Student FICA, Defined Contribution Plan, and Medicare

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 reserves the right to establish or revise restrictions to comply with federal or state regulations, or as circumstances indicate. DCP can accept rolled funds from previous employers held in eligible retirement plans such as 457(b), 401(k), 403(b) and traditional, pretax IRA accounts.

You can only use dollars from your pretax DCP balance. However, you can take a distribution from your Roth and use it to purchase additional service credit. You can choose to contribute to both or either option. You’ll be able to review and access both balances using your online account. The combined contributions for both options must fall within IRS annual limits. Box 1 on form W2 reflects your taxable gross earnings.

File your taxes, your way

The Payroll Office cannot supply tax return forms, but see next question. Transfers among funds are allowed at any time on Fidelity’s website. Some restrictions apply to transfers into or out of the ICC Fund. The DCP is a qualified retirement plan administered by the University of California Employee Benefits Office in the Office of the President. PerformancePast investment performance is no guarantee of future results. So why do we share past performance if it can’t predict future returns?

So every quarter would be calculated based on the exact account balance and performance at the time. While DRS and the DCP record keeper can provide you with information about investments, we cannot offer investment advice. If you are still not sure which investment approach might be right for you, talk with your financial advisor.

Information for beneficiaries

To find out more about each fund, see each investment’s Fund Fact Sheet (linked within each plan’s section). These fact sheets are prepared by the fund managers and contain information about performance, asset mixes and the goals of the fund. Make investment changes through your online account. Change your fund selections anytime during or after your employment. You can also contact the record keeper for assistance. The management cost for the individual investment and the administrative costs applied to all plan investments.

Your portfolio should include investments in several different objective categories. Spreading your assets among different types of investments might help you achieve a favorable rate of return while minimizing your overall risk of losing money. Although diversification is not a guarantee against loss, it is an effective strategy to help you manage investment risk. If the DRS record keeper, Voya Financial denies your request for distribution, you’ll receive a letter with instructions to request further review by DRS if you wish. If you are rolling eligible Roth funds into DCP, you’ll need to know the date you started contributions for the account.

If you roll your DCP funds directly over into a traditional IRA or eligible retirement plan, the funds won’t be taxed dcp-cas w2 until you withdraw them. If you roll over into a Roth account, the rules could be different. Check with the IRS to learn how this choice will impact you. DCP offers a variety of professionally managed investment options, including “one-step” funds that automatically rebalance the asset mix as you move toward your target date for retirement.

Once you are enrolled in DCP, update your beneficiaries online through /oaa. Or complete the paper form (Beneficiary Designation) and mail it to DRS. You will receive a 1099 tax statement for the year of the withdrawal. Your contributions will be invested in the Retirement Strategy Fund that assumes you’ll begin withdrawing funds at age 65. This means if you were contributing to both options, you’d be contributing at least 1% each to Roth and 1% to pretax.

How is the minimum payment calculated?

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.

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

Payroll

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 “Deduction” that an amount has been withheld for “DCP CAS SAV R” 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.

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.

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.

How to withdraw from DCP

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.

Posted: August 1, 2024 11:43 am


According to Agung Rai

“The concept of taksu is important to the Balinese, in fact to any artist. I do not think one can simply plan to paint a beautiful painting, a perfect painting.”

The issue of taksu is also one of honesty, for the artist and the viewer. An artist will follow his heart or instinct, and will not care what other people think. A painting that has a magic does not need to be elaborated upon, the painting alone speaks.

A work of art that is difficult to describe in words has to be seen with the eyes and a heart that is open and not influenced by the name of the painter. In this honesty, there is a purity in the connection between the viewer and the viewed.

As a through discussion of Balinese and Indonesian arts is beyond the scope of this catalogue, the reader is referred to the books listed in the bibliography. The following descriptions of painters styles are intended as a brief introduction to the paintings in the catalogue, which were selected using several criteria. Each is what Agung Rai considers to be an exceptional work by a particular artist, is a singular example of a given period, school or style, and contributes to a broader understanding of the development of Balinese and Indonesian paintng. The Pita Maha artist society was established in 1936 by Cokorda Gde Agung Sukawati, a royal patron of the arts in Ubud, and two European artists, the Dutch painter Rudolf Bonnet, and Walter Spies, a German. The society’s stated purpose was to support artists and craftsmen work in various media and style, who were encouraged to experiment with Western materials and theories of anatomy, and perspective.
The society sought to ensure high quality works from its members, and exhibitions of the finest works were held in Indonesia and abroad. The society ceased to be active after the onset of World War II. Paintings by several Pita Maha members are included in the catalogue, among them; Ida Bagus Made noted especially for his paintings of Balinese religious and mystical themes; and Anak Agung Gde Raka Turas, whose underwater seascapes have been an inspiration for many younger painters.

