Defined Contribution Plan (DCP)

Defined Contribution Plan (DCP)
Posted August 8, 2006 - 7:09pm

[Admin edit: Misplaced post moved here from elsewhere]

Has anyone further investigated the mandatory DC plan that takes 7.5% from our pre-tax salary every month. How can we allow the UC system to do this? How can the UC system make sigficant decisions about our wages without our input. Moreover, the University does not contribute anything to the DC.

Would any other post-docs like to work on changing this.

Michael

‹ Female roommate needed UC POSTDOCS: Unionization Efforts - 5 MINUTES FOR $500 ›

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ajay's picture

The following website makes

August 8, 2006 - 7:55pm — ajay

The following website makes me believe that you fall under the "safe harbor" category without social security or the pension plan (UCRP):
http://map.ais.ucla.edu/portal/site/UCLA/menuitem.789d0eb6c76e7ef0d66b02...
Seems like the 7.5% is required by Federal and State law.

The 2% I pay each month doesnt hurt as much and I get to invest it in a set of OK performing mutual funds through the Fidelity Netbenefits site [http://netbenefits.fidelity.com/]. That gives you atleast some control over your DPC money - have you tried that?

Ajay

"I refuse to believe that everybody refuses to believe the truth" - Lisa Simpson

Ajay, How is it you pay only

August 10, 2006 - 10:48am — Anonymous (not verified)

Ajay,

How is it you pay only 2% to DCP? I thought all postdocs paid 7.5%.

ajay's picture

This may be an artifact of

August 10, 2006 - 12:39pm — ajay

This may be an artifact of when I joined. Postdocs joining before Jan 2005 were eligible for UCRP and had smaller DCP deductions. What you say may well be true for newer appointments. See APM390 page 28 of following document:
http://www.gdnet.ucla.edu/gss/postdoc/apm390presentation.pdf

"I refuse to believe that everybody refuses to believe the truth" - Lisa Simpson

I concur with Ajay. It is

August 9, 2006 - 9:56am — dvatakis

I concur with Ajay. It is good savings. I know money is tight and I agree that the University should have made some form of contribution. The Fidelity web site is very easy to use and there is a number of good places you can invest that money. I have more problem paying for parking....
"A lost battle is a battle one thinks one has lost. " Jean-Paul Sartre

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