09/10/2018
July 1, 2018 Retirees’ Withdrawal of Supplemental and/or Voluntary Funds
*** Forms due by September 30, 2018 ***
Members who retired effective July 1, 2018 and elected a refund or rollover of their supplemental and/or voluntary account funds should have received the Application for Withdrawal of Supplemental and/or Voluntary forms and instructions from the Teachers’ Retirement Board (TRB) in July, 2018.
Completed forms received in September will result in a refund or rollover issued at the end of October. If we do not receive the completed and signed form by the end of September, we will issue a refund to your home address by the end of October with 20% of the taxable portion (pre-tax/interest) withheld for federal tax purposes and 6.99% CT tax for Connecticut Residents. Forms are available at our website.
If you receive the payment before age 59 ½, you may also have to pay an additional 10% tax. Within 60 days of receiving the payment, you may roll over the taxable portion to a Qualified Plan. Consult your tax advisor for further details.