Get TX TCDRS-70 2009-2024

TCRS is your defined benefit plan—providing lifetime retirement, survivor and disability benefits for employees and their beneficiaries. Your Tennessee Consolidated Retirement System (TCRS) is recognized as one of the top 5 strongest pension funds in the United States.

Your withdrawal will be subject to a minimum 20% withholding for taxes, you may face a 10% withdrawal penalty at tax time and your withdrawal could significantly affect your income taxes. In addition, withdrawing your TCDRS account means you lose employer matching and forfeit your lifetime benefit from that account.

If you choose withdrawal, we will withhold 20% of the taxable amount of your account balance, as required by the IRS. You may owe additional taxes when you file your taxes next year. If you choose a direct rollover into an IRA or other qualified retirement plan, TCDRS will not withhold any amount for taxes.

IRS Limits on Employee Deposits Because TCDRS is a qualified defined benefit plan, the IRS places a limit on the amount of compensation you use to calculate an employee's deposits into TCDRS. The limit for 2023 is $330,000.

Because TCDRS is a qualified defined benefit plan, the IRS places a limit on the amount of compensation you use to calculate an employee's deposits into TCDRS. The limit for 2023 is $330,000.

At your retirement, TCDRS matches your account balance 200%, and you receive a monthly benefit for life. TCDRS also participates in Social Security. If you leave TCDRS before you retire, you can choose to keep your account open and it will continue to earn 7% compound interest each year.

TCDRS is a savings-based plan where the benefit is based on how much a member has saved over the course of their career and employer matching at retirement. Although created by the Texas Legislature, TCDRS does not receive funding from the State of Texas.

A) Your payment will be issued within two to four weeks after TCDRS receives your application and obtains your last date of employment from your former employer.

A member may request a withdrawal packet by phone or via the internet. Completed forms will not be accepted before member's last day on the job. The earliest one can receive payment is the 20th day of the 4th month after the termination date as verified by their former employer(s).

If you have questions about benefits, call the TMRS Member Service Center toll-free at 800-924-8677. TMRS is governed by the TMRS Act, Texas Govern- ment Code, Title 8, Subtitle G, and is a qualified, tax- deferred retirement plan under Section 401 of the Internal Revenue Code.

TCRS is your defined benefit plan—providing lifetime retirement, survivor and disability benefits for employees and their beneficiaries. Your Tennessee Consolidated Retirement System (TCRS) is recognized as one of the top 5 strongest pension funds in the United States.

Your withdrawal will be subject to a minimum 20% withholding for taxes, you may face a 10% withdrawal penalty at tax time and your withdrawal could significantly affect your income taxes. In addition, withdrawing your TCDRS account means you lose employer matching and forfeit your lifetime benefit from that account.

If you choose withdrawal, we will withhold 20% of the taxable amount of your account balance, as required by the IRS. You may owe additional taxes when you file your taxes next year. If you choose a direct rollover into an IRA or other qualified retirement plan, TCDRS will not withhold any amount for taxes.

IRS Limits on Employee Deposits Because TCDRS is a qualified defined benefit plan, the IRS places a limit on the amount of compensation you use to calculate an employee's deposits into TCDRS. The limit for 2023 is $330,000.

Because TCDRS is a qualified defined benefit plan, the IRS places a limit on the amount of compensation you use to calculate an employee's deposits into TCDRS. The limit for 2023 is $330,000.

At your retirement, TCDRS matches your account balance 200%, and you receive a monthly benefit for life. TCDRS also participates in Social Security. If you leave TCDRS before you retire, you can choose to keep your account open and it will continue to earn 7% compound interest each year.

TCDRS is a savings-based plan where the benefit is based on how much a member has saved over the course of their career and employer matching at retirement. Although created by the Texas Legislature, TCDRS does not receive funding from the State of Texas.

A) Your payment will be issued within two to four weeks after TCDRS receives your application and obtains your last date of employment from your former employer.

A member may request a withdrawal packet by phone or via the internet. Completed forms will not be accepted before member's last day on the job. The earliest one can receive payment is the 20th day of the 4th month after the termination date as verified by their former employer(s).

If you have questions about benefits, call the TMRS Member Service Center toll-free at 800-924-8677. TMRS is governed by the TMRS Act, Texas Govern- ment Code, Title 8, Subtitle G, and is a qualified, tax- deferred retirement plan under Section 401 of the Internal Revenue Code.