Temporary Waiver of Federal RMD Rules

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, here are three options.

  1. If you've already received a 2020 RMD distribution, you have until August 31, 2020to roll that RMD back to an eligible URS or other plan. 
  1. If you receive a 2020 RMD payment between now and December 31, 2020, you can roll it back to your plan within 60 days of the payment.
  1. If you've not yet contacted URS to cancel your upcoming 2020 RMD, call us to do so (801-366-7720 or 800-688-401k).

For either of the first two options, complete this form and send it to us with a check for the RMD amount. We must receive both by the applicable dates.

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, call us at 801-366-7720 or 800-688-401k.