Retirement Date
The Plan does not cite a mandatory retirement age for Plan participants. Neither does the UUA. See information about the IRS required minimum distribution.
Retirement Distributions
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.
Vesting
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.
Ministers
If you a minister thinking about retiring, start at this webpage on Retiring from the UU Ministry.
Ordained ministers may receive part of their distributions after retirement as a tax-exempt clergy housing allowance. See see Clergy Housing Allowance in Retirement. 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 have taxes suppressed (no withholding) on the distributed amount.
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 Retirement: A Guide for UU Ministers and 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.