Hi, I'm new here. My Dad recently passed away and we know he had money in the TSP. We've completed TSP form 17 and sent it in along with the death certificate so the balance will be distributed among his heirs. I guess my question is, does anyone know how long this process takes? Thanks in advance.
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Or you can now use TapaTalk again!Death Benefits
- Thread starter Big Ike
- Start date
uscs344
Member
Sorry to hear about your father.
Spaf
Honorary Hall of Fame Member
Ike,
I haven't heard about this on the message board.
Best to stay in touch with the TSP folks.
Sorry to hear!
Spaf
Miss_Piggy
Member
It sounds like that question is best answered by calling TSP at 1-877-968-3778, if you didn't see that tele# on the TSP-U-17 Form.
Here are some additional sources of information obtained by searching http://www.tsp.gov/ for "death benefits."
http://www.tsp.gov/faq/faq71.html
http://www.tsp.gov/forms/tspbk31w.pdf
and your form TSP-U-17: http://www.tsp.gov/uniserv/forms/tsp-u-17.pdf
Spaf
Honorary Hall of Fame Member
New Question on death benifits?
Can't find an answer?
If a member passes-on. I heard that the spouse has some 60 days to take action .i.e., rolling TSP over into a traditional IRA.
There was a proposed change to this rule, but nothing so far! What I've heard.
Would appreciate your response or a link to the truth.
Tks
Spaf
http://www.tsp.gov/forms/tspbk31w.pdf
This is from June 2008. On page 5 it says it could take 60 days to receive the money, but I don't see where it says you have 60 days to take action (file form TSP-17).
Notifying the TSP
... If the participant dies after separating from service, his or her next of kin, legal representative, or other responsible person must report the participant’s death to the TSP. In either case, however, to begin the process, the participant’s survivor(s) must submit Form TSP-17, Information Relating to Deceased Participant, to the TSP, along with a copy of the participant’s certified death certificate. All sections of Form TSP-17 should be completed. This will inform the TSP (or confirm to the TSP) that the participant is deceased, and will provide information that will help the TSP locate the participant’s potential beneficiaries. Form TSP-17 can be downloaded and printed from the TSP Web site, under Forms & Publications; it is also available from the participant’s agency or service personnel office or the TSP.
Spaf
Honorary Hall of Fame Member
Well it's a mess!
The TSP money has to be withdrawn!
You need to establish a NEW IRA (traditional) in your name. AND, one for your spouse.
The TSP has to be rolled over to your NEW IRA; submitting necessary records and forms to TSP.
TSP will disburse the money to your NEW IRA.
Once rolled over to your IRA, with more paperwork, it can be rolled over to her IRA.
A lot of BS, when it could have been left in TSP i.e., A survivor benefit that would allow spouses of deceased TSP participants to maintain TSP accounts..WHEN? Well sometime within the next XX years.. NA!.... they just make things rough fo all....
Steadygain
TSP Elite
I can't get to HR to check it out today.
If something would happen to me then I'd rather let my wife keep the TSP Account and draw on it in little pieces when she has to (has reached an age where she's forced to) over many years.
Maybe it's the way this person's account was in place - instead of across the board.
This is a good thing to know - thanksSimilar threads
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