Post: Cashing out TRS Account
Posted by: Anyone Know on 11/01/09
Due to some life circumstances, I may be having to move
with my spouse to another state for job opportunity. We are
unable to survive on my salary alone and need the new job
opportunity to stay afloat. The company my spouse may be
going to work for is not going to pay for relocation. The
only way we can afford for my spouse to take this job,
which is a WONDERFUL opportunity, is for me to cash out my
TRS account. I've only taught for 3 years, so it's not like
I have a huge chunk of change in there. Do you know what I
can do to get this money? Is there a tax penalty?