CARES Act Coronavirus-Related Loan Provisions
In April, 2020 the UUA Retirement Plan Committee adopted the CARES Act loan provisions, to provide participants additional flexibility during the crisis.
Loan repayments could be deferred and plan loan limits were temporarily increased.
Participants with existing retirement plan loan repayments at the time would decide to defer repayments for one year by contacting TIAA, the Plan's Recordkeeper.
Participants were informed that a decision to delay would increase the total amount to be repaid; delaying repayment resulted in loan term extension, interest continued to accrue, and loans were reamortized.
In addition, the CARES Act temporarily increased loan limits. The maximum increased from $50,000 or 50% of vested account balances to $100,000 or 100% of the vested account balance. The last day it was possible to take advantage of the temporarily increased limits was Tuesday, September 22, 2020.