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TSP Beneficiary Participant Withdrawal For Federal Employees

The TSP beneficiary of a deceased federal employee (who was a TSP participant) may find the account investments have been moved into a TSP Beneficiary Participant Account (BPA). It’s possible to operate it much like you would any other TSP account, but without the contributions. It’s also possible to choose any of the TSP withdrawal options that are available to people who…

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Avoiding TSP Withdrawal Penalty with SEPP

It’s no secret that you can avoid the 10% TSP withdrawal penalty on federal retirement plans like the TSP if you retire upon reaching age 55 (or later). However, if you are not yet at this stage and you’re still interested in retirement/separation from federal service, there may be a way to avoid the TSP Early Withdrawal Penalty. It’s called…

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TSP Withdrawal Strategies and Goals – Immediate Spending

Considering the bewildering array of Thrift Savings Plan withdrawal options and the complexity of the associated tax treatment, it is no surprise that a lot of people simply choose the easiest TSP withdrawal strategy, regardless of their specific needs. However, it can be wise to seek out good TSP advice and then possibly make use of a combination…

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The 20% Tax Trap Between a TSP Withdrawal and IRA Rollover

Most federal employees are aware that upon leaving federal service they are able to conduct a TSP IRA Rollover without being taxed on the rollover.  This tax deferral works just fine if your TSP withdrawal application seeks to have all or part of the account balance moved straight to the IRA or another employer plan. However, if the…

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Retirement Benefits Court Order

When you make a TSP withdrawal request, one of the things that should be considered before approving the request is whether there is any Retirement Benefits Court Order that takes precedence over your withdrawal. The only type of distribution made to you that takes precedence over a court order is a Required Minimum Distribution (RMD) mandated by the…

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Auto Enrollment Contributions and Refunds Policy

If you need money and want to raid your federal savings plan accounts, a TSP withdrawal (or TSP loan) is not the only option. Under certain conditions, new federal employees may also be able to request a refund of your auto-enrollment contributions. This is available only for employee contributions made in the first 90 days of the automatic enrollment…

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TSP 79: Changing Your TSP Withdrawal Request

Like most things in life, a TSP withdrawal that has been processed cannot be “unprocessed.” This means you cannot return all the money and say thanks, but no thanks. But depending on the kind of withdrawal option(s) you chose, you may still have the option of changing TSP Withdrawal Request. If you have accepted a single payment…

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TSP Special Withdrawal Considerations – Spouses’ Rights

For most federal employees, a TSP withdrawal after separating from federal service is simply a matter of filling up Form TSP 70 or TSP 77. However, there are some special considerations that some people will need to factor in. For example, one of these considerations is about TSP withdrawal spousal rights. These TSP Withdrawal Spousal Rights, insofar as it impacts…

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List and Summary of TSP Withdrawal Forms

For those considering a TSP withdrawal, one of the key things to do is select and fill out the correct form based on what kind of withdrawal you are planning to make. The Thrift Savings Plan has different forms for all the different types of withdrawals. Here are a listing and brief summary of some of the most…

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