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Shows & Panels
Answers to your TSP withdrawal questions
Monday - 1/24/2011, 5:51pm EST
Last week, Federal Retirement Thrift Investment Board's Tom Trabucco offered tips for withdrawing money from your Thrift Savings Plan.
Federal News Radio got a lot of listener questions about IRA's and how long this process takes. To clear up some of the confusion, Tom is back to answer some of those questions.
Participants should first check out the TSP website, which includes a guide for withdrawing funds and a to-do list:
- Make sure the TSP has your current address at all times.
- If you have any TSP loans, pay them off within 90 days of your separation.
- Read the booklet Withdrawing Your TSP Account After Leaving Federal Service document so that you fully understand your options. Scroll down to read the booklet.
- Read the tax notice Important Tax Information About Payments From Your TSP Account.
Trabucco said it usually takes "several weeks" between requesting a withdrawal to the funds being sent due to "a number of moving parts." There could be a delay if your agency does not immediately report your separation, if you have outstanding TSP loans or if the documents you submitted were not properly filled out.
Trabucco also clarified that you can transfer your TSP to an IRA or another type of investment without taking a tax hit. You will only take a tax hit if you transfer into an account that is not tax-deferred.
After separation of service, participants can add funds to their TSP only through IRA's or other plans, he said.
Trabucco also said people who have funds in the C, S, I or F Funds and want to protect them from market losses can do an interfund transfer to the G Fund.