Participants are fully vested and may withdraw funds:
- At age 59½, regardless of employment status
- Upon severance from employment from a UUORP participating employer (subject to 10% early withdrawal penalty before age 59½)
- On account of disability when employed with a UUORP participating employer
- When performing qualified military service when employed with a UUORP participating employer
- In retirement
Before making a decision to request a distribution, participants may benefit by consulting an advisor of their choice or an Empower Financial Advisor 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.
Withdrawals (not rollovers) before age 59½ will be subject to the 10% early withdrawal penalty in addition to ordinary income tax.