Thrift Savings Plan

Card Set Information

Author:
Anonymous
ID:
240427
Filename:
Thrift Savings Plan
Updated:
2013-10-13 20:16:14
Tags:
TSP Thrift Savings Plan Government Benefits
Folders:

Description:
Particulars of the Thrift Savings Plan (TSP)
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  1. What is TSP?

    The Thrift Savings Plan (TSP) is a retirement savings and investment plan for Federal employees and members of the uniformed services. It was established by Congress in the Federal Employees' Retirement System Act of 1986 and offers the same types of savings and tax benefits that many private corporations offer their employees under 401(k) plans.
  2. What type of plan is the TSP?
    The TSP is a defined contribution plan, meaning that the retirement income you receive from your TSP account will depend on how much you (and your agency, if you are eligible to receive agency contributions) put into your account during your working years and the earnings accumulated over that time.
  3. What rights does a spouse have when I withdraw the full amount from my TSP account?
    If your account has at least $3500 in it, your spouse is entitled by law to a prescribed survivor annuity.  This is a joint survivor annuity with a 50% survivor benefit. If you pick any other option where your entire amount is not used to purchase the prescribed survivor annuity, your spouse must consent in writing.
  4. What if I am a CSRS employee and want to withdraw the entire amount of my TSP account?
    Your spouse must consent.
  5. What if I am making only a partial withdraw of my TSP account funds? Must my spouse consent?
    Yes, your spouse must give consent and his or her signature must be notarized.
  6. What if I am a CSRS employee and I want to make a partial withdraw of my TSP account funds?  Must my spouse consent?
    No, but your spouse must be notified.

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