<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=314834185700910&amp;ev=PageView&amp;noscript=1">

New Update: Healthcare Costs Increasing by Over 60% in Some States. Will you be impacted?

Learn More

Worst Month of Layoffs In Over a Year! What if University of California is Affected?

image-table

According to Forbes , “U.S.-based employers cut 90,309 jobs in March, the highest of any month since 102,943 jobs were lost in January of last year”. University of California employees should be aware that employers continue to lay off large numbers of workers.

With 20 million manufacturing jobs predicted to be lost to automation by 2030, 37% of Americans are concerned about being replaced by artificial intelligence. In addition, automation has the potential to eliminate 73 million jobs in the United States by 2030, which would represent a staggering 46% of the current workforce. Taking this into account, University of California employees who are becoming increasingly anxious about their job security should not feel alone. Approximately 48 percent of Americans experience job loss anxiety.

In a Forbes article,  Dr. Gregg Jantz , founder of the counseling and treatment center: A Place of Hope, and the best-selling author of The Anxiety Reset Continued claims that after death, job loss is one of life's most stressful events. 'People feel a betrayal of trust, particularly when the job loss is unexpected.' It's so distressing.'

As more headlines about tech industry layoffs appear in the news, it can become difficult for University of California employees to control their emotions. According to Dr. Jantz, the typical reaction to betrayal is rage. The feeling that the employer did not respect or value you is a sense of injustice. People become extremely upset when they believe their employer does not value their efforts. You desire vengeance, retaliation, and revenge against those you believe have wronged you. In addition to the rising number of layoffs, Dr. Jantz asserts, 'Our country is in the midst of a mental health crisis.' The leading diagnosis in the United States is anxiety, followed by depression. When a person loses his or her job, these emotions intensify. It is important to remember that 40% of Americans have been laid off or fired at least once during these times. While this may not solve your problem, you may find solace in the fact that others have endured a similar circumstance. Recognizing these emotions and refraining from acting impulsively is vital to your health.

Chart on Employee Concerns with Layoffs

What Not To Do When Being Laid Off

  • Don't Leave Without Saving Critical Documents
    It is advisable to regularly save documents of personal or professional interest from your work computer. Some employers will escort terminated employees off the premises or immediately restrict their access. You must ensure that no important information is left behind.

  • Don't Discuss Termination Before Taking Time to Process
    When laid off, you may experience anger and stress. Communicating with management while experiencing these emotions could be detrimental to your objectives. Request a meeting in two days to have this discussion. In the interim, investigate the company's policies and practices so that, if possible, you are prepared to negotiate a reasonable severance package. Assuming you're unable to delay a decision on a severance package if it's offered, you should consider the terms and whether it's worth negotiating to get a more comprehensive package.

Don’t Refuse to Help With the Transition
By facilitating a seamless transition, you will be remembered as a superior employee and may receive favorable referrals and recommendations. Even when you're in a bad situation, being kind will benefit you in the long run. At the very least, you will have made an honest effort to assist your employer, which could result in a favorable reference.

  • Don't Ignore the Opportunity to Resign
    In some cases, resignation may be an alternative to termination. There are pros and cons to resigning instead of being terminated. You may forfeit unemployment benefits if you resign, but in certain circumstances you can save face. During job interviews, you will not be required to discuss being fired, which can be challenging.

  • Don't Be Afraid to Request a Reference
    If you have supportive coworkers, ask them for a recommendation while you are in close contact with them. You can benefit from their recommendation when searching for your next position.

  • Do Not Miss the Opportunity to Ask Why
    If your employer has not followed company policy regarding due process, you may be able to petition human resources for additional time to rectify your deficiencies. You may also be protected by an employment contract, union contract, or anti-discrimination statute.

  • Don't Announce Your Firing Immediately
    Take the time to consider your message and how you'd like to be perceived by colleagues and other professional contacts before announcing that you've lost your job.

