The monthly unit values used to value (in dollars) any investments in the variable-return Passport Funds would be the unit values in effect for the month after TRS’ receipt of your withdrawal request.

The monthly unit values used to value (in dollars) any investments in the variable-return Passport Funds would be the unit values in effect for the month after TRS’ receipt of your withdrawal request.

TDA and Roth hardship withdrawals can be done online in the secure section of the TRS website. After logging into the secure section, navigate to your TDA or Roth landing page.

You can request a hardship as often as the need arises providing you have new documents to substantiate the need.

To apply for any withdrawal or rollover, members should log in to the secure section of the TRS website. For most withdrawals, you can use the Menu to navigate to the TDA or Roth section to start your application. For partial withdrawals, (i.e., withdrawals where you are not closing your account), please note that Rollovers (paid to a successor account) and Direct Payments (paid to you) must now be requested in separate transactions.

If you choose a Direct Payment of your TDA or Roth withdrawal, it will be paid by Electronic Fund Transfer (EFT) into the bank account on file with TRS. This may be the account where you receive your pay as an in-service member, or the account where you receive your retirement allowance as a retiree. You may provide or update your bank information in Payments in the secure section of the TRS website. Please note that establishing or changing an EFT account generally takes at least 21 days.

To apply for any withdrawal or rollover, members should log in to the secure section of the TRS website. For most withdrawals, you can use the Menu to navigate to the TDA or Roth section to start your application. For partial withdrawals, (i.e., withdrawals where you are not closing your account), please note that Rollovers (paid to a successor account) and Direct Payments (paid to you) must now be requested in separate transactions.

Hardship Withdrawals are taxable distributions.

You can elect to have 10% withheld from the taxable portion of your withdrawal and applied to your federal taxes for the year of distribution, or choose no withholding. Under both options, you are liable for any income tax that may be due on your hardship withdrawal, and you may be subject to tax penalties if your payments of estimated tax and withholding are not sufficient under the Internal Revenue Code.

Your hardship withdrawal, if approved, would be a taxable distribution and would be reported to the Internal Revenue Service (IRS) in January following the calendar year in which it is distributed. For Roth hardship withdrawals, federal tax withholding applies only to the taxable portion of the withdrawal.

Since TDA and Roth hardship withdrawals are not eligible to be rolled over or transferred, your withdrawal would be subject to federal income tax; state and local taxes may also apply.

If a TDA loan is deemed a distribution in the same tax year in which you receive a TDA hardship withdrawal, the IRS would require TRS to withhold 20% of the taxable portion of the deemed distribution from the hardship withdrawal; this withholding would apply if your loan balance is deemed a distribution before your hardship withdrawal is processed, and would be in addition to any withholding required separately for the hardship withdrawal. The total amount withheld would be forwarded to the IRS and credited toward your taxes for the current year.

If you elect to have a withholding amount applied to your hardship withdrawal, the withholding amount would be adjusted based on the payment amount you receive. As a result, the estimated amounts indicated may not match the actual amounts of your hardship withdrawal.

Excess Withdrawal Applications are processed in the order that they are received, and are usually processed within two to three months after TRS' receipt of an application. However, if the necessary salary and service information is not available, processing could take substantially longer. If you file for an excess withdrawal in conjunction with retirement, you generally would receive your withdrawal at about the same time that you receive your first retirement allowance payment.

Yes. You may transfer the taxable portion of your withdrawal to another eligible Section 401 Plan or an IRA account. To do so, you must file a QPP Direct Rollover Election Form (code RW29) in conjunction with your withdrawal application. Any amount that is distributed through a Direct Rollover is not taxable until it is received as income, and you would not be subject to the 20% withholding tax that applies to direct withdrawals. In addition, you would not have to pay the additional 10% tax that applies to some direct withdrawals. Please note that the minimum amount for a QPP rollover is generally $200.