Posts Tagged: coronavirus

Finances hurt by COVID-19? UC Regents allow access to retirement savings

The UC Board of Regents voted on May 21, 2020, to implement provisions of the Coronavirus Aid, Relief and Economic Security Act (CARES Act)  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.

Withdrawals from the UC 403(b), 457(b) and DC Plan

• The CARES Act allows you to withdraw 100% of your own vested balances up to $100,000 (whichever is less) from your UC 403(b), 457(b) plan, or DC Plan account.
• You won't owe the customary early withdrawal penalty when you withdraw under the CARES Act provision.
• You are still subject to federal income tax on your withdrawal, but it can be spread out evenly over three years. Check with your state tax board for more information about how this applies to your state income taxes.
• You may also repay all or part of your CARES Act withdrawal within three years and, if you do, your repayment won't be subject to federal income tax or to the annual IRS contribution limit. That means it won't affect the amount you would normally contribute to your UC plan.
• CARES Act withdrawals are available until Dec. 30, 2020.
• The CARES Act increases the maximum amount you can borrow from your UC 403(b) Plan. This increase is available until Sept. 23, 2020 (180 days since the CARES Act was enacted). Currently, you can borrow up to 50% of your total UC Retirement Savings Program account balance up to $50,000. Under the CARES Act, you can borrow up to 100% of your vested 403(b) plan balance up to $100,000, whichever is less. Note: If you've taken a loan in the past 12 months, the amount you can borrow will be reduced by the highest outstanding loan balance. 
• If you are currently repaying a UC 403(b) Plan loan or request a CARES Act loan, you can delay your repayments until Dec. 31, 2020.

403(b) Plan Loans

What qualifies as a financial consequence?

To qualify for a CARES Act withdrawal, loan, or to delay a loan repayment, you must self-certify that you face at least one of the following financial consequences:

• You, your spouse, or your dependents have been diagnosed with SARS-Co-V-2 or COVID-19 by an approved test from the Centers for Disease Control and Prevention.
• You have experienced a financial hardship as a result of quarantine, furlough, layoff, or reduced work hours.
• You are unable to work due to issues accessing childcare.
• A business that you own or operate has been closed or its hours have been reduced.
• You meet other criteria determined by the U.S. Treasury Secretary.

Important considerations

Weigh the consequences on your future financial security before you tap into your UC retirement savings accounts, especially in volatile markets. If you have access to other means of funding, such as home equity, a family member, or other viable sources of short-term cash, consider these options as well.

Call Fidelity at 1-866-682-7787 to request a withdrawal or loan, or to delay your current loan repayments.

For more information

• To understand UC 403(b) Plan loans, read How 403(b) Plan Loans Work.
• To learn more about the CARES Act or find updates on its provisions, visit irs.gov.
• If you have questions about the CARES Act or need guidance on accessing your retirement funds through these provisions, call a UC-dedicated Fidelity Retirement Planner at (800) 558-9182.

"Romaine Calm & Carrot On" takes next step

Thanks to the 800-plus registrants for the April 21 Romaine Calm & Carrot On! Activating Your Local Community Food & Resource Exchange webinar, we made a lot of new connections and generated some great ideas. People from at least 15 states and five other countries joined the conversation about helping our local communities, according to event hosts Nick Papadopoulos of CropMobster and Gabe Youtsey, UC ANR chief innovation officer.

The next step is to focus with smaller groups of dedicated individuals to organize and achieve results. The first CropMobster Cafe will be on Friday, May 8, 1 p.m.-2:30 p.m. Participation in the cafe is free, but limited to the first 25 people to register who participated in the webinar and are signed up with CropMobster. In the small group session, Papadopoulos will highlight more practical how-to's, tips and best practices for sharing resources, trading food and supplies and building stronger local communities through mutual aid.

If you missed the Romaine Calm & Carrot On! webinar, you can view the

• PowerPoint Presentation PDF
• Recording 
• Highlights

Register for CropMobster Cafe at https://ucanr.edu/survey/survey.cfm?surveynumber=30080.

“For bigger picture questions and regional leaders looking to activate your own community exchange campaign, we'd love to explore partnering,” said Youtsey. 

Contact Gabe Youtsey at (530) 750-1314 and gdyoutsey@ucanr.edu or Nick Papadopoulos at (707) 332-9209 and nick@cropmobster.com.

UC ANR compiles resources to help cope with COVID-19 crisis

While United States leaders continue to grapple with the worldwide COVID-19 pandemic, many Californians have concerns about basic needs and safety connected with the illness and subsequent shelter-in-place guidelines. By its nature, UC Agriculture and Natural Resources can offer expertise to help them cope with this challenging situation.

People are wondering about food, water, exercise, educating their children and adjusting to a new lifestyle – topics covered by our nutrition, family and consumer sciences programs. In addition, UC ANR's expertise in agricultural science is invaluable for farmers who are essential businesses growing food for people in the United States and abroad. Natural resources programs are able to offer guidance for using outdoor facilities under the circumstances.

To make these practical resources easy to find, UC ANR leadership and Strategic Communications aggregated relevant information in one place on our website, http://ucanr.edu/COVID19communityresources. The webpage includes sections on “agriculture,” “food, water and nutrition,” “youth development,” “exploring your environment,” “gardening," and "health and wellness."

Please share this resource with your clientele, friends and family. If you have ANR resources that should be added to these pages, please email them to jewarnert@ucanr.edu.

UC ANR has a second website with COVID-19 information specifically for employees, found at http://ucanr.edu/COVID19. That site contains sections on:

• CDC guidelines and recommendations
• Telecommuting and remote work
• Travel
• Wellness and mental health resources
• Guidance for ANR locations and programs
• Program-specific guidance
• Additional resources

ANR’s rapid response to COVID-19

Dear Colleagues,

The world has changed profoundly in the past few weeks, compelling us to change the way we live and work to slow the new coronavirus pandemic. Your ability to adapt and to innovate on the fly is nothing short of amazing. These are incredibly trying times for all of us, some more than others. Some of you are working at home and home-schooling children. Others are caring for elderly parents.

I am so proud of the way ANR people are rapidly transforming the way they work. In the daily UC ANR COVID-19 Update, we've been highlighting some examples and will continue to feature innovative efforts. I encourage you to note your efforts on the divisionwide tracker that Strategic Communications created.

Please continue to monitor ucanr.edu/covid19 for resources to help you take care of yourselves and alleviate stress. In this newsletter, you'll also find links to wellness resources.

I appreciate your commitment and all that you do. While we are socially distancing, we will get through this together. Stay safe!

Glenda Humiston
Vice President

Working from home gives us furry officemates

As we shelter in place during the COVID-19 pandemic, many of us find ourselves sharing workspace with our pets. Some ANR colleagues have posted photos of their four-legged coworkers on social media. We could all use some softer news with images of cute animals.

If you would like to share a photo of your pet, please email it to pam.kanrice@ucanr.edu along with your pet's name and temporary job title. Pets need not be furry, we welcome diversity.

Here are some pics of ANR's work-from-home support staff:

Read more