COVID-related TRA withdrawals
COVID-related TRA withdrawals are not permitted in Minnesota. The federal CARES Act permits retirement plans to allow members to make COVID-19 related withdrawals before Dec. 31, 2020. These withdrawals are repayable over three years and not subject to the early-withdrawal penalty or 20 percent tax withholding. However, these changes do not currently impact TRA members. The TRA retirement plan is administered pursuant to its governing statutes, which do not currently allow COVID-19 withdrawals, so the CARES Act provisions will not be implemented without action by the Minnesota legislature. If you have questions relating to COVID-19 related distributions, please contact your tax consultant.