How to Initiate Your TSP Withdrawal

By TSP Admin

23rd Sep, 2015

Note that this article outlines the step by step process of how to withdraw from tsp after leaving federal service and not the types of withdrawals, which are explained in more detail in another article.

The first requirement is for the Thrift Savings Plan to be notified about your federal separation by your employing agency. It will typically take up to 30 days after the date of separation for your employing agency to notify the Plan administrators. You are allowed to initiate withdrawals from your TSP account only after this.

At this point, you have to decide on the type of withdrawal you want to initiate. If you are considering a TSP withdrawal after separating from service, you will likely either need to complete and submit the Request for Full Withdrawal Form TSP 70 or the Request for Partial Withdrawal Form TSP-77.

How to Withdraw From TSP After Leaving Federal Service and Options For Transferring TSP Withdrawal Funds

If you have a traditional or Roth IRA or another qualified employer plan, you may be able to transfer or rollover funds from your TSP account to the IRA or employer plan of your choosing. Whether you are able to do this depends on the type of funds (traditional or Roth) in your account, and the type of account it is supposed to be moved into.

If the funds are not going to an investment account, you will have to provide your bank details on the TSP withdrawal form in order to have your single and/or monthly TSP payments deposited electronically into your savings or checking account. Of course, this type of TSP withdrawal will be subject to taxes and any age-based penalties that my apply.

Either way, it can take several weeks for TSP withdrawals to be processed after you file Form TSP 70 or Form TSP 77. In the meantime, if you want to find out the status of your request, you can log in to your account on the TSP.gov website and check it online on the withdrawals page. You can also call the Thriftline (1-TSP-YOU-FRST) to get an update on your withdrawal status.