Factors to Consider

If a hypothetical University of California employee were to be laid off, it can be a difficult issue to face. Transitions can be challenging, with negative emotions intensifying and diminishing productivity. Those who have lost their jobs frequently experience feelings of uncontrollable fear, negative self-perception, and self-devaluation. While you have the right to experience these emotions, you must be mindful and cautious not to let them control you. Giving these types of thoughts too much weight may prevent you from progressing toward a better future and lead you to do something you may later regret. It is imperative not to vent on social media about your former employer immediately after being fired. For University of California employees, even if they are mistaken, you have much more to lose. Giving yourself 24 hours will give you time to lessen the intensity of your emotions. You will become a victim if you allow yourself to be overcome by rage and send nasty emails, which will hinder your future job search. In addition, if you express anger and feelings of betrayal, you may appear to be at fault, which is extremely counterproductive in an interview setting.

University of California employees may also benefit from carefully choosing their words and only sharing them with trusted parties. 'Be mindful of what you do to the people around you, such as venting continuously, being irritable, and projecting your anger onto others. You are addressing it to your loved ones, even though they had nothing to do with this event. This is not how you should express your emotions.' Dr. Jantz gave advice.

Adaptation Strategies for University of California Employees

It is essential for University of California employees with overwhelming emotions to practice good self-care and be resilient. When confronted with anger, contributing positively to your nutrition, sleep, and physical routine may prove beneficial. Walking, working out, and exercising are all methods of anger management. In addition, writing down your emotions, avoiding self-destructive behavior, and realizing that you cannot punish yourself for what has occurred are additional ways to manage these intense negative emotions. One must also reconsider and reevaluate what must be done to strengthen and improve health. Those who formerly worked for University of California are more likely to exhibit depressive symptoms if they isolate, remain indoors constantly and withdraw.

While it's important for University of California employees to view their work as part of their identity, it's risky to make it your sole identity. According to a study published in the journal  Frontiers of Psychology , individuals who reduced themselves to their jobs felt dehumanized, like a machine or a tool, and had higher levels of disengagement, depression, and burnout. In light of this, University of California employees may benefit from understanding the concept of self-complexity. Self-complexity reflects the variety of characteristics that comprise the significant facets of who you are. The more complex your personality, the more resilient you are. Therefore, it is essential to consider diversifying your sense of self, just as you would your finances. You can create self-complexity and diversify your identity by investing in various aspects of your life. Thus, when things are not going well at work, you will not lose all sense of self. You may decide to devote time to your hobbies, spirituality, or health. University of California employees may mitigate feelings of depression and anxiety following a layoff if they are resilient and persistently strive for excellence. It is essential to ask oneself, 'Am I filled with anger and resentment? Have fear and anxiety taken over my life?' Utilize positive reassurance to accept that there is nothing wrong with you and that you are simply going through a difficult transition in life.

How does the University of California Retirement Plan (UCRP) define service credit for members, and how does it impact retirement benefits? In what ways can University of California employees potentially enhance their service credit, thereby influencing their retirement income upon leaving the University of California?

Service Credit in UCRP: Service credit is essential in determining retirement eligibility and the amount of retirement benefits for University of California employees. It is based on the period of employment in an eligible position and covered compensation during that time. Employees earn service credit proportionate to their work time, and unused sick leave can convert to additional service credit upon retirement. Employees can enhance their service credit through methods like purchasing service credit for unpaid leaves or sabbatical periods​(University of Californi…).

Regarding the contribution limits for the University of California’s defined contribution plans, how do these limits for 2024 compare to previous years, and what implications do they have for current employees of the University of California in their retirement planning strategies? How can understanding these limits lead University of California employees to make more informed decisions about their retirement savings?

Contribution Limits for UC Defined Contribution Plans in 2024: Contribution limits for defined contribution plans, such as the University of California's DC Plan, often adjust yearly due to IRS regulations. Increases in these limits allow employees to maximize their retirement savings. For 2024, employees can compare the current limits with previous years to understand how much they can contribute tax-deferred, potentially increasing their long-term savings and tax advantages​(University of Californi…).

What are the eligibility criteria for the various death benefits associated with the University of California Retirement Plan? Specifically, how does being married or in a domestic partnership influence the eligibility of beneficiaries for University of California employees' retirement and survivor benefits?

