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Withdrawal Privilege

If you leave the job that qualified you for TRS membership and are not employed or contracted for employment within any education system/agency in Oklahoma, you may receive a refund of your contributions (see more on Withdrawing Contributions). You will be eligible to receive the refund four months after you leave your job. The refund includes all contributions made by you and your employer on your behalf, plus any applicable portion of interest earnings. When you accept a refund, you forfeit all TRS service credit.

If you return to qualifying employment, you may redeposit your withdrawn account after you contribute to TRS for 12 months. Redepositing your withdrawn contributions reinstates your initial membership date. If you do not redeposit your withdrawn contributions, your official membership date will be the date you rejoined TRS.

If you decide to redeposit, you must redeposit the entire amount you withdrew and pay 10 percent of that amount for each year your account was withdrawn. You may pay this amount in one lump sum or through installment payments for up to 60 months.

Only an optional member (support personnel) may terminate membership in TRS without terminating employment. If you are an optional member and withdraw your membership without leaving your job, contributions made on a pre-tax basis cannot be refunded until you leave your job or turn 62(this is an IRS rule). If you continue working for your employer after terminating your TRS membership, you may rejoin TRS under special conditions.However, you would become a new member as of the date you rejoin without the right to reinstate prior membership.

You may also leave your contributions in your account. If you are vested (have at least 5 years ofservice prior to October 31, 2017, or 7 years after November 1, 2017), your account will continue earning interest until you withdraw it or begin drawing your retirement benefit. If you are not vested, your account will continue earning interest for five years, unless you withdraw it before then.

If you wish to withdraw your retirement account funds, you may contact TRS by telephone,U.S. mail, or email. Be sure to include your first name,middle initial, last name,mailing address and phone numberon all correspondence.

Please contact TRS about withdrawal forms.

Last Modified on Nov 01, 2020
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