If you are a graduate student who has worked during the summer months – for example, as a researcher or summer session instructor – you may have previously noticed a line-item deduction on your payroll stub for "DCP" and a dollar amount that was deducted. This is YOUR MONEY and is held in trust by the university for your retirement. You should check to determine whether or not you have money on deposit in the University of California's Defined Contribution Plan (DCP) and/or the Tax-Deferred 403(b) Plan. You should be able to do this when you log on to your UC Benefits account. You can claim a distribution of this money by reading the UCRS Distribution Kit [pdf], which includes the necessary form in its appendix. Complete the form and return it as instructed on the materials accompanying the form. Alternatively, you may consult with the payroll coordinator in your home department.
If your balance in this account is below $2,000, you are required to take this money with you upon leaving the university. If it is over $2,000, you are eligible to transfer these funds to a personal IRA or similar retirement instrument. In some cases, you may be able to "cash out" this money without saving it for retirement, but, income taxes will be assessed, so you should take this route only after very careful consideration of the consequences. As the University is prohibited from providing employees with personal tax advice, it always strongly recommends that you consult with a qualified tax accountant or other tax specialist in making these decisions.
You should also be aware that if you leave the University without formally providing a current address or any other means of contacting you, the University may close your account and move the money into a central fund along with other abandoned accounts.
