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Teachers' Retirement System of the City of New York

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What happens if I have an outstanding loan balance when I retire? FAQs: 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.
May I transfer an outstanding loan balance to another retirement system? FAQs: You may transfer the amount of your outstanding QPP loan if you are transferring your membership to one of the following retirement systems: the New York City Board of Education Retirement System; the New York City Employees' Retirement System; the New York State Teache...
Who receives the death benefit if a divorced member of TRS dies? FAQs: TRS generally makes death benefit payments in accordance with the member's most recent beneficiary designations.
Are taxes withheld from a death benefit? FAQs: The IRS requires that TRS withhold 20% of the taxable portion of any lump-sum death benefit paid to a surviving spouse, unless the spouse instructs TRS to directly roll over the amount into an IRA or a Section 401 Plan.
Can a beneficiary roll over a death benefit to another account? FAQs: Spouses of deceased members are permitted to roll over the taxable portion of a Qualified Pension Plan (QPP) and/or Tax-Deferred Annuity (TDA) Program death benefit to an eligible Individual Retirement Arrangement (IRA) or other successor program.
Can I still handle my own TRS retirement transactions with a PoA on file? FAQs: Yes. You may still handle your own retirement affairs; you do not lose your authority to act even though you have given your agent a similar authority.
How do I allow for gifting on a PoA using the TRS Special Durable Power of Attorney form? FAQs: If you use the TRS form, and your agent is your spouse, domestic partner, parent or child, then your agent will automatically have “gifting authority,” including the authority to designate himself/herself as your beneficiary.
How do I allow for gifting on a PoA without using the TRS form? FAQs: All PoAs executed on or after June 13, 2021, must be signed by 2 disinterested witnesses (witnesses who are not listed as agents, successor agents or named in the PoA as persons who can receive gifts).
How can I execute a Power of Attorney...? FAQs: If you are a TRS member wishing to execute a PoA granting another person(s) the authority to make decisions regarding your current and future TRS retirement benefits, you may either:
If I have Power of Attorney (PoA) for a retiree, how may I obtain a copy of the retiree's 1099 form? FAQs: If TRS has a copy of your PoA on file, you may submit a written request to TRS for a copy of the retiree's 1099 form.