COVID-19: TRSL Information and Resources
Last updated 09/15/2022
Important information about the CARES Act
TRSL Regular Plan, Plan A and Plan B (defined-benefit plan)
Under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, certain refunds and distributions from retirement plans were not subject to the 20% mandatory federal tax withholding at the time of withdrawal, if certain conditions were met. However, the distributions were taxable. The tax on the income from this distribution must be paid by April 15, 2024.
The CARES Act provision applied to TRSL members who terminated employment in all positions eligible for TRSL membership and who refunded member contributions as well as to TRSL DROP/ILSB retirees who made DROP withdrawals (single sum and partial-single sum only) on or after Jan. 1, 2020, and before Dec. 31, 2020 and completed one of the following forms:
Last updated 09/15/2022
Important information about the CARES Act
TRSL Regular Plan, Plan A and Plan B (defined-benefit plan)
Under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, certain refunds and distributions from retirement plans were not subject to the 20% mandatory federal tax withholding at the time of withdrawal, if certain conditions were met. However, the distributions were taxable. The tax on the income from this distribution must be paid by April 15, 2024.
The CARES Act provision applied to TRSL members who terminated employment in all positions eligible for TRSL membership and who refunded member contributions as well as to TRSL DROP/ILSB retirees who made DROP withdrawals (single sum and partial-single sum only) on or after Jan. 1, 2020, and before Dec. 31, 2020 and completed one of the following forms:
- Coronavirus Aid, Relief, and Economic Security (CARES) Act of 2020 – Application for Refund (Form 04-7CA)
- Coronavirus Aid, Relief, and Economic Security (CARES) Act of 2020 DROP or ILSB Withdrawal Method Selection (Form 05-11CA)