For those employees and their families who are experiencing financial hardship due to the COVID-19 pandemic, the CARES Act allows them access to retirement plan assets while still employed at Tulane.
The following provisions and distribution limits will apply:
- CARES Act distributions will be available from all 3 Tulane retirement plans:
- Tulane University Tax-deferred Annuity (TDA) Plan
- Tulane University Staff Retirement Plan
- Tulane University Faculty and Administrative Retirement Plan
- Distributions will be limited to the lesser of $50,000 or 50% of your total vested account balance.
- Distribution amounts will be withdrawn first from the TDA plan.
- Spousal consent and notarization requirements do apply to this distribution.
- Distributions are taxable – they can be repaid over a three year period, limiting the tax liability.
- There is no early withdrawal tax penalty applied.
- These CARES Act provisions are currently set to end on 12/31/2020.
- To make a request for a CARES Act distribution, contact the appropriate vendor:
- TIAA 800-842-2252
- Fidelity 800-343-0860
If you have questions regarding this process, please send an email to TUBenefits@tulane.edu and the appropriate team member will respond.