If you leave your position at an employer that participates in the UU Retirement Plan, you have several options for your retirement account.
- Leave your retirement money invested the UU Plan. You cannot add more money to the account but can still log in to your account and change your investments.
- Roll the funds from the UU Plan to a retirement plan with a new employer (if that plan permits a rollover).
- Roll the funds from the UU Plan to a new IRA (individual retirement account), where you can add money to and manage the account.
- Cash out the funds in the UU Plan to receive the money immediately. (This will be taxable income, and if you are under age 59 ½, there will also be a 10% fee/penalty.)
At least annually, the UU Plan will remove accounts for non-clergy with small balances if you no longer work for a participating employer. If you have less than $5000 in your account, the UU Plan will move your balance to an IRA, unless you choose a cash payment instead of a rollover to an IRA.
It is always a good idea to log in to your account to make sure your contact information and beneficiaries are up to date.