EFT is available for other payments, as noted below.

If you are an in-service member paid on the City of New York payroll through direct deposit, you may elect to receive QPP loans or QPP direct withdrawals via EFT in the same account where you receive your pay. You would automatically receive a TDA loan or TDA direct withdrawal via EFT, unless you elect to receive these distributions by check.

If you are a retiree with TDA Deferral status and you are receiving your retirement allowance via EFT, you would automatically receive a TDA loan and TDA direct withdrawal via EFT in the same account where you receive your benefit payments, unless you elect to receive these distributions by check. You would automatically receive a Required Minimum Distribution (RMD) via EFT.

The taxable portion of any withdrawn QPP funds is taxable upon receipt and would be reported to the IRS. The IRS requires that TRS withhold 20% of any taxable amount you withdraw unless you instruct TRS to directly roll over the amount into an eligible IRA(s) or other successor program(s). An additional IRS-imposed 10% tax would apply unless the withdrawal is made: a) in conjunction with your separation from service during or after the year in which you attain age 55; or b) during or after the year you attain age 59½; or c) as a qualified hardship withdrawal; or d) in conjunction with your disability retirement; or e) by your beneficiary in conjunction with a death benefit payment.

When you retire, any outstanding QPP or TDA loan balance would be deducted from your funds in the corresponding program, reducing the amount available for your retirement. In addition, the balance would be considered a distribution, and any taxable portion of the balance would be subject to 20% withholding. TRS would take this withholding from any subsequent cash payment made to you from the corresponding program in the same tax year. This would be a loan at retirement, and if necessary, a QPP excess withdrawal to a Tier I or II member, or a TDA withdrawal. If the withholding due were greater than the subsequent cash payment, TRS would issue you a check in a nominal amount of $10 and would take the balance of the payment towards your withholding obligation.

Under the EFT system, funds are deposited in your account on the day the payment is issued. Monthly benefit payments, withdrawals, and other distributions are generally issued by the last day of each month. In order for a loan payment to be forwarded to your account via EFT by a given Friday, TRS must generally receive your loan application by the close of business on Wednesday of the preceding week. All payments deposited via EFT are available for immediate withdrawal.

Yes. You may do so by submitting a withdrawal request in the secure section of the TRS website.

If you make a Direct Withdrawal, TRS sends the withdrawn amount directly to you. If you make a Direct Rollover, TRS sends the withdrawn amount directly to the IRS-qualified Individual Retirement Arrangement (IRA) or other eligible successor program that you elect. Unlike Direct Withdrawals, Direct Rollovers are not subject to current taxes and penalties.

If you request a Direct Payment Withdrawal, TRS sends the withdrawn amount directly to you. If you request a Rollover, TRS sends the withdrawn amount to the IRS-qualified Individual Retirement Arrangement (IRA) or other eligible successor program that you elect. Unlike Direct Payment Withdrawals, Rollovers are not subject to current taxes.

If you request a Direct Payment Withdrawal, TRS sends the withdrawn amount directly to you. If you request a Rollover, TRS sends the withdrawn amount to the IRS-qualified Individual Retirement Arrangement (IRA) or other eligible successor program that you elect. Unlike Direct Payment Withdrawals, Rollovers are not subject to current taxes.

If you make a Direct Withdrawal, TRS sends the withdrawn amount directly to you. If you make a Direct Rollover, TRS sends the withdrawn amount directly to the IRS-qualified Individual Retirement Arrangement (IRA) or other eligible successor program that you elect. Unlike Direct Withdrawals, Direct Rollovers are not subject to current taxes and penalties.

If you request a Direct Payment Withdrawal, TRS sends the withdrawn amount directly to you. If you request a Rollover, TRS sends the withdrawn amount to the IRS-qualified Individual Retirement Arrangement (IRA) or other eligible successor program that you elect. Unlike Direct Payment Withdrawals, Rollovers are not subject to current taxes.