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Withdrawals from the Unitarian Universalist Organizations Retirement Plan
Participants may withdraw funds upon attainment of:
- age 59½
- termination of employment
- permanent disability
- retirement.
Federal law mandates that participants must begin to receive a Minimum Required Distribution (MRD) no later than the April 1 following the calendar year after becoming 70½ or retiring, whichever is later. The amount of a participant’s MRD is available from TIAA-CREF.
Upon termination of employment:
- Accounts with balances of less than $5,000 should be withdrawn or rolled over into an IRA.
- Accounts with larger balances may be left in the Plan if so desired.
- Lump sum withdrawals that are not rolled over into another qualified plan or an IRA are subject to 20% withholding for federal tax, and a 10% tax penalty if the participant is under age 59½.
Retirees may choose not to have taxes withheld from systematic monthly distributions. Distributions that qualify for clergy housing may also be exempt from withholding.
For more information contact ocsf @ uua.org.
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Last updated on Thursday, August 18, 2011.
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