Please review Guidelines/Requirements for Rollovers below before providing your rollover information. Note that some rollovers must be requested within a certain timeframe.

The amount available for rollover will be displayed; you may have both Taxable and Non-taxable funds available.

If you are a non-spouse beneficiary, you may roll over your benefit only to an Inherited IRA or Inherited Roth IRA. Programs eligible to receive rollovers from spouse beneficiaries include Traditional IRA, SIMPLE IRA, SEP IRA, 457(b), 401(k), 403(b), Roth IRA, Roth 401(k), Roth 403(b), Roth 457(b), Inherited IRA, and Inherited Roth IRA.

Enter the percentage of your benefit that you want rolled over. (If you choose a combination of Direct Rollover and Direct Payment, and you have Non-taxable funds, those funds will be applied first to the Direct Payment portion.)

If you have both Taxable and Non-taxable funds, you may select the percentage from each that you want rolled over. Note: The Taxable Amount Percentage and Non-taxable Amount Percentage columns must each total 100%. If you add a second rollover, the remaining percentages from your Taxable and Non-taxable funds will be displayed.

If you are rolling over to a Roth account, you would be responsible for taking action to satisfy all required tax withholding associated with the rollover. You should consult with an attorney or tax advisor if you have any specific legal or tax questions.

Guidelines/Requirements for Rollovers

Minimum Rollover Amounts

• The minimum amount that TRS will directly roll over to a successor program is $200. (This minimum amount may be greater depending on the successor program's minimum requirements, so you should check with the financial institution administering the account for further details.)

Successor Program Requirements

• You must verify with the receiving institution that your account is able to accept your funds, including both Taxable and Non-taxable funds. Any funds not accepted will be distributed directly to you, with potential tax consequences, and tax withholding will be applied in accordance with the tax withholding rate you indicate at the time of your claim filing.

Rollovers to an Inherited IRA

• Spouse or non-spouse beneficiaries may roll over 100% of the death benefit to an Inherited IRA, or may combine a Direct Rollover to an Inherited IRA and a Direct Payment. To do so, you must also file a QPP Direct Rollover Application for Lump-Sum QPP Death Benefit to an Inherited IRA (code DB32b) or a TDA Direct Rollover Application for Lump-Sum TDA Death Benefit to an Inherited IRA (code DB34c), along with this online claim.
• Rollovers to an Inherited IRA must be requested within a certain timeframe. See the applicable Inherited IRA Direct Rollover form for more information.

Please review Guidelines/Requirements for Annuitization below before completing.

If you want to annuitize your QPP and/or TDA benefit, you can choose Annuity Payment "A" or Annuity Payment "B."

On this page, you will see the monthly benefits amounts that would be payable under Annuity "A" and "B." You will also see the member's investment mix in TRS' Passport Funds.

If you choose to annuitize your funds under Annuity Payment "A," you will designate a beneficiary to receive any fractional death benefit that may come due. If you choose Annuity Payment "B," you will designate a beneficiary to receive any lump-sum benefit that may come due.

Guidelines/Requirements for Annuitization

Deadlines

QPP

• Beneficiaries of Tier I members must file their request to annuitize their QPP benefit by October 31 of the year following the year of the member's death.
• Beneficiaries of Tier II members must file their request to annuitize their QPP benefit within 90 days of the date of the member's death.

TDA

• TDA beneficiaries must file their request to annuitize their TDA benefit within six months of the member's death. (In some circumstances, a beneficiary Required Minimum Distribution (RMD) due may be paid before TRS annuitizes the TDA benefit.)

Options

• Annuity Payment "A"—The actuarial value of the death benefit would be paid as a lifetime annuity in monthly installments, with all payments ceasing upon your death. (You may designate beneficiaries to receive any fractional benefit that may come due.)
• Annuity Payment "B"—The actuarial value of the death benefit would be paid as a lifetime annuity in monthly installments. If you die before receiving the total amount of the death benefit, the balance would be paid in a lump sum to your designated beneficiaries. Since this payment method provides for beneficiaries, your benefit would be less than it would have been under Annuity Payment "A."

Requirements: QPP and TDA

• The value of the benefit must be $10,000 or higher.
• Your entire benefit must be used if you annuitize your benefit. You may not combine annuitization with another distribution method (e.g., receiving a Direct Payment or rolling over a portion of the benefit).

Requirements: TDA

For beneficiaries of TRS members who died on or after January 1, 2022, there are additional eligibility requirements governing annuitization of TDA funds under the SECURE Act. At least one of the following must apply to you, and supporting documentation will be required:

• You are the surviving spouse of the deceased member; or
• You are no more than 10 years younger than the deceased member; or
• You are chronically ill, as defined under the applicable section(s) of the Internal Revenue Code, and submit sufficient supporting documentation; or
• You are disabled, as defined under the applicable section(s) of the Internal Revenue Code, and submit sufficient supporting documentation.

Investment Elections

• Once you have begun receiving your annuity payments, you may change your investments elections one time. Please call our Member Service Center at 1 (888) 8-NYC-TRS (869-2877) for more information about requesting these changes.

Select the type of beneficiary and provide all required information on the screens that follow. You also will be asked to indicate Disbursement Options for the new beneficiary.

The "back" button will bring you back to the previous screen.

