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Annuitant Beneficiary Designation (For Use At or After Retirement) Purpose TCDRS-85 Revised 05/2008-Page 1 of 4 This form should be completed by a retiree who retired under one of the: Single-Life.

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Employers are required to contribute 4% of a Hybrid Plan member's earnable compensation into TCRS. A member becomes vested in TCRS upon completing five years (60 months) of creditable service to a TCRS covered employer.

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.

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.

If you chose to take some of your retirement money out of your TCDRS account as a lump sum, please be aware that the IRS considers that payment taxable income. TCDRS is required by the IRS to automatically withhold 20% of any lump-sum payment you received for taxes. You may also be subject to additional tax penalties.

As of Dec. 31, 2022, we had $42 billion in net plan assets, and a funded ratio of 89%. If you consider the reserves, TCDRS is over 95% funded.

There are two types of COLAs available with TCDRS: Flat-rate and CPI-based. Flat-rate COLAs increase your retirees' benefit payments by a percentage of your choosing, up to an annual limit, which is 7% for 2023 COLAs. All retirees get the same percentage increase.

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.

What are My COLA Options? There are two types of COLAs available with TCDRS: Flat-rate and CPI-based. Flat-rate COLAs increase your retirees' benefit payments by a percentage of your choosing, up to an annual limit, which is 7% for 2023 COLAs. All retirees get the same percentage increase.

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© Copyright 1997-2025
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Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232