Upon Retirement: the UU Organizations Retirement Plan
The Plan does not cite a mandatory retirement age for plan participants. Neither does the UUA. See information about the IRS required minimum distribution.
At retirement, any participant may elect to receive distributions as:
- a partial or total lump sum distribution, sometimes with significant tax consequences; or
- systematic payments over a specified time, or
- systematic payments for a specified amount.
Compare the menu of investments, including annuity options, and view performance on the TIAA website.
Plan participants are fully vested, and in the event of death, the assets are paid to the participant’s beneficiary. Log in to your account today to verify that your beneficiary designations are up to date or to initiate a request for distribution.
Ordained ministers may receive part of their distributions after retirement as a tax-exempt clergy housing allowance. Therefore, it is generally considered to be uniquely advantageous for clergy of all denominations to maximize their retirement savings through their denominationally-sponsored plan.
When requesting a distribution retired UU clergy persons may indicate their request to suppress taxes on the distributed amount. Otherwise federal tax is withheld. Contact retirementplan [at] uua [dot] org for details.
For collegial and other important support, soon-to-retire and retired ministers are encouraged to connect with the Unitarian Universalist Retired Ministers and Partners Association (UURMaPA). They reach out via the quarterly newsletter, Elderberries, provide a handbook (PDF), and so much more. UURMaPA has evolved to become an advocacy group for retirees; it also has created a Caring Network who stay in touch with members.