Location: DC Admin Process/Withdrawal
To run a withdrawal calculation via CPAS Online, do the following:
Ensure that the correct plan is selected and from the DC Admin process, click to select the Withdrawal event. The system displays the Calculation wizard with the Calculation Type 'Withdrawal' selected.
If necessary, use the Calendar to change the default Transaction Date and click Next to continue.
Using the option buttons provided, select the first fund from which you want to withdraw and enter the Amount in the field.
Select the second fund. Notice that as you select the second fund, the amount entered for the first fund is saved.
Select funds and enter withdrawal amounts as required.
Click Next to display the Summary.
If the Summary is correct, click Finish.
From the DC Transactions process, click to select the Withdrawal Disbursements event. The system displays the Disbursement wizard with default payment options displayed.
To modify the Payout Instructions (Payment Type or Disbursement Fee), click the appropriate Modify link.
Set the Disbursement Fee to $5.00.
Click Next to return to the Summary page.
To modify the Lumpsum Tax Instructions (Tax Type, Tax Calculation Method, Amount), click the appropriate Modify link.
Set the Tax Type to 'Federal' and click Next to return to the Summary page.
To modify the Payment Instructions (Payment Method, Issue Method, Percent, Payee, Address, etc.) click the appropriate Modify link.
Leave the default Payment Instructions and click Next to return to the Summary page.
If the Summary is correct, click Finish. The system displays the member's Fund Summary, showing the YTD Withdrawal at $1200.00.
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For more information, see DC Admin Process (Online).
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