Eligibility for UCRP Death Benefits: Death benefits under UCRP depend on factors like length of service, eligibility to retire, and marital or domestic partnership status. Being married or in a registered domestic partnership allows a spouse or partner to receive survivor benefits, which might include lifetime income. In some cases, other beneficiaries like children or dependent parents may be eligible​(University of Californi…).

In the context of retirement planning for University of California employees, what are the tax implications associated with rolling over benefits from their defined benefit plan to an individual retirement account (IRA)? How do these rules differ depending on whether the employee chooses a direct rollover or receives a distribution first before rolling it over into an IRA?

Tax Implications of Rolling Over UCRP Benefits: Rolling over benefits from UCRP to an IRA can offer tax advantages. A direct rollover avoids immediate taxes, while receiving a distribution first and rolling it into an IRA later may result in withholding and potential penalties. UC employees should consult tax professionals to ensure they follow the IRS rules that suit their financial goals​(University of Californi…).

What are the different payment options available to University of California retirees when selecting their retirement income, and how does choosing a contingent annuitant affect their monthly benefit amount? What factors should University of California employees consider when deciding on the best payment option for their individual financial situations?

Retirement Payment Options: UC retirees can choose from various payment options, including a single life annuity or joint life annuity with a contingent annuitant. Selecting a contingent annuitant reduces the retiree's monthly income but provides benefits for another person after their death. Factors like age, life expectancy, and financial needs should guide this decision​(University of Californi…).

What steps must University of California employees take to prepare for retirement regarding their defined contribution accounts, and how can they efficiently consolidate their benefits? In what ways does the process of managing multiple accounts influence the overall financial health of employees during their retirement?

Preparation for Retirement: UC employees nearing retirement must evaluate their defined contribution accounts and consider consolidating their benefits for easier management. Properly managing multiple accounts ensures they can maximize their income and minimize fees, thus contributing to their financial health during retirement​(University of Californi…).

How do the rules around capital accumulation payments (CAP) impact University of California employees, and what choices do they have regarding their payment structures upon retirement? What considerations might encourage a University of California employee to opt for a lump-sum cashout versus a traditional monthly pension distribution?

Capital Accumulation Payments (CAP): CAP is a supplemental benefit that certain UCRP members receive upon leaving the University. UC employees can choose between a lump sum cashout or a traditional monthly pension. Those considering a lump sum might prefer immediate access to funds, but the traditional option offers ongoing, stable income​(University of Californi…)​(University of Californi…).

As a University of California employee planning for retirement, what resources are available for understanding and navigating the complexities of the retirement benefits offered? How can University of California employees make use of online platforms or contact university representatives for personalized assistance regarding their retirement plans?

Resources for UC Employees' Retirement Planning: UC offers extensive online resources, such as UCnet and UCRAYS, where employees can manage their retirement plans. Personalized assistance is also available through local benefits offices and the UC Retirement Administration Service Center​(University of Californi…).

What unique challenges do University of California employees face with regard to healthcare and retirement planning, particularly in terms of post-retirement health benefits? How do these benefits compare to other state retirement systems, and what should employees of the University of California be aware of when planning for their medical expenses after retirement?

Healthcare and Retirement Planning Challenges: Post-retirement healthcare benefits are crucial for UC employees, especially as healthcare costs rise. UC’s retirement health benefits offer significant support, often more comprehensive than other state systems. However, employees should still prepare for potential gaps and rising costs in their post-retirement planning​(University of Californi…).

How can University of California employees initiate contact to learn more about their retirement benefits, and what specific information should they request when reaching out? What methods of communication are recommended for efficient resolution of inquiries related to their retirement plans within the University of California system?

Contacting UC for Retirement Information: UC employees can contact the UC Retirement Administration Service Center for assistance with retirement benefits. It is recommended to request information on service credits, pension benefits, and health benefits. Communication via the UCRAYS platform ensures secure and efficient resolution of inquiries​(University of Californi…).

New call-to-action

Additional Articles

Check Out Articles for University of California employees

Loading...

For more information you can reach the plan administrator for University of California at 9500 gilman dr La Jolla, CA 92093; or by calling them at 858-534-2230.

*Please see disclaimer for more information

Relevant Articles

Check Out Articles for University of California employees