TRB: July 1, 2014 Retirees’ Withdrawal of Supplemental and/or Voluntary Funds

July 1, 2014 Retirees’ Withdrawal of Supplemental and/or Voluntary Funds

 

Members who retire effective July 1, 2014 and elect a refund or rollover of their supplemental and/or voluntary account funds will receive the necessary forms and instructions from the Teachers’ Retirement Board (TRB) in July, 2014.  Completed forms received at TRB by August 31, 2014 will result in a refund or rollover issued on September 30, 2014 (no refunds or rollovers will be issued prior to that date).  Completed forms received in September, 2014 will result in a refund or rollover issued on October 31, 2014.

 

Members who do not return a completed form by September 30, 2014 will automatically be issued a refund of the entire account balance on October 31, 2014.  Pre-tax funds included in the refund will become taxable and will be subject to 20% withholding for federal income taxes.  If you receive the payment before age 59 ½, you may also have to pay an additional 10% tax.  Within 60 days of receiving the payment, you may roll over 100% of the payment to a Qualified Plan by replacing the 20% that was withheld for federal income taxes.  

 



Content Last Modified on 5/19/2014 8:29:22 AM