• If you want to directly roll over all or part of your TDA withdrawal into one or more eligible Individual Retirement Arrangements (IRAs) or other successor program(s); you must also submit a TDA Direct Rollover Election Form (code TD22).
• If you want to directly transfer all or part of your TDA account balance into one or more Section 403(b) plans; you must also submit a TDA Direct Transfer Application (code TD15).
  Note: As a result of Internal Revenue Service (IRS) regulations governing Section 403(b) plans, TDA participants are currently not permitted to move funds from TRS' TDA Program to a Section 403(b) plan outside of New York City. On the advice of outside tax counsel, TRS has suspended all processing of requests to move TDA funds to a Section 403(b) plan (except the New York City Board of Education Retirement System) pending further clarification from the IRS.
• If your application(s) is completed correctly, TRS would issue your distribution of TDA funds as follows:
  • For partial withdrawals drawn only from your balance in the Fixed Return Fund: Generally within 15 days of TRS' receipt of your withdrawal request.
  • For all other withdrawals: Generally within 45 days of TRS' receipt of your withdrawal request.
  • If you elect to receive a Direct Withdrawal, TRS will forward your withdrawal amount via Electronic Fund Transfer (EFT) to the bank account we have on file for you. (Generally, if you are paid on the City of New York payroll through direct deposit, TRS should have your account information on file.) If TRS does not have your bank account information, you must provide it by filing one of the electronic forms available in the secure section of our website: the EFT Election at Retirement Form (code BK66), if you are filing for your withdrawal in conjunction with your retirement; or the EFT Authorization Form (code BK58a), if you are not retiring. Alternatively, you can contact our Member Services Center at 1 (888) 8-NYC-TRS (869-2877).
• If you require additional assistance, please contact our Member Services Center at 1 (888) 8-NYC-TRS (869-2877).

A partial withdrawal of TDA funds would reduce the balance in your TDA account and, if you elect to receive your TDA funds as a monthly annuity after you retire, would have the following consequences:

• You would receive a smaller TDA annuity than you would have otherwise^; and
• If you elect Option I or Option IV-b coverage for a beneficiary, the available lump-sum death benefit would be reduced.

^To help you estimate the impact of a partial withdrawal, the table indicates the range of values by which a TDA annuity would be reduced per $1,000 withdrawn. This impact is also directly related to your age at annuitization. For example, if you receive a $5,000 withdrawal and retire at age 62, this withdrawal would annually reduce your TDA annuity by between $345 ($69 x 5) and $470 ($94 x 5).

The following restrictions apply to Direct Withdrawals and Direct Rollovers:

• In-service members who have not reached age 59½ may directly withdraw and/or roll over only their Pre-1989 funds^.
• In-service members who have not reached age 59½ may directly withdraw (but not roll over) their Post-1988 contributions^ (but not interest and/or investment return) only under the "hardship" provisions of the Internal Revenue Code. To apply for a TDA hardship withdrawal, they must file a TDA Hardship Withdrawal Application (code TD44).

^Note: Pre-1989 TDA funds are TDA contributions and earnings accumulated as of December 31, 1988; Post-1988 TDA funds are TDA contributions and earnings accumulated after December 31, 1988.

Members have unrestricted access to their TDA funds in the following circumstances:

• They are in-service and have reached age 59½.
• They have separated from service.
• They are directly transferring (but not rolling over) their funds to another Section 403(b) plan. (See important note about Direct Transfers in the General Instructions panel above.)

The monthly unit values used to value in dollars any investments in the variable-return Passport Funds depend on your membership status when filing for your TDA withdrawal, as explained below:

• In most cases, the unit values used would be the unit values in effect for the month after TRS' receipt of your TDA Withdrawal Application or online equivalent.
• If you are filing to withdraw your TDA funds in conjunction with your separation from service, but after the withdrawal of your Qualified Pension Plan (QPP) accumulations, the unit values used generally would be the unit values in effect for the month after TRS' receipt of your Application for Withdrawal of QPP Accumulations (code RW41) or TRS Membership Transfer Form (code RW39). However, if you are a non-vested member who filed to withdraw your QPP funds before the date you separated from service, the unit values used would be the unit values in effect for the month after your separation from service.
• If you are filing to withdraw your TDA funds after your TRS membership rights expired, the funds in your TDA account stopped accruing interest and/or investment return on the date your membership rights expired (i.e., seven school years after your separation from service). The unit values used would be the unit values in effect for the month after that seven-year anniversary date. (For non-vested members who separated from service on or before July 13, 1993, the funds in your TDA account stopped accruing interest and/or investment returns as of five calendar years after your separation from service.)

