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What is Death Benefit #2?
FAQ: Under Death Benefit #2, the benefit would equal one year's salary upon the completion of one year of service, two years' salary upon the completion of two years of service, and three years' salary upon the completion of three or more years of service.
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.
What should I do if I disagree with any of the information in my ABS or QAS?
FAQS: If you disagree with the information in your ABS, you may access the ABS Inquiry feature in the secure section of our website.