Participants may apply for an account reduction loan for general purposes, for up to a five (5) year term, of up to 50% of their account balance, not to exceed $50,000.
For purchase of a primary residence for the Participant, or to preclude foreclosure of the primary residence of the Participant, an account reduction loan with a term of up to ten (10) years is permissible, of up to 50% of a participant’s account, not to exceed $50,000.
For either account reduction loan, both the Principal and the interest are paid back into the participant’s account.
In order to initiate an Account reduction loan, the Plan Participant calls the TIAA-CREF dedicated phone line for Unitarian Universalist (UU) Organizations Retirement Plan participants: (800) 842-2829. The National Call Center person will assist the participant to initiate the proper paperwork, and will respond to the participant's key questions regarding the amount available to them, the term of the loan permitted, the documentation required (loans for the purchase of a primary residence require home purchase documentation), the loan application fee amount, consequences if one defaults on loan repayment, and other issues of concern.
Once a participant has completed their account reduction loan paperwork, they are to keep a copy and send the loan form to the UU Organizations Retirement Plan Director. This may be done by fax: 617-948-4265 or mail to Unitarian Universalist Association (UUA), Attn: Retirement Plan Director.
Direct employees of the UUA send their paperwork through UUA Human Resources.
For more information contact ocsf @ uua.org.
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Last updated on Wednesday, November 27, 2013.
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