Retirement Plan Basics
The Unitarian Universalist (UU) Organizations Retirement Plan is an IRS qualified 401(a)/401(k) defined contribution, multiple employer, church retirement plan. Over six hundred participating Employers put our faith’s commitment to social justice into practice by helping to ensure that employees of UU institutions have an opportunity to accumulate savings for their retirement years.
The CARES Act, signed into law March 27, 2020, temporarily impacts the Plan's provisions regarding certain qualifying distributions, loans, and RMDs.
TIAA is the Recordkeeper for the plan's more than four thousand participants.
Participating Employers are those entities (congregations, districts, the national association, and other UU organizations) who have completed a Participation Agreement and have received confirmation from the Retirement Plan Committee.
Participating Employers are able to make tax-sheltered contributions for eligible staff members.
Employees of participating Employers are able to enroll for the purpose of making pre-tax Elective contributions towards their own eventual retirement readiness, whether or not the employee meets Plan criteria for receiving Employer contributions.
Many experts recommend that plan participants review their investment mix and elective salary deferral percentage regularly, and update appropriately. Participants enrolled in the denominational plan may take advantage of one free guidance session annually at no cost by calling (800) 732-8353, Monday to Friday, 8 a.m. to 8 p.m. (ET) to schedule the consultation. Remember, your retirement readiness is your responsibility.
Key Retirement Plan Points
The Plan was restated in 2014 and can be found on the UU Organizations Retirement Plan home page.
Each Employer is responsible to administer the Plan for the benefit of their employees and in compliance with the Plan document, their confirmed Employer Participation Agreement on file with the Unitarian Universalist Association (UUA) Retirement Plan Director, and all applicable federal regulations.
The Retirement Plan Committee oversees the Plan.