These dollars remain in the pension trust fund and are only available to you as part of a monthly pension retirement income. To calculate your own RMD withdrawal, use the table linked below. The distribution period is the number you divide your total investment account balance by to get the required minimum amount. With the DCP Roth option, your contributions are deferred from your already taxed income. Roth withdrawals, including any investment earnings, are not taxed if you meet the minimum qualifications.<\/p>\n

Less tax on your withdrawals could mean more money in your pocket during your retirement. Your retirement savings needs may vary\u2014talking with a financial professional can help you determine which option is best for you. This information about required minimum distributions is a summary.<\/p>\n

Payroll<\/h2>\n

As explained in items A and B below, there are certain types of student income which are exempt from Student FICA. International students who are nonresident aliens are always exempt from Student FICA. The body of the receipt will contain the explanation under \u201cDeduction\u201d that an amount has been withheld for \u201cDCP CAS SAV R\u201d or DCP Casual Savings Reduction. During the academic year, a registered graduate student who has advanced to Ph.D. candidacy is not subject to the unit requirement but is subject to the less than 80% requirement.<\/p>\n

With the One-Step Investing approach, your Retirement Strategy portfolio is already well diversified and will automatically adjust as you move closer to your target date. With the Build and Monitor approach to investing, you can allocate your contributions among the seven available funds to achieve diversification. At this time, DRS is not implementing the optional SECURE 2.0 Act provision that increases catch up contributions for individuals age 60 to 63. Automatic enrollment does not include student employees or retirees returning to work, even if they fit the newly hired\/full time employee status. For tax reporting purposes, wages are reported when they are paid, rather than when they are earned.<\/p>\n

If you separate from employment and later return to work for an employer who participates in DCP, you can reenroll anytime. If any payments from your account have started, they will stop. Because DRS only recovers the cost of administering DCP, we keep the fees low. The DCP administrative costs include WSIB, recordkeeping and the DRS administrative cost.<\/p>\n

How to withdraw from DCP<\/h2>\n

The DRS record keeper maintains the records for Plan 3, DCP and JRA customer investment accounts and assists customers with transactions related to these accounts. Voya Financial is the DRS record keeper for DCP, Plan 3 and JRA customer investment accounts. They can assist you with transactional needs and account information. The percentage is calculated from the total gross salary for the pay period, before any deductions are applied.<\/p>\n

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The restriction will not affect your regular contribution or the ability to leave state service and withdraw your money. Transfers of $1,000 or less are not impacted by the trading restrictions.DRS periodically reviews trade data to identify excessive trading. If existing restrictions are not sufficiently addressing excessive trade practices, DRS might take additional action. DRS […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37],"tags":[],"class_list":["post-8832","post","type-post","status-publish","format-standard","hentry","category-bookkeeping","has-post-title","has-post-date","has-post-category","has-post-tag","has-post-comment","has-post-author",""],"builder_content":"","_links":{"self":[{"href":"https:\/\/www.worldrealestatenetwork.com\/wordpress\/wp-json\/wp\/v2\/posts\/8832","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.worldrealestatenetwork.com\/wordpress\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.worldrealestatenetwork.com\/wordpress\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.worldrealestatenetwork.com\/wordpress\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.worldrealestatenetwork.com\/wordpress\/wp-json\/wp\/v2\/comments?post=8832"}],"version-history":[{"count":1,"href":"https:\/\/www.worldrealestatenetwork.com\/wordpress\/wp-json\/wp\/v2\/posts\/8832\/revisions"}],"predecessor-version":[{"id":8833,"href":"https:\/\/www.worldrealestatenetwork.com\/wordpress\/wp-json\/wp\/v2\/posts\/8832\/revisions\/8833"}],"wp:attachment":[{"href":"https:\/\/www.worldrealestatenetwork.com\/wordpress\/wp-json\/wp\/v2\/media?parent=8832"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.worldrealestatenetwork.com\/wordpress\/wp-json\/wp\/v2\/categories?post=8832"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.worldrealestatenetwork.com\/wordpress\/wp-json\/wp\/v2\/tags?post=8832"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}