UPSERS Hardship loans 2022

This optional feature automatically increases your pre-tax contributions by 1% each year, up to a maximum of 10%. The increases take place at the same time each year, making them easy to plan for. If you would like your savings to increase more than 1% each year, you may choose to do so. Automatic increases will stop at 10%; however, you may change your contribution percentage at any time. If you are automatically enrolled, you will also automatically be signed up for the Contribution Accelerator feature. You may turn off the Contribution Accelerator feature at any time by using your online account tools. 

Hardship loans You may borrow up to 50% of your account balance in the Plan (excluding your Self-Managed Account (SMA) and any portion of your Roth 401(k) account, if applicable), with a minimum loan of $1,000* and a maximum of $50,000, across all UPS-sponsored plans for any of the following purposes: 

Read: 401K Contribution Limits 2022

• Purchase of a primary residence 

• Post-secondary education expenses 

• To prevent eviction from or foreclosure on your primary residence 

• Unreimbursed medical expenses 

• Payment for burial or funeral expenses for your deceased parent, spouse, child, or other dependent 

• Expenses for the repair of any damages to your principal residence that would qualify for the casualty deduction for federal-income-tax purposes 

• Immediate and heavy financial need that cannot be satisfied by any other means *Immediate and heavy financial need must exceed $2,500.

• Repayment of your loan plus interest is made through after-tax payroll deduction 

• You have up to five years to repay a non-residential loan and up to 20 years for a residential loan 

• You must repay the loan in full within 90 days after termination or it will be considered a taxable event, subject to all current taxes and any early withdrawal penalties

Read: www upsers com login