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 Home < Employees < Retirement and Savings Plans < University of California Retirement Plan (UCRP) < Capital Accumulation Provision (CAP) < CAP Distributions
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You must take a distribution of your CAP balance when you retire, go on UCRP disability, or when you leave UC employment, if you are not vested. If you are a vested member of UCRP, you may leave your CAP balance on deposit until you retire from UCRP. You ma y elect a direct rollover to a traditional Individual Retirement Account (IRA), a Roth IRA or to another employer's 401(a), 401(k), 403(b), or governmental 457 plans, including UC's DC, 403(b) or 457(b) plans. There are no minimum age requirements for distributions; however, if you elect a distribution before age 59 1/2, in addition to income taxes, early distribution penalties may apply. For additional details, see the Special Tax Notice for Plan Distributions—UCRS [PDF]. When you elect monthly UCRP income or a lump sum cashout, your CAP will be distributed as part of the election process. If you are approved for UCRP disability income or if you request a distribution when you leave UC employment, you will be required to complete a Distribution Request—CAP Balance form (UBEN 142CAP). If you have left UC employment, contact the UC Customer Service Center Center at 1-800-888-8267 for additional details and to request the UBEN 142CAP form. |
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