What is a rollover and how is it used?
For TRS purposes, a rollover is: • a transfer of tax-sheltered funds from an eligible retirement plan directly to TRS (a trustee to trustee transfer), • a direct rollover of tax-sheltered funds from an eligible retirement plan to TRS, Or • a rollover or transfer check that you receive from an eligible retirement plan to pay for TRS contributions or service credit. The payment must be received by TRS no later than 60 days from the day on which you receive the distribution from your financial institution or retirement plan. A rollover may only be used to pay for the purchase of optional service, reinstatement of terminated service, payment of 2.2 upgrade contributions, or for member Early Retirement Option (ERO) contributions. Rollover payment may be completed with a check made payable to TRS or a wire transfer from a financial institution or plan to TRS.
