
Faculty Summer Salary DCP Contribution PPS Requirements Ucop Form
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People also ask
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What is DC choice on paychecks?
A defined contribution (DC) plan is a retirement plan that's typically tax-deferred such as a 401(k) plan or a 403(b). Employees contribute a fixed amount or a percentage of their paychecks to an account that's intended to fund their retirements.
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What is summer salary?
"Summer Salary" is compensation to faculty for effort performed beyond their period of 9-month appointment. The basis for calculation of an individual faculty member's summer salary that can be charged to a sponsored project is the regular compensation received during the period of appointment.
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What is the summer salary DC Plan?
for employees who began participating in the DC Plan after June 30, 1994, summer salary is limited to $72,500 (¼ the 2021 annual compensation limit of $290,000); for employees who participated in the DC Plan before July 1, 1994, summer salary is limited to $107,500 (¼ the 2021 annual compensation limit of $430,000).
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What is the UC DC Plan?
The Defined Contribution Plan (DCP) is a savings plan that allows participants to accumulate tax‐ sheltered money for retirement. Each pay period, 7.5% of salary will be deposited automatically in the Defined Contribution Plan and credited to an individual tax‐sheltered account.
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What is the maximum contribution to the UC DCP?
You may contribute up to $70,000 to this plan in 2025. This limit applies to all annual additions (pretax and after-tax) to the DC Plan, including UC contributions and mandatory employee contributions under the DC Supplement, Savings Choice and Safe Harbor plans.
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How does summer salary work?
"Summer Salary" is compensation to faculty for effort performed beyond their period of 9-month appointment. The basis for calculation of an individual faculty member's summer salary that can be charged to a sponsored project is the regular compensation received during the period of appointment.
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What is the penalty for early withdrawal from UC DCP?
Early Distribution Penalties All distributions from your DCP account are taxed as ordinary income and distributions before age 59 1/2 may be subject to nondeductible penalty taxes — currently 10% federal tax and 2.5% California state tax.
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