UNIVERSITY OF CALIFORNIA OFFICE OF THE PRESIDENT (UCOP)
UC Coronavirus updates
RETIREMENT ADMINISTRATION SERVICE CENTER (RASC)
Important update about RASC services for retirees, employees and survivors of UC retirees, updated April 24, 2020
Retirement Processing during the shelter in place order, March 30, 2020
The long-term stability of the UC Retirement Plan, March 30, 2020
The Cares Act Suspends 2020 Minimum Required Distributions (MRDS), March 27, 2020, UcNet/Fidelity
The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act"), enacted on March 27, allows those 70.5 or older to waive 2020 MRDs. This temporary waiver addresses potential concerns about taking money out of investments during the current volatile market and economic slowdown.
WHAT YOU NEED TO KNOW
- You don't need to take action if you want to waive your 2020 MRD and have not scheduled a distribution.
- Fidelity will not automatically process MRDs from your UC 403(b), 457(b) or DC Plan in 2020, unless you have scheduled a distribution.
- If you already have taken an MRD in 2020, you may not return the distribution. However, under certain provisions, you may be able to roll it over to the UC Retirement Savings Program, another eligible retirement plan or an IRA. Consult with a tax advisor about your options.*
- As a reminder, the SECURE Act passed in late 2019 raised the MRD age to 72 years old for anyone born on or after July 1, 1949.
To read more visit this link.
Your health plan's response to COVID-19, March 20, 2020