retirement plan

Changes coming to UUA Retirement Plan

Congregations and other UU groups participating in the UUA Retirement Plan are invited to submit comments by June 12 on proposed changes to the plan. After that date the UUA Retirement Plan Committee will revise the plan. When it is approved by the UUA Board of Trustees all participating employers must adopt it by December 31 in order to remain in the plan.

Work on the revisions has been underway for about a year, including attorneys, consultants, and UUA staff.  A mailing to congregations, describing the proposed changes, went out in mid-May. The mailing can also be found on UUA.org.

Changes to the plan include allowing new employees to immediately contribute to the plan rather than waiting a year and changes in the amount employers contribute. All of the changes can be found on the UUA’s website.

To receive periodic updates on the proposed changes and the implementation of the revised plan send an email with your name and role in the congregation to retirement@uua.org.

 

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TIAA-CREF new UU retirement recordkeeper

The UUA Board of Trustees made TIAA-CREF the new recordkeeper of the UU Organizations Retirement Plan at its meeting May 20, replacing Fidelity Investments. The decision was made on the recommendation of the UUA Compensation, Benefits, and Pension Committee. Both groups voted unanimously for the new recordkeeper.

The Rev. Richard Nugent, director of the UUA Office of Church Staff Finances, and Joyce Stewart, UUA Retirement Plan director, noted that plan participants will not have to take any action as a result of this change. Retirement investments will be transferred to funds that mirror ones they are already invested in.

Information packets will be sent to all 2,800 plan participants, including many staff of UU congregations. The conversion will be made around November 1.* The change was spurred by a growing commitment by the UUA to genocide-free investing, coupled with its disappointment in Fidelity’s refusal to move out of that area.

*This sentence has been corrected. It originally stated erroneously that the conversion would be complete by June 30. InterConnections apologizes for the error.

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UUA Announcements