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What is the penalty for early withdrawal from TRS?

If all or any portion of the refund is paid directly to you, TRS will withhold 20% for Federal Income Tax. Please also be aware if you are not 59 at the time of the distribution, there may be an additional 10% early age penalty when you file your tax return for the year in which you receive the refund.

How long does it take to get a refund from TRS?

* Generally, a refund payment will be issued within 60 days after all required documents have been received and your employers monthly payroll report has been processed by TRS. The process can take up to 90 days depending upon your last date(s) of employment.

How do I withdraw money from TRS Texas?

Once you have terminated all employment, you may then withdraw your accumulated contributions and interest in your member account. Once you have terminated your employment if you want a refund of your TRS contributions you must complete a form TRS 6 Application for Refund.

How long does it take for TRS to process retirement?

Retirement Processing Allow 60-90 days TRS begins the calculation process. Allow 60-90 days after all balances have been paid in full and all forms have been received and reviewed to receive your first pension check. If you have reciprocal service, we will contact the other systems.

Can you claim TRS and Social Security?

Social Security will never reduce your benefits by more than half of your TRS pension, and the maximum reduction of Social Security benefits due to WEP in 2022 is $512. There is one additional provision to be aware of called the Government Pension Offset, or GPO.

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