soon2retire
Member
Yes and I'm hoping that this thing gets past the Senate and signed into Law ASAP! You think it would since it has virtually no opposition.
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House set to vote on easing TSP early withdrawal penalty
- Thread starter Itchn2retire
- Start date
Itchn2retire
Member
So another thing to consider is if you have outside 401k. If you roll your private 401k's into TSP will that unlocked those funds. (I'm thinking yes because how are they going to differentiate between what was rolled over and what was contributed.) But then the down side is you're still in the TSP which is limiting.
I was thinking of moving out of TSP when I retired but now I may need to rethink that if my money is going to be available to me should I decide to retire before 55.
I was thinking of moving out of TSP when I retired but now I may need to rethink that if my money is going to be available to me should I decide to retire before 55.
Itchn2retire
Member
There's probably no need for that. The bill will help those who would be eligible to retire at 50 so I'm sure they'll vote themselves a new benefit. This is pretty much guaranteed to pass. :laugh:
"Under both CSRS and FERS, Members of Congress are eligible for a pension at age 62 if they have completed at least five years of service. Members are eligible for a pension at age 50 if they have completed 20 years of service, or at any age after completing 25 years of service. The amount of the pension depends on years of service and the average of the highest three years of salary. By law, the starting amount of a Member’s retirement annuity may not exceed 80% of his or her final salary."
The above excerpt is from http://www.senate.gov/reference/resources/pdf/RL30631.pdf
ATCJeff
Well-known member
Here's a link to the bill.
https://www.congress.gov/bill/114th-congress/house-bill/2146?q={"search":["hr+2146"]}
https://www.congress.gov/bill/114th-congress/house-bill/2146?q={"search":["hr+2146"]}
Itchn2retire
Member
yes, for those that qualify to retire before 55. It's not limited to just those careers listed in the article and it would (should) apply to all federal retirees who qualify. If they were to pass this tomorrow I'll be retired by Friday. :cheesy:
I found under the text tab in the link that it seems this is only for certain federal jobs.
"To amend the Internal Revenue Code of 1986 to allow Federal law enforcement officers, firefighters, and air traffic controllers to make penalty-free withdrawals from governmental plans after age 50, and for other purposes."
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