CARES Act Provisions Adopted by UU Retirement Plan

The Coronavirus Aid, Relief and Economic Security (CARES) Act was signed into law on March 27, 2020 and adopted by the UU Retirement Plan effective on April 9, 2020.

The Act provides options regarding distributions and loans for those of our participants who have been touched by the coronavirus’ impacts. 

The Act also includes provisions related to required minimum distribution waiver for 2020, tax deadline changes, student loan relief, and the “checks from the government” that we’ve all heard about in the news.

The Plan recognizes that many of the denominational retirement plan's participants will need to make tough financial decisions in the near term. We encourage those without an urgent need for cash to maintain focus on their long-term saving goals and strategies.

The CARES Act message for UU Retirement Plan participants provides important details for review before taking action.

TIAA's website also provides broad information regarding the CARES Act:

Overview

Carefully considering new options

UU Employers and this Employee Benefit Plan

Acknowledging the inherent worth of every employee requires recognizing their needs as they transition and evolve to new chapters in life.  UU Employers who have adopted the Plan ensure that their employees have equal access to the denominational retirement plan so they may save for their future as well as their present.

Plan Administration

Adopting UU Employer/Congregations are responsible for administering the Plan, abiding by all of the provisions of the governing Plan document and their Employer Participation Agreement on file with the UUA, which serves as Plan Sponsor.

• Stay legally compliant! The Benefits Tune-up Workbook (PDF) (Word) walks you through the basics.
• UU entities which lack a fully executed Employer Participation Agreement can not offer this employee benefit plan.
• Existing Employer Participation Agreements are in effect until updated, prospectively, by submitting and receiving written authorization via a new fully executed Agreement for a January 1st implementation date for an upcoming Plan Year, signed by the Retirement Plan Director at the UUA.
• Keep us updated regarding end of service dates and related employee changes by completing this online form.

Key Items for the Plan's Employers

• Plan Restatement (PDF, 49 pages)
• Annual Plan Notice (PDF, Cover letter and 9 pages)
• Summary Plan Description (SPD) (PDF, 16 pages)
• Blank Agreement (PDF, 5 pages) for Employers wishing to update commitments for next Plan Year

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Employee Resources

• The UU Plan's Recordkeeper, TIAA has a wide array of online tools and webinars for participants.