DCP are retirement savings and investment plans that supplement the UCRP pension plan. The DC Plan consists of two separate accounts, the Pre-Tax Account and the After-Tax/Rollover Account.
State and Federal law requires UC employees, who are currently excluded from membership in the University of California Retirement Plan (UCRP) and Social Security because of their appointment, to participate in the "Safe Harbor" retirement plan.
DCP Pre-Tax Account Contributions:
FULL BENEFITS (CAREER) | MID-LEVEL BENEFITS | ||||
|---|---|---|---|---|---|
WITH SOCIAL SECURITY | WITHOUT SOCIAL SECURITY | SAFE HARBOR | |||
| Participation | Mandatory (11/1990 - 4/2010) | Mandatory (11/1990 - 4/2010) | Mandatory | ||
| Contribution Amount | 7.5% | ||||
| Contribution Limit | NA | NA | Social Security Wage Base ($118,500 for 2015) | ||
| Rollovers | Does not accept rollovers | Does not accept rollovers | Does not accept rollovers | ||
| Earnings | Tax-deferred | Tax-deferred | Tax-deferred | ||
| Distribution Options After Separation | Keep in plan with $2,000 minimum balance, rollover taxable monies to IRA or other qualified plan, take monthly distribution or distribution at will. | Keep in plan with $2,000 minimum balance, rollover taxable monies to IRA or other qualified plan, take monthly distribution or distribution at will. | Keep in plan with $2,000 minimum balance, rollover taxable monies to IRA or other qualified plan, take monthly distribution or distribution at will. | ||
Voluntary DCP After-Tax Account:
| After-Tax/Rollover Account | |
|---|---|
| Participation | Voluntary |
| Contribution Amount | Employee designates |
| Contribution Limit | 100% adjusted gross UC salary - up to $53,000 for 2015 |
| Rollovers | Accepts qualified rollovers; does not accept IRA rollovers |
| Earnings | Tax-deferred |
| Distribution | At will |
| Distribution Options - At Will | Keep in plan with $2000 minimum balance, rollover taxable monies to IRA or other qualified plan, take monthly distribution or distribution at will. |
For maximum 401(a) contributions to the DCP After-Tax Account, please complete the 2015 IRC 415(c) Limit on Contributions Worksheet.
To Request a Distribution from DCP, please contact Fidelity Retirement Services by visiting its website at www.mysavingsatwork.com or by telephone at (866) 682-7787. Se habla español at (877) 297-3017.
Campus Human Resources, Benefits Services
Phone: (310) 794-0830 | Fax: (310) 794-0835
