Yes. You may transfer the taxable portion of your withdrawal to another eligible Section 401 Plan or an IRA account. To do so, you must file a QPP Direct Rollover Election Form (code RW29) in conjunction with your withdrawal application. Any amount that is distributed through a Direct Rollover is not taxable until it is received as income, and you would not be subject to the 20% withholding tax that applies to direct withdrawals. In addition, you would not have to pay the additional 10% tax that applies to some direct withdrawals. Please note that the minimum amount for a QPP rollover is generally $200.

Yes. You may transfer the taxable portion of your withdrawal to another eligible Section 401 Plan or an IRA account. To do so, you must file a QPP Direct Rollover Election Form (code RW29) in conjunction with your withdrawal application. Any amount that is distributed through a Direct Rollover is not taxable until it is received as income, and you would not be subject to the 20% withholding tax that applies to direct withdrawals. In addition, you would not have to pay the additional 10% tax that applies to some direct withdrawals.

When you transfer your membership, you also transfer your tier status, service credit, and accumulations in the Qualified Pension Plan (QPP). In addition, Tax Deferred Annuity (TDA) Program participants must elect to withdraw, directly roll over, or directly transfer their TDA funds.

The following rules apply for transferring QPP accumulations:

• If you are a participant in the Age 55 Retirement Program—You may not transfer your Additional Member Contributions (AMCs) unless you are transferring to the Board of Education Retirement System (BERS); in this case, the employee portion of your AMCs may be transferred. If you are transferring to a system other than BERS, you may receive the employee portion of your AMCs as a withdrawal or directly roll over this portion. The entire balance of the employee portion of your AMCs is taxable.
• If you are a Tier III, IV, or VI member—You may not transfer your Annuity Savings Accumulation Fund (ASAF) balance because other retirement systems do not have an equivalent fund to support these monies. Therefore, you may receive your ASAF funds as a withdrawal or directly roll over the balance. The entire ASAF balance is taxable.

If you elect to directly roll over all or part of the taxable portion of your withdrawal to one or more eligible Individual Retirement Arrangements (IRAs) or other successor programs, you must attach a completed QPP Direct Rollover Election Form (code RW29) with the TRS Membership Transfer Form (code RW39) . In all cases, the tax-free portion of your withdrawal will be paid directly to you.

You may withdraw your QPP funds in the following cases:

• You are a non-vested member in any tier;
• You are a vested Tier I or II member;
• You are a vested Tier III or IV member who has at least five, but less than ten, years of TRS membership service.

QPP funds available for withdrawal would include:

• For Tiers I and II members—Your Annuity Savings Fund (ASF) balance.
• For Tiers III, IV, and VI members—Your Member Contributions Accumulation Fund (MCAF) and your Annuity Savings Accumulation Fund (ASAF) balances.

If you are a Tier II, III, or IV member who participated in the Age 55 Retirement Program and you were laid off from your TRS-eligible position for reasons of economic hardship, you may also withdraw the balance in the employee portion of the Additional Member Contributions (AMCs) you made under this program (less any deficits in the employer portion of your AMCs). For all other members, AMCs are not refundable.

No partial withdrawals are allowed. To withdraw your funds, you must file an Application for Withdrawal of QPP Accumulations (code RW41). If you elect to directly roll over all or part of the taxable portion of your withdrawal to one or more eligible Individual Retirement Arrangements (IRAs) or other successor programs, you must attach a completed QPP Direct Rollover Election Form (code RW29) with your QPP withdrawal application. In all cases, the tax-free portion of your withdrawal will be paid directly to you.

If you withdraw your QPP funds and are a participant in TRS' Tax-Deferred Annuity (TDA) Program, you must also withdraw your TDA funds.