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Following the recent Restatement of the Unitarian Universalist (UU) Organizations Retirement Plan, Employers were required to submit a 2014 Employer Participation Agreement.
All employees, age 18 and older, of those Participating Employers are eligible to enroll in the plan for the purpose of deferring a portion of their salary to the plan, even if they have not yet met the Plan's criteria to be eligible to receive contributions from their Employer. These pre-tax salary deferral contributions are known as an elective contributions. Enrolled employees may also roll assets into the UU Organizations Retirement Plan from a similar plan.
Non-Clergy employees serving Participating Employers are eligible to receive contributions from their Employer only once they have:
Ordained Unitarian Universalist clergypersons who are serving Participating Employers are to receive employer contributions upon hire, because they will have fulfilled the requirement to work one year in which they completed 1,000 hours during their internship, as part of their ministerial preparation.
NOTE: Once an employee has met the Plan's criteria to receive Employer contributions, participating Employers must remit the Employer Contribution even if the employee's hours decrease (drop below 1,000 hours of service/year) in subsequent years.
The Unitarian Universalist Association (UUA) Fair Compensation Guidelines (PDF) recommend an annual retirement plan employer contribution of 10 percent.
For more information contact retirementplan @ uua.org.
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Last updated on Thursday, September 4, 2014.
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