Important Deadline: Coronavirus Related Distribution Applications Must be Submitted by Monday, December 28, 2020 at Noon
One of the provisions of the Coronavirus Aid, Relief and Economic Security (CARES) Act is the ability of certain qualifying individuals to take distributions of up to the lesser of $100,000 or 100% of their account balance from their UTSaver Tax Sheltered Annuity (TSA) and UTSaver Deferred Compensation Plan (DCP) accounts to offset any expenses or lost income resulting from COVID-19. This option is about to expire.
A participant in the TSA or DCP voluntary retirement programs might be eligible to receive a distribution from a TSA or DCP account if that individual:
- Was diagnosed with the virus SARS-CoV-2 or with coronavirus disease 2019 (COVID-19) by a test approved by the Centers for Disease Control and Prevention;
- Has a spouse or dependent who is diagnosed with such virus or disease by such a test; or
- Experienced adverse financial consequences as a result of being quarantined, being furloughed or laid off or having work hours reduced due to such virus or diseases, being unable to work due to lack of child care due to such virus or disease, closing or reducing hours of a business owned or operated by the individual due to such virus or disease, or other factors as determined by the IRS.
To ensure requests are processed before the federal deadline, participants must submit their CRD application in good order (with a dollar amount requested and signed by you) to our office by no later than noon on Monday, December 28, 2020. Earlier deadlines may apply depending on your individual investment product and provider. Please contact your provider directly to determine if these earlier deadlines apply to you.
To request a CRD:
- Contact your retirement provider directly to request your CRD application. You can find contact information for all current providers at: www.utsystem.edu/offices/employee-benefits/ut-retirement-program/approved-providers.
- ON OR BEFORE MONDAY, DECEMBER 28, 2020 AT NOON, submit your signed and completed CRD application to the UT System Office of Employee Benefits by fax at 512-579-5016 or as a single-document PDF by email at email@example.com.