Painters from the village of Batuan, south of Ubud, have been known since the 1930s for their dense, immensely detailed paintings of Balinese ceremonies, daily life, and increasingly, “modern” Bali. In the past the artists used tempera paints; since the introduction of Western artists materials, watercolors and acrylics have become popular. The paintings are produced by applying many thin layers of paint to a shaded ink drawing. The palette tends to be dark, and the composition crowded, with innumerable details and a somewhat flattened perspective. Batuan painters represented in the catalogue are Ida Bagus Widja, whose paintings of Balinese scenes encompass the sacred as well as the mundane; and I Wayan Bendi whose paintings of the collision of Balinese and Western cultures abound in entertaining, sharply observed vignettes.

In the early 1960s,Arie Smit, a Dutch-born painter, began inviting he children of Penestanan, Ubud, to come and experiment with bright oil paints in his Ubud studio. The eventually developed the Young Artists style, distinguished by the used of brilliant colors, a graphic quality in which shadow and perspective play little part, and focus on scenes and activities from every day life in Bali. I Ketut Tagen is the only Young Artist in the catalogue; he explores new ways of rendering scenes of Balinese life while remaining grounded in the Young Artists strong sense of color and design.

The painters called “academic artists” from Bali and other parts of Indonesia are, in fact, a diverse group almost all of whom share the experience of having received training at Indonesian or foreign institutes of fine arts. A number of artists who come of age before Indonesian independence was declared in 1945 never had formal instruction at art academies, but studied painting on their own. Many of them eventually become instructors at Indonesian institutions. A number of younger academic artists in the catalogue studied with the older painters whose work appears here as well. In Bali the role of the art academy is relatively minor, while in Java academic paintings is more highly developed than any indigenous or traditional styles. The academic painters have mastered Western techniques, and have studied the different modern art movements in the West; their works is often influenced by surrealism, pointillism, cubism, or abstract expressionism. Painters in Indonesia are trying to establish a clear nation of what “modern Indonesian art” is, and turn to Indonesian cultural themes for subject matter. The range of styles is extensive Among the artists are Affandi, a West Javanese whose expressionistic renderings of Balinese scenes are internationally known; Dullah, a Central Javanese recognized for his realist paintings; Nyoman Gunarsa, a Balinese who creates distinctively Balinese expressionist paintings with traditional shadow puppet motifs; Made Wianta, whose abstract pointillism sets him apart from other Indonesian painters.

Since the late 1920s, Bali has attracted Western artists as short and long term residents. Most were formally trained at European academies, and their paintings reflect many Western artistic traditions. Some of these artists have played instrumental roles in the development of Balinese painting over the years, through their support and encouragement of local artist. The contributions of Rudolf Bonnet and Arie Smit have already been mentioned. Among other European artists whose particular visions of Bali continue to be admired are Willem Gerrad Hofker, whose paintings of Balinese in traditional dress are skillfully rendered studies of drapery, light and shadow; Carel Lodewijk Dake, Jr., whose moody paintings of temples capture the atmosphere of Balinese sacred spaces; and Adrien Jean Le Mayeur, known for his languid portraits of Balinese women.

Agung Rai feels that

Art is very private matter. It depends on what is displayed, and the spiritual connection between the work and the person looking at it. People have their own opinions, they may or may not agree with my perceptions.

He would like to encourage visitors to learn about Balinese and Indonesian art, ant to allow themselves to establish the “purity in the connection” that he describes. He hopes that his collection will de considered a resource to be actively studied, rather than simply passively appreciated, and that it will be enjoyed by artists, scholars, visitors, students, and schoolchildren from Indonesia as well as from abroad.

Abby C. Ruddick, Phd
“SELECTED PAINTINGS FROM THE COLLECTION OF THE AGUNG RAI FINE ART GALLERY”


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