UC Regents Approve Loans and Withdrawals from UC Retirement Savings Program Plans for Those Impacted by COVID-19

Mon, 06/08/2020 - 12:00
UCR Human Resources
June 8, 2020

On May 21, 2020, the UC Board of Regents voted to implement provisions of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) designed to make it easier for participants to access funds from their retirement savings plans. These optional provisions required approval from the Regents, who are responsible for overseeing the UC Retirement Savings Program (which includes the Defined Contribution Plan, Tax-Deferred 403(b) Plan, and 457(b) Deferred Compensation Plan).

If you or a dependent are diagnosed with the virus SARS-Co-V-2 or with coronavirus disease 2019 (COVID-19), or you experience adverse financial consequences as a result of the virus or disease, the CARES Act is designed to help by extending access to loans and withdrawals from employer-sponsored retirement savings plans like UC’s. For further information and details, please visit UCnet - UC Regents approve loans and withdrawals from UC Retirement Savings Program plans for those impacted by COVID-19 webpage.