• TDA distributions generally are federally taxable and may be subject to state and local taxes; please check with your tax advisor.
• The taxable portion of any withdrawn TDA funds is taxable upon receipt and will be reported to the IRS in January following the calendar year in which it is distributed. The IRS requires that TRS withhold 20% of any taxable amount you withdraw that you do not instruct TRS to directly roll over or directly transfer to an eligible successor program(s). This 20% would be forwarded to the IRS and credited toward your taxes for the year of distribution. (Within 60 days of the distribution date, you may roll over any taxable amount you receive, or roll over the entire amount of the distribution by replacing the 20% withheld by TRS with money from other sources.)
• If you separate from service through resignation or termination and withdraw all of your TDA funds while you have an outstanding TDA loan balance, your TDA loan would be closed; the outstanding balance would be deemed a distribution and reported to the IRS in January following the calendar year in which it is deemed a distribution.
• If a TDA loan is deemed a distribution in the same tax year in which you receive a TDA Direct Withdrawal, the IRS would require TRS to withhold 20% of the taxable portion of the deemed distribution from the TDA withdrawal; this withholding would apply if your loan balance is deemed a distribution before your TDA withdrawal is processed, and would be in addition to the 20% withholding required separately for the TDA Direct Withdrawal. The total amount withheld would be forwarded to the IRS and credited toward your taxes for the current year.

Please note that ALL withdrawals may be subject to an additional IRS-imposed 10% tax unless one of the following exceptions applies:

• The withdrawal is made in conjunction with your separation from service during or after the year in which you attain age 55; or
• The withdrawal is made during or after the year you reach age 59½; or
• The withdrawal is used to pay federally deductible medical expenses; or
• The withdrawal is made in conjunction with your disability retirement; or
• The withdrawal is made by your beneficiary in conjunction with a death benefit payment.

Your personal information is on file. You can view and update your contact information in the Profile section.

You must elect the portion of your TDA funds that will be withdrawn from your TDA account. To view your TDA account balance, you may access the secure section of our website.

For any partial withdrawal from your TDA account, the withdrawal would be made from your balance in the Fixed Return Fund until depleted and then proportionally from your balances in the variable-return Passport Funds.

You must indicate your TRS membership status when filing this application. Please note the following:

• If you are making a withdrawal in conjunction with your retirement, your application may not be canceled after your effective retirement date. In addition, if you withdraw only a portion of your TDA funds at retirement, you must also elect to annuitize or defer receipt of the remaining balance. Please refer to the Your Tax-Deferred Annuity Program brochure for more information.
• If you are making a withdrawal in conjunction with or after your separation from service, you must also submit the following documentation from your employer. TRS cannot process your withdrawal without supporting documentation. After you submit this form, you will be directed to a screen where you can upload documents.
  • For teachers—An official resignation or termination notice supplied by the Department of Education (DOE).
  • For all members working in Charter Schools—An official service history and resignation or termination notice supplied by your school’s business manager or Human Resources representative.
  • For college personnel—An official service history and resignation or termination notice supplied by the college's Personnel Office.
  • For paraprofessionals—An official resignation or termination notice supplied by your District Office, the DOE, or your payroll secretary.

You must elect how your withdrawal will be distributed. If you are an in-service member who has not yet reached age 59½, please read the withdrawal/distribution restrictions in the Withdrawal/Distribution Restrictions panel above.

Please note: This application would be canceled in the following circumstances: You elect a withdrawal/distribution option for which you are not eligible; you do not elect a distribution option; or you elect to directly roll over or directly transfer any part of your withdrawal, but you do not attach the applicable form.

If you elect to receive a Direct Withdrawal:

TRS will forward your withdrawal amount via Electronic Fund Transfer (EFT) to the bank account we have on file for you. (Generally, if you are paid on the City of New York payroll through direct deposit, TRS should have your account information on file.) If TRS does not have your bank account information, you must provide it by filing one of the electronic forms available in the secure section of our website: the EFT Election at Retirement Form (code BK66), if you are filing for your withdrawal in conjunction with your retirement; or the EFT Authorization Form (code BK58a), if you are not retiring. Alternatively, you can contact our Member Services Center at 1 (888) 8-NYC-TRS (869-2877).

You must read and accept the Terms & Conditions before submitting your form.