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Prepared for Thrift Savings Plan Changes?

Published: June 20, 2019

Prepared for Thrift Savings Plan Changes?

Are you up to date with the Thrift Savings Plan (TSP) changes, coming this September? With a membership made of Federal Employees and members of the uniformed services, USSFCU wants you to know that your financial wellbeing is important to us! Preparing and planning for retirement can be a daunting task, however we want to keep you informed on retirement topics that may affect you!

What you need to know now!

On September 15, Federal Employees and members of the uniformed services may have more flexibility with their TSP; however, before then here are some things to know.

Starting Saturday, September 7 through Saturday, September 14, withdrawal requests will not be able to be accepted. This period will allow for the substantial programming changes and form revisions to take effect. With that being said, if you need cash before these changes take place, you may want to submit your TSP withdrawal by 11:59pm, Friday, September 6.

One important note for TSP participants is you will still have access to the original withdrawal options, even after the new updates.

So, what’s changing?

  • Upgrades to the online tools may make the withdrawal process smoother.
  • Stop, start and make changes to your installment payments at any time.
  • Take multiple age-based in-service withdrawals without it affecting post-separations partial withdrawals.
  • Beneficiaries will be allowed to make withdrawals.
  • After the age of 70 1/2 and separation, you are no longer required to make a full withdrawal election.
  • Choose the formula in which your withdrawal is taken from your Roth and Traditional Accounts.

For more detailed information, please review the Q&A about Changes to TSP Withdrawal Options. Also, visit tsp.gov to review your account to see how you may be affected.

If you are not sure if you have or qualify for a TSP or want to know what a TSP is, please click here.   

Worried that you won’t receive your withdrawal in time? USSFCU offers a Bridge to Retirement Loan, specifically created for our federal government employee members who are ready to retire. This loan’s purpose is to offer a solution for expenses that may incur while waiting for your first government-issued retirement check. Check out our Bridge to Retirement Loan about Bridge to Retirement Loan for more information.

“Updated information about changes to TSP withdrawal options” Thrift Savings Plan, 30 May 2019,

https://www.tsp.gov/whatsnew/Content/index.html#withdrawaloptions

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