Tsp modernization act of 2017

TSP agency has more detail on planned withdrawal changes

tsp modernization act of 2017

Nov 17, H.R. (th). To amend title 5, United States Code, to provide for flexibility in making withdrawals from a Thrift Savings Plan account, and for.

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Visit www. The TSP, as a retirement savings account, features simple, easy-to-understand market indexes with low fees. The potential for matched funds, the ease of contributing and the low-costs have resulted in millions of federal employees using the TSP to build their nest egg. However, the TSP has been a less than favorable vehicle for retirees who plan on using the money for income or other expenses in retirement. The complexity of the rules for distribution has always run counter to the simplicity experienced during accumulation. The regulations have left many federal employees confused and dumbfounded.

GovExec Staff. The law will allow federal employees and retirees to make multiple age-based withdrawals from their Thrift Savings Plan accounts and remain eligible for partial withdrawals after they leave government. Additionally, those who have left government would be able to make multiple partial post-separation withdrawals. Those receiving monthly payments would be able to change the amount of their annuity at any time, instead of only once per year. Participants could change the frequency of payments as well.

All rights reserved. This website is not intended for users located within the European Economic Area. Participants in the Thrift Savings Plan should have several more options when making withdrawals from the plan starting in September The president signed that act into law last November, and the legislation gives the FRTIB up to two years to implement more flexible withdrawal options for TSP participants. Since then, the agency has fleshed out the changes in more detail.

The TSP Kicked A Field Goal With The New Modernization Act

Shared on panel. - Despite the ease of use of the new Thrift Savings Plans, many federal employees are left with unanswered questions.

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Posted on Saturday, 18th November by Dennis Damp. Under this bill many additional options will be available making it more attractive for TSP participants to keep their funds in the TSP after retiring. A participant has two options for withdrawing, either partial or full withdrawals. A partial withdrawal allows participants to make a one-time-only withdrawal and leave the remaining balance until a later date. A full withdrawal can occur by taking the funds all at once, over a period of time, or through a purchased annuity that will pay the participant over the remainder of their life. Once a separated participant makes an election, the election cannot be changed.

How The TSP Modernization Act Impacts Your Retirement Options



to your situation: Withdrawing Your TSP Account After. Leaving Federal options associated with the passage of the TSP Modernization Act (PL ).
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