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Retired Teachers Chapter News

Required minimum distributions suspended for 2020

New York Teacher

April is normally the month when the Teachers’ Retirement System would notify members about the Required Minimum Distribution (RMD) due from their TDA accounts. But this year there will be no required distribution: The recent CARES Act legislation has suspended RMDs for 2020 for defined-contribution plans like TRS’ TDA Program.

At the end of April, TRS will contact affected members by letter to explain the suspension and to communicate the amount that they would have been required to receive as an RMD. That amount is important because it is not eligible for direct rollover in 2020 under the CARES Act.

For more information about changes to TRS operations during the pandemic, visit the COVID-19 page on the TRS website and follow TRS on social media.

BERS has also suspended RMDs for 2020.

For ongoing updates to BERS operations, please visit the BERS website.