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Loans from the Unitarian Universalist Organizations Retirement Plan

General Purposes

Although 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, advisors recommend carefully reviewing every other available option, and leaving your retirement funds untouched. It is widely recognized that individuals are not well prepared for their eventual retirement; many experts refer to this situation as a crisis, and therefore express real concern over pulling funds, even temporarily, from retirement accounts.

Plan participants may wish to take advantage of the annual no-cost personalized guidance session; call TIAA 800-732-8353 to schedule your individualized (in person or telephone) appointment.

Purchase of Primary Residence

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.

Payment

For either type of account reduction loan, both the Principal and the interest are paid back into the participant’s account.  Repayment of these loans is done via automated draft of the participant's bank account.

Paperwork Required

In order to initiate an Account reduction loan, the Plan Participant calls the TIAA dedicated phone line for Unitarian Universalist (UU) Organizations Retirement Plan participants: (800) 842-2829 and authenticates their identity by providing their Social Security number. The National Call Center person will then 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 specific documentation), the loan application fee amount, consequences if one defaults on loan repayment, and other issues of concern.

Plan Signature Required

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) 742-2875 or mail to Unitarian Universalist Association (UUA), Attn: Retirement Plan Director.

Direct employees of the UUA send their paperwork through UUA Human Resources.

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For more information contact retirementplan@uua.org.