Participants are fully vested and may withdraw funds under certain conditions. The IRS requires participants to take a minimum distribution after retirement or attaining a certain age, whichever comes later.
Retired clergy, be aware that the IRS regulations permit special tax treatment related to your exercise of ministry money in the denominational plan; the tax advantage is lost if you roll that money out to a non-qualified, non-church plan.
Before making a decision to request a distribution, participants may benefit by consulting with an advisor of their choice or with a TIAA financial consultant or advisor. Be sure to review your current situation, budget, and concerns, and for clergy, know the IRS' applicable tax provisions. You or your advisor might consult IRS Publication 517 or perhaps the Church and Clergy Tax Guide.
Participants may withdraw funds upon attainment of:
- age 59½ or
- termination of employment or
- permanent disability or
Participants Initiate Requests
In order to initiate a cash withdrawal, the plan participant logs in to their account profile via www.tiaa.org/uua and navigates via quick links to start a loan/withdrawal.
No computer access? Call TIAA using the dedicated phone line (800) 842-2829. TIAA will help the participant to initiate the proper paperwork, and will respond to the participant's key questions. See below for paperless transactions permitted for IRS-required and recurring minimum distributions.
Plan Signature Required
Once TIAA has received a participant's request, TIAA's system rules ensure that the request is conveyed to UUA Retirement Plan staff for review and authorization. UUA staff help to verify dates of service with the local employers to support request authorizations. They also apply an attestation when applicable, related to the unique retired clergy-tax-treatment available under IRS rules.
If submitting a paper form to TIAA, participants are advised to keep a copy for their own records. When TIAA receives the paperwork, their system rules ensure that UUA staff receive requests for review and authorization. Do not submit distribution requests directly to the UUA staff.
For related information about distributions upon retirement, also review Upon Retirement.
Required Minimum Distribution
Law Changes! Both the CARES and the Secure Acts recently impacted RMD requirements
The CARES Act permitted RMD payments to be suspended for 2020 and restarted in 2021.
Our plan participants must begin to take the IRS required minimum distribution after attaining the applicable age or retiring, whichever is later. See below for notes regarding the applicable age.
Participants call TIAA with any questions: (800) 842-2829 and provide your SSN or account number to authenticate your identity.
SECURE Act Impacted the RMD-related Age
The Secure Act increases the RMD-related age from 70 1/2 to 72. However, this development only applies to folks who reach 70 1/2 after 2019. Therefore, if you turned 70 1/2 in 2019 or earlier, you are not impacted by the change.
Remember, the IRS requires that our plan participants take the minimum required distribution after attaining age the applicable age or retiring, whichever is later.
Note: for those participants who wish to take a larger-than-minimum distribution during a given tax year, contact TIAA with any question regarding how that counts toward satisfying the IRS' minimum distribution requirement.