TRB: July 1, 2017 Retirees’ Withdrawal of Supplemental and/or Voluntary Funds

July 1, 2017 Retirees’ Withdrawal of Supplemental and/or Voluntary Funds


 *** Forms due by September 30, 2017 ***


Members who retired effective July 1, 2017 and elected a refund or rollover of their supplemental and/or voluntary account funds should have received the Application for Withdrawal of Supplemental and/or Voluntary forms and instructions from the Teachers’ Retirement Board (TRB) in July, 2017. 

 

Completed forms received at TRB by the last business day of August will result in a refund or rollover issued at the end of September (no refunds or rollovers will be issued prior to that date). Completed forms received in September will result in a refund or rollover issued at the end of October.

If we do not receive the completed and signed form by the end of September, we will issue a refund to your home address by the end of October with 20% of the taxable portion (pre-tax/interest) withheld for federal tax purposes. 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 the taxable portion to a Qualified Plan. Consult your tax advisor for further details.

 



Content Last Modified on 9/18/2017 2:31:32 PM