Individual

• Enter full names (e.g., Mary K. Doe, not Mrs. John K. Doe).
• Enter beneficiaries separately (not "Mr. and Mrs." on one line).
• Do not list unborn children.
• Provide Social Security number and date of birth for each beneficiary (do not use dashes when entering SSN).
• Choose the appropriate relationship status and gender.
• Enter beneficiary's address.
• Select contingency level (see "Level" note below).
• Select a Distribution Type of "Equal" or "Proportional." If you choose Proportional, indicate the Percentage (see "Distribution Type: Equal or Proportional" note below).

Please note:

• If your beneficiary is also a TRS member, the information you enter must match the information TRS has on file.
• Providing both your beneficiary’s Social Security number and Date of Birth will help TRS process any future benefits due in a timely manner.

Estate

• The estate name will be prepopulated with your name (e.g., Estate of “Your Name”).
• The payment will be paid to the executor or administrator of your estate.
• If you name your estate as primary beneficiary, do not name a contingent beneficiary. A contingent beneficiary would only be entitled to a benefit if the primary beneficiary ceases to exist before the member’s death.
• Select contingency level (see "Level" note below).
• Select a Distribution Type of "Equal" or "Proportional." If you choose Proportional, indicate the Percentage (see "Distribution Type: Equal or Proportional" note below).

Organization

• Enter the organization's full name and provide all required information.
• Select contingency level (see "Level" note below).
• Select a Distribution Type of "Equal" or "Proportional." If you choose Proportional, indicate the Percentage (see "Distribution Type: Equal or Proportional" note below).

• The Trust must be a valid trust under state law.
• If you designate a trust as beneficiary, you are required to also submit a Verification of Trust Instrument Legality form (code EN4).
• If your trust is a "living trust," you must provide TRS with a full and complete copy of the trust agreement.
• If your trust is a "testamentary trust" to take effect upon your death, you must submit a copy of your will to TRS.
• Enter the trust's full name and provide all required information.
• Enter the trust’s Federal Tax ID and the name, address, phone number, and email of one of your trustees, if known.
• Select contingency level (see "Level" note below).
• Select a Distribution Type of "Equal" or "Proportional." If you choose Proportional, indicate the Percentage (see "Distribution Type: Equal or Proportional" note below).

Contingency Level: Any number of primary and contingent beneficiaries may be named, but you must designate at least one primary beneficiary. The same person or persons cannot be designated as both primary and contingent beneficiaries. TRS would make a payment to contingent beneficiaries only if all primary beneficiaries die before you do. In the event that all designated beneficiaries have predeceased you, the death benefit would be payable to your estate.

A contingency level of 1 indicates a primary beneficiary who would be eligible for payment after your death. A contingency level of 2 indicates a secondary beneficiary who would be eligible for payment only if all the primary beneficiaries at contingency level 1 have predeceased you. Similarly, beneficiaries with contingency levels greater than 2 (e.g., 3) would be eligible for payment only if all beneficiaries at previous levels have predeceased you.

Distribution Type: Equal or Proportional: You may choose "Equal" instead of designating a percentage of the benefit for each beneficiary to receive. If you are designating only one beneficiary, or want all beneficiaries to receive an equal share of the benefit, select "Equal" from the drop-down menu. If you have designated equal shares, and a beneficiary predeceases you, the surviving beneficiaries would share equally in the benefit payable. If all other beneficiaries but one predecease you, the survivor would receive 100% of the benefit payable.

Percentage: This figure is the percentage of your death benefit that you elected for your beneficiary to receive. For primary beneficiaries, the numbers must total 100%. If you designate percentages for contingent beneficiaries, those numbers must also total 100% (for each contingency level). Please note that, if you designate specific percentages for your beneficiaries, they cannot receive more than the percentage you have chosen for them to receive. Therefore, if a beneficiary predeceases you, the percentage you assigned to the deceased beneficiary would not be split among other beneficiaries; it would be payable to your estate.

To remove the benefits designated for a beneficiary, click "Remove" for the applicable beneficiary.

To update the benefits designated for a beneficiary, click "Update" for the applicable beneficiary.

If you want to view or edit your beneficiary elections, click on Start Claim and then the “Edit” button next to the continuing benefit.

You can elect federal tax withholding for death benefits received as a continuing monthly payment (e.g., a continuing QPP monthly payment or if you choose to annuitize a TDA lump sum). The tax withholding options available are:

• Skip this step (in which case the IRS default withholding rate of single person with no adjustments is applied); or
• Elect to have no federal tax withheld from your payments (note that IRS regulations prohibit this election if your permanent home address is outside the United States); or
• Provide withholding elections.

If you choose the last option, you must complete the applicable steps:

Step 1: Indicate Your tax Filing Status.
Step 2: If you indicate that you or your spouse are employed, provide the information requested and proceed to Step 4(c). If you indicate that you or your spouse are not employed, provide the applicable information requested.
Step 3: Provide applicable information on dependents and other credits.
Step 4: Optional.
  In 4(a): Indicate estimated other income for the year.
  In 4(b): Enter deductions for the year other than the basic standard deduction.
  In 4(c): Provide any extra withholding amount you want withheld from each payment.

For assistance in determining tax withholding for your monthly payments, please consult with a tax advisor or refer to the instructions attached to the W-4P form (“Withholding Certificate for Periodic Pension or Annuity Payments”) available on the IRS website.

Note on QPP Funds

• The amount of a TRS member's QPP contributions and investment return accumulated as of December 31, 1986 are generally non-taxable upon distribution. These funds are known as Pre-1987 funds.
• The amount of a TRS member's QPP contributions and investment return accumulated after December 31, 1986 are generally taxable upon distribution. These funds are known as Post-1986 funds.