QPP beneficiaries may annuitize a QPP benefit only if the deceased was a Tier I or Tier II member and the QPP benefit is at least $10,000. If the deceased was a Tier II member, the member must have died while still in service. Eligible beneficiaries of Tier I members must file to annuitize their death benefit by October 31 of the year following the year of the member’s death; beneficiaries of Tier II members must file to annuitize their death benefit within 90 days of the date of the member’s death.

TDA beneficiaries of members of any tier may annuitize a TDA benefit of $10,000 or more. Eligible beneficiaries must file to annuitize their TDA death benefit by October 31 of the year following the year of the member’s death.

For TDA beneficiaries of TRS members who died on or after January 1, 2022, there are additional eligibility requirements under the SECURE Act. At least one of the following must apply to beneficiaries who want to annuitize their TDA benefit:

1. They are the surviving spouse of the deceased member;
2. They are not more than 10 years younger than the deceased member;
3. They are chronically ill; or
4. They are disabled.

TRS membership provides a wide range of benefits, including the following:

• A guaranteed retirement allowance through our Qualified Pension Plan (QPP) upon meeting certain age and service requirements.
• The opportunity to set aside additional funds for retirement by participating in our Tax-Deferred Annuity (TDA) Program. The TDA Program offers a traditional (pre-tax) option and a Roth (after-tax) option.
• Loans from your QPP and traditional TDA accounts after your first year of credited service or TDA participation, respectively.
• Disability retirement benefits upon meeting certain requirements; and
• Death benefits for your surviving beneficiaries.

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. Non-spouse beneficiaries may roll over the taxable portion of a QPP and/or TDA death benefit to an Inherited IRA or other successor program.

For a list of forms on rolling over a death benefit, please see the Withdrawals/Distribution category in the Forms–Beneficiaries section.

For more information, please see the FAQs in this section.

The current interest rate on a QPP loan is 6%.

For all tiers, the interest rate on a TDA loan is equal to the annual rate of return that you would receive on TDA investments in the Fixed Return Fund. Therefore, for members serving in (or retired/resigned from) a UFT-covered title, the interest rate on TDA loans would be 7%; for other members, the interest rate would be 8.25%.

A $30 service charge is added to all TDA loans, as well as to QPP loans issued to Tier III, IV, and VI members.

The following loan amounts may be eligible for a rollover: a) the taxable portion of any outstanding QPP loan balance at the time of your retirement; b) if you are a non-vested Tier III, IV, or VI member, the taxable portion of any outstanding QPP loan balance at the time of your separation from service; and c) if you do not elect TDA Deferral status, any outstanding TDA loan balance at the time of your retirement or separation from service.

Yes, by filing a separate EFT Authorization Form (code BK58) or EFT Election at Retirement Form (code BK66), as applicable, for each account.

Please note that you cannot submit an EFT Authorization Form or EFT Election at Retirement Form in order to receive a QPP or TDA loan via EFT. QPP and TDA loans can be distributed electronically only if you are already receiving your paychecks through direct deposit or retirement allowance payments through EFT.

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.

If you are otherwise eligible for a loan, you may apply for a new QPP loan while you have an outstanding QPP loan balance. Internal Revenue Service (IRS) regulations require that any new loan requested be treated as a separate loan balance. Each loan balance is subject to the interest, insurance charges, and repayment terms in effect when the loan is issued.

The current interest rate on a QPP loan is 6%.

For all tiers, the interest rate on a TDA loan is equal to the annual rate of return that you would receive on TDA investments in the Fixed Return Fund. Therefore, for members serving in (or retired/resigned from) a UFT-covered title, the interest rate on TDA loans would be 7%; for other members, the interest rate would be 8.25%.

A $30 service charge is added to all TDA loans, as well as to QPP loans issued to Tier III, IV, and VI members.

The following loan amounts may be eligible for a rollover:

a) the taxable portion of any outstanding QPP loan balance at the time of your retirement;
b) if you are a non-vested Tier III, IV, or VI member, the taxable portion of any outstanding QPP loan balance at the time of your separation from service; and
c) if you do not elect TDA Deferral status, any outstanding TDA loan balance at the time of your retirement or separation from service.