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• Distribution amounts will be withdrawn first from the TDA plan.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.