Notice on RMDs and direct deposit withdrawal requests

Please note the following procedures for processing Required Minimum Distributions and one-time distribution/withdrawal requests:


CRA’s recordkeeper will pay out 2019 RMDs for eligible participants, beneficiaries and alternate payees by year-end. IRS withholdings will be defaulted to 10% and any applicable state tax will be withheld.

If a participant was eligible for an RMD for the first time in 2019 but does not elect to take it this year, their 2019 RMD will be deferred and processed by April 1, 2020. These participants will be required to take another RMD by December 31, 2020. As a result, their first-year (2019) and second year (2020) RMDs will be paid within the 2020 tax year. If a participant fails to timely take an RMD, the participant may be subject to a 50% penalty.

If an eligible participant would like to take their first year RMD in 2019, they must contact CRA’s recordkeeper at 800.352.0313.

One-time distribution/withdrawal requests

Effective next month, CRA and our recordkeeper will no longer accept voided checks with a notarized form for one-time distribution/withdrawal requests paid through direct deposit. Participants must add their bank information to their account at least 15 days prior to requesting the withdrawal. This can be completed via the employee account portal, accessed through, or by calling 800.352.0313.

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CRA Coronavirus Update

Following are updates on our operations for the foreseeable future until concerns about the spread of COVID-19 have subsided.

  • Calls/Emails – Our call center will follow standard business hours, and calls into CRA offices will continue to be answered.
  • In-person Meetings – To protect you and our staff, in-person meetings with our client services team will be suspended for the foreseeable future. This also includes in-person visits to our offices in Littleton. However, our staff is available to meet with you via web conference.
  • Group meetings – Our client services team has been contacting member employers to reschedule or postpone group meetings that were scheduled for the coming weeks.

Additionally, we wanted to assure you that CRA, along with our investment advisor and recordkeeper, remain steadfast in closely monitoring the markets and executing our fiduciary responsibilities for your retirement savings.

We recognize that recent market volatility may raise concerns. Drawdowns are part and parcel with financial markets, and the markets have weathered similar storms before. As always, it is important to take a long-term view of retirement savings and have diversified portfolios. CRA target date portfolios are designed to be appropriately diversified for a participant’s anticipated retirement year. Employee participants are always welcome to make changes to their investments by logging into their accounts via or by calling 800.352.0313.

*CRA is not an investment advisor and does not make any representations nor guarantees as to the future performance, risk or return of the funds. This plan and its self-direction provisions are intended to constitute a plan similar to that described in section 404(c) of the Employee Retirement Income Security Act and Title 29 of the Code of Federal Regulations Section 2550.404c-1. The fiduciaries of this plan may be relieved of liability for any losses which are the direct and necessary result of investment information given to the employee.

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