There is probably a hefty tax penalty if you don't roll it over
into another "qualified" plan or IRA within a certain amount of
time.

On 11/01/09, Brenda wrote:
> On 11/01/09, Anyone Know wrote:
>> 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?
> I do not know how all of that works-- I know there is a
> penalty to taking it early-- you need to contact TEA-- look
> them up on internet get the 800 number and have time to call
> and ask all of those questions---it takes a while to get in
> touch with them and get all of your questions answered-- I
> had some things go wrong and I called last year...took me
> about an hour to get someone that could start answering my
> questions..... Keep us posted on what they tell you!! :)

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