Participants are fully vested and may withdraw funds upon attainment of:
- age 59½ or
- termination of employment or
- permanent disability or
Before making a decision to request a distribution, participants may benefit by consulting an advisor of their choice or a TIAA financial consultant to review their current situation, budget and concerns. Clergy participants are advised to review and discuss the IRS' applicable tax provisions, potentially referencing IRS Publication 517 and perhaps the Church and Clergy Tax Guide published annually.
Clergy, be aware that the IRS regulations permit special tax treatment related to distributions of your exercise of ministry money held in the denominational plan; that tax advantage is lost if you roll those monies out to a non-qualified, non-church plan.
Upon attaining a certain age and retirement status, the IRS requires all of our plan participants to take a minimum distribution, known as RMD. Scroll down for more information.
Participants Initiate Requests
In order to initiate a cash withdrawal, the plan participant logs in to their account profile via TIAA/UUA and navigates to start a loan/withdrawal.
No computer access or prefer to talk to TIAA? Call the dedicated phone line at TIAA (800) 842-2829. TIAA will answer questions and help participants to initiate a request. See further 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 participant's last known UU employer to support Plan authorization of request. Plan staff provide clergy attestation when applicable, to support the IRS' unique retired clergy-tax-treatment.
If submitting a paper form to TIAA, participants are advised to keep a copy for their own records. Do not submit distribution requests directly to the UUA staff.
IRS' Required Minimum Distribution
The Secure Act impacted the RMD age requirement
Our plan participants must begin to take the IRS required minimum distribution after attaining the applicable age or retiring, whichever is Later.
- Due to changes made by the SECURE Act, if you were born on or after July 1, 1949, then the applicable age to plug into the phrase above is age 72.
- if you were born before July 1, 1949, then the applicable age remains 70 1/2.
- Remember! For our plan, the IRS minimum distribution is required after attaining the applicable age or retiring, whichever is Later.
- Be aware that other plans have different RMD requirements.
Participants call TIAA with any questions: (800) 842-2829 and provide your SSN or account number to authenticate your identity.
Note: distributions taken during a given tax year count toward the IRS' minimum distribution amount required. Contact TIAA with any questions.
On the horizon: SECURE Act 2.0 may raise the RMD age even further, to age 75; stay tuned.