DCP savings after termination of postdoc years

DCP savings after termination of postdoc years
Posted November 2, 2006 - 1:15pm

I have a question about the DCP savings. After 3.5 years I am about to
return to Europe. I was tax exempt during my first two years of stay, but
since the beginning there was a deduction from my pay to DCP. When I leave
I heard there is a penalty to take the money out of the plan and I also
have to pay tax. Is there a way to transfer this money to a european
account without paying penalty? Who can I contact regarding this question?

Eszter Sarkadi-Nagy

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As a US citizen, I had DCP

November 2, 2006 - 8:54pm — Mara (not verified)

As a US citizen, I had DCP from a former UC appointment when I left that appointment they automatically distributed the money because I didn't have enough to money to make it worth while to keep that account open. The taxes and fees on the distribution were almost 1/2 of the total in the account. I was able to un-do that distribution, get the whole money back and roll it into an IRA with Fidelity.

I think citizen or not if you take the money out you'll lose half. If you call a company that manages accounts in your home country, they may have a better idea of what you can do with the account than anyone at UCLA.

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