The CARES Act provides a temporary waiver of federal Required Minimum Distribution (RMD) rules in 2020 for eligible retirement savings plans. (An RMD generally applies to participants over age 70½ and beneficiary accounts.)
If you don’t want to make any changes, you don’t need to take any action. Unless we hear otherwise, URS will continue distributing your 2020 RMD as previously arranged.
However, if you wish to take advantage of this waiver for tax year 2020 and have not received your 2020 RMD, please contact us as soon as possible to cancel your RMD payment for 2020 (801-366-7720 or 800-688-401k or via the Message Center).
If you've already received your 2020 RMD, or, if you were subject to RMDs for the first time in tax year 2019 and received your 2019 RMD in 2020, you may roll the funds into an IRA or eligible retirement plan that will accept a 60-day rollover.
This waiver does not apply to a URS defined benefit (pension) benefit.
PLEASE NOTE: If you instruct URS to stop distributions from your account (including RMD payments) for 2020, you will be required to submit a new request to have distributions paid in 2021 and beyond. However, if you do not submit a request to have distributions paid in 2021, the RMD payment will be automatically scheduled within the 401(k) and/or 457 plans as an annual payment on November 30, 2021, in accordance with federal law.
If you have questions or to cancel your RMD payment for 2020, please contact URS at 801-366-7720 or 800-688-401k.