Information about IRS Waiver for Flood Victims

September 8, 2016

The IRS recently granted a waiver allowing flood victims, who have not yet retired, to access certain retirement plan accounts. Retirement plans administered by TRSL are currently not subject to this waiver.

However, TRSL members who participate in a supplemental 403(b) retirement plan or who have a deferred compensation account may be able to take advantage of this waiver. Please check with your employer if you participate in a 403(b) plan or contact Empower Retirement if you hold a deferred compensation account and are a flood victim.

Information for DROP Retirees: Options may be available that enable DROP retirees to change their DROP withdrawal method—for example, increasing the monthly withdrawal amount or withdrawing a partial lump sum. Also, a total withdrawal of all funds in the DROP account can be made at any time, even after periodic withdrawals have begun. Please note that there may be certain limitations based on your prior withdrawals as well as tax implications. 

More information is available in TRSL’s publications, DROP/ILSB Accounts: Information on Withdrawals and Interest and Special Tax Notice Regarding TRSL Payments. If you need further assistance, please contact TRSL at 225-925-6446 or toll free (outside the Baton Rouge area) at 1-877-275-8775.