If you are over the age 59½ you can withdraw your TDA Program funds by submitting a withdrawal request. If you are under age 59½ you may be able to access TDA and Roth funds only under certain hardship conditions. You may apply for a Hardship Withdrawal in the secure section of the TRS website.

When you retire, you may no longer make TDA contributions. But your TDA account will automatically carry over into your retirement. You will have full access to the funds and can make a withdrawal or annuitize the account at any time.

You may have an open TDA loan when you retire. In this case, you’ll need to tell us on your retirement application how you want to make your loan payments after retirement – deductions from your monthly retirement allowance, or direct payments online at TRS’ website.

Members and beneficiaries who have received lump-sum distributions in the past five years can view the associated 1099 forms online by logging in to the secure section of our website. Retirees can view the 1099 forms for their monthly benefits, beginning with the 2021 tax year. Please note that TRS will continue to mail paper forms, including corrected forms, to all members. If you have any questions about the distributions reported on your online or paper 1099 forms, please file a 1099-R/1099-INT Inquiry Form (code GA5) with TRS.

You may request to withdraw all or part of your post-1988 TDA contributions if a sudden and heavy financial hardship leaves you unable to reasonably meet certain expenses, and other resources are unavailable to you. As defined in the Internal Revenue Code, hardship conditions include certain medical expenses, funeral expenses, post-secondary school tuition for you or a dependent, payment to prevent eviction or foreclosure, and the purchase of a principal residence. Expenses resulting from certain federally declared disasters may also qualify as eligible hardships, subject to IRS guidelines. Valid documentation would be required in all cases.

You may apply for a hardship withdrawal in the secure section of our website or by filing a TDA Hardship Withdrawal Application (code TD44).

Members and beneficiaries who have received lump-sum distributions in the past five years can view the associated 1099 forms online by logging in to the secure section of our website. Retirees can view the 1099 forms for their monthly benefits, beginning with the 2021 tax year. Please note that TRS will continue to mail paper forms, including corrected forms, to all members. If you have any questions about the distributions reported on your online or paper 1099 forms, please file a 1099-R/1099-INT Inquiry Form (code GA5) with TRS.

For both QPP and TDA loans, the maximum loan amount available to you is based on factors such as your account balance, your service credit, your current outstanding loan balance, and your highest loan balance during the previous 12 months. You may learn the maximum loan amount that you may borrow by logging in to the secure section of our website. Members may also write to TRS to obtain this information at any time; if you do so, please include your membership number in your correspondence.

Retirees who take TDA loans have a choice of how they want to repay the loans: automatic deductions from their monthly retirement allowance, online payments in the secure section of our website, or monthly direct payments to TRS. To change your repayment method for any outstanding TDA loan, you may file a Request to Change TDA Loan Repayment Method (code LO105). You may also request to repay your outstanding loan in a lump sum by filing a TDA Loan Repayment Request Form (code LO11t) with TRS.

To establish or change an EFT account, retirees can log in to the secure section of our website and go to Payments. Until your new EFT account takes effect, TRS would issue any payments to the account previously on file (if any).

Please note that it takes at least 21 days to establish an EFT account. For monthly benefit payments, it may take 30-60 days before the new account can receive the payments.

TRS must verify and validate the bank account information you provide on your EFT election. Withdrawals, loans, and other one-time payments can be made to the new account no less than 21 days after TRS receives your election. For monthly benefit payments, it may take 30-60 days before the new account can receive the payments.

Before your EFT begins, TRS will send you a letter confirming the type of account (i.e., checking or savings), account number, transit routing number, and the financial institution to which payments are to be deposited. The letter will be posted in the secure section of our website (in the Documents section) before you receive it in the mail.

The City of New York transmits your retirement payments on the last business day of every month. A calendar of projected payment dates is normally available on our website.

If the last day of the month is not a business day, your account may not reflect the deposit until the next business day. Note: TRS does not control when your financial institution will credit your account. If you have questions about when funds will be credited to your account, contact your financial institution.