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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...
Can I receive an estimate of the amount I would receive per month if I annuitized my TDA funds?
FAQs: Yes, you can request a TDA estimate and it will be mailed to your address on file, once it has been generated.
On what day will funds be deposited in my account under EFT?
FAQs: Under the EFT system, funds are deposited in your account on the day the payment is issued.
If I am a Tier II member, how would my Final Average Salary (FAS) be calculated?
FAQ : Your FAS generally would be the average of your highest three consecutive annual salaries.
Can I receive my retirement allowance in a lump sum?
FAQs: In general, lump-sum payments of your retirement allowance are only permitted for terminally ill members (please see the TRS' Lump-Sum Disability Benefit brochure); however, all eligible members may apply for a loan from their funds in conjunction with retirement.
What are the tax consequences of making a Direct Withdrawal
FAQs: Direct Withdrawals of TDA funds are generally taxable.
If I retire with deferred payability, may I withdraw my TDA Program funds before reaching my payabil
FAQs: Yes. You may do so by filing a TDA Withdrawal Application (code TD32) or online equivalent.
Will my TDA Program funds continue to receive investment return and/or interest after I retire?
FAQs: If you elect TDA Deferral status or annuitize your TDA funds, your TDA funds would receive investment return and/or interest based on your investment elections.
Will TRS provide me with documentation confirming my retirement?
FAQs: There are three occasions on which you will receive such a confirmation: