” although it will need preventive care to ensure a healthy future. Thanks to the careful management and strong market performance of UCRP’s investments, the pension fund has accrued a surplus, which has supported the ongoing costs of the plan. Consequently, UC and its employees have not had to contribute to the plan since the early 1990s. However, with no contributions for 15 years, the surplus has declined steadily over the years and the current break from contributions cannot be sustained.

Every fall, the UC Regents review a report by a University-hired independent actuarial firm that assesses the plan’s financial status and compares its assets to its retirement obligations. The most recent report indicated a 110-percent fund ratio between assets and obligations, as of last June. Although any ratio over 100 percent indicates a surplus, the UCRP ratio has declined significantly since reaching 154 percent in 2000.

Projections show that if contributions are not reinstated, the fund will drop below 100 percent within the next several years. While the report suggests that no UC or employee contributions are required for 2006, it clearly indicates that contributions eventually will be necessary to maintain a ratio at or above 100 percent.

Be advised that no final recommendations or decisions have been made about reinstating employee and UC contributions to the UCRP. Officials expect contributions will be reinstated at some point, but not earlier than July 2007. Delaying reinstatement beyond that point could mean higher contributions at a later date to address the growing shortfall.

In the months ahead, the Regents will be exploring the best way to begin reinstatement of contributions to the UCRP. The UC Office of the President has launched a website, The Future of the UC Retirement Plan, to keep employees and retirees informed about any changes planned for UC retirement benefits.
 

Financial Update. January was a good financial month for SM-UCLA, as revenue was higher than expected due to a high case-mix index (CMI) and expenses were more than $1 million under budget. Year to date, our hospital is $3.2 million ahead of budget. SM-UCLA Chief Administrative Officer Posie Carpenter thanks you for your continued hard work and efforts to control supply costs, which contribute to a healthy bottom line.

New Nursing Model. Nursing Services is preparing to launch a new model of care that strives to achieve better outcomes through a partnership between nurses, patients and their family members. The model also involves ancillary departments, case managers and physicians to better serve each patient’s specific needs. The model will be introduced first to RNs at a series of orientation sessions in March. Multidisciplinary personnel will be oriented in the near future. Eventually, all staff members will be introduced to the program. Watch for more information.

Goodwill Ambassadors. Volunteer Services is ready to roll out a new program called the “Ambassadors,” which will complement the services provided by other volunteers in Admissions, the Surgical Waiting Area and at the Information Desk. Five volunteers have completed an extensive training program to become ambassadors and will begin on March 6. Located at a desk in the Pavilion lobby, between the Info Desk and Admissions, the ambassadors will help direct patients and visitors and provide information about hospital services and community resources. Plans call for the Ambassador desk to be staffed weekdays, between 9 a.m. and 4 p.m. Look for these friendly folks in white polo shirts and khaki slacks beginning next month.

Wellness Initiative. Plans are underway to launch a new program designed to promote the health and well-being of all UCLA Healthcare staff members. Called the Wellness Initiative, the program aims to help employees better deal with the demands and stress of their work and home lives. It will offer various wellness opportunities, including weight-loss and stop-smoking classes, healthy cooking demonstrations, “Ask the Dietitian” health columns and yoga, tai chi and other exercise classes. Watch for further word about the Wellness Initiative in future editions of this newsletter.

On-Line Earnings Statements. Payroll Services is preparing to implement a new On-Line Earnings Statement (OES) as part of the “UC for Yourself” web application. The program seeks to get all employees with direct-deposit to view and print their earnings statements on-line via the website, rather than relying on paper statements distributed via the Payroll Office. Payroll says the new system will be a "win-win" for everyone because it will reduce the need to print and distribute paper statements, resulting in savings of labor and natural resources. The OES will display the same information in the same format as the current paper statements and be available each payday morning. Payroll plans to implement the OES per these guidelines:

  • From March 1-22, on-line earnings statements will be available to view and print via UCFY AND employees will continue to receive paper statements.
  • On March 17, Payroll will process a one-time conversion program to convert all employees to on-line earnings statements.
  • Beginning with the April 5 payday, direct-deposit statements will ONLY be available on-line and paper statements will no longer be issued.

Questions should be directed to Payroll at ext. 48368.

 

     
     

Tuesday, Feb. 28, 2006
“Nursing Grand Rounds.”
Noon to 1 p.m. 7 Tower, Room 723. “Palliative Care and End-of-Life Issues.” Lunch provided. For more information, email Julie Klymas or Ruth Walters.

Friday, March 17, 2006
“Living Beyond Stress: Maintaining Balance in the Workplace Through Mindfulness and Meditation.”
Noon to 1 p.m. UCLA Staff and Faculty Counseling Center, UCLA Wilshire Center. Learn how mindfulness and meditation can help enrich your life. To attend, please RSVP by March 10 to the SFCC at ext. 40245.

Tuesday, March 21, 2006
“Medicine Ethics and Human Values Seminar: The Contributions of Geriatrics to American Medicine.”
Noon to 1:15 p.m. 7 Tower, Room 723. Presented by Dr. Sonja Rosen, a staff geriatrician. Lunch provided. For reservations, email Poonam Bhatla or call her at ext. 94189.

Wednesday, March 29, 2006
“FITSCO (Fidelity Investments) Consultations.”
9:30 a.m. to 4 p.m. 9 Tower Board Room. Boris Sokolsky, a retirement-planning specialist with FITSCO, offers personal consultations to interested employees. For an appointment, call (866) 682-7787.

Housing Opportunities
For rent: 2-bed, 1.5 bath condo in Culver City-adjacent. Pool, spa, tennis, security. $1,700/mo. Call 559-4931.

For sale: Stylish 2-bed, 2-bath townhouse on Abbot Kinney in Venice. Newly remodeled for luxury and comfort, many amenities. $619,000. Call 458-5521.

 


  

UC Extends DepCare, HCRA Deadline. Did you have a Dependent Care (DepCare) or Health Care Reimbursement Account (HCRA) in 2005? Be advised that the UC system has added a two-and-a-half month grace period to the plan year, allowing current enrollees more time to get reimbursed for eligible expenses. During this period, which runs until March 15, you can incur eligible expenses and get reimbursed from any unused 2005 account balance before the amount is forfeited under the “use it or lose it” rule. Additionally, UC has extended the claim-filing deadline to June 15, 2006. See the At Your Service website for more details..

2006 Holidays. UCLA Healthcare has announced the following holidays for the remainder of 2006:

March 31 Cesar Chavez Holiday
May 29   Memorial Day
July 4   Independence Day
Sept. 4   Labor Day
Nov. 10   Veteran’s Day
Nov. 23-24   Thanksgiving Holidays
Dec. 25-26   Christmas Holidays
Dec. 29/Jan. 1   New Year’s Holidays


Hi Fidelity. Fidelity Investments wants to help you keep that promise to make 2006 the year you get your financial affairs in order. Boris Sokolsky, a retirement planning specialist with Fidelity, visits SM-UCLA on the last Wednesday of each month to explain how you can build tax-deferred savings for your retirement. Listed below are the remaining 2006 dates. For an appointment or more information, call (866) 682-7787.

March 29 Aug. 30
April 26   Sept. 27
May 31   Oct. 25
June 28   Nov. 29
July 26   Dec. 20

Quotable
“Good manners will open doors that the best education cannot.”

— Clarence Thomas

 

Update is published electronically by Marketing and Public Relations. Comments or suggestions for future issues can be emailed to Ted Braun.