Monthly TSP Withdrawal Question

[James48843]

Ok- so today, I spent 1 hour, 33 minutes on hold at the Thrift Line.

Then it took “Janelle” another five minutes to log in and verify me, to get to my question.

Still no email from my account about the monthly payment I was expecting yesterday.

But the good news is- after about five minutes, she came back on the line to tell me that it looks like my account DID sell shares yesterday to fund my monthly payment, and she said it “should be no more than four business days to disburse”.

Which means I won’t have to wait another month- my monthly payment SHOULD show up by Monday next week.

I HOPE that is correct.

Just make note, everybody, that the monthly disbursements are not paid out on the 15th- they are going to be paid out 4 business days after the 15th of the month.

And no- there is no way to set up a monthly payment through the APP or the new webpage. It’s simply not there.

Good luck.

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[Mitchhyman]

Does anyone have any inside knowledge as to when the ability to start, stop and modify monthly withdrawals will be put back on the website? This feature is critical to me and I am very angry at the TSP due to the absence of information.

 

[Cobra]

Does anyone have any inside knowledge as to when the ability to start, stop and modify monthly withdrawals will be put back on the website? This feature is critical to me and I am very angry at the TSP due to the absence of information.

I can't find any information that is verifiable ... I have seen some information that it is supposed to be corrected by the end of June but I am skeptical of that infomation.
It seems we are all in the same boat... Can't really manage monthly withdrawals on this new site which is nuts!!

 

[James48843]

I can't find any information that is verifiable ... I have seen some information that it is supposed to be corrected by the end of June but I am skeptical of that infomation.
It seems we are all in the same boat... Can't really manage monthly withdrawals on this new site which is nuts!!

I too saw something several days ago that said they were aware of “no way to make monthly withdrawals”, and said an End of June target date for fixing it-

but where ever it was that said that several days ago, I can’t seem to find it today. Hmmmm.

I agree that whoever got the contract for the website failed miserably, and whoever was supposed to beta test it failed miserably.

“Nuts” is the kindest word you could have selected. I wasn’t going to be that generous.


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[Cobra]

I just checked my bank account and my monthly withdrawal will post tomorrow.

 

[quabit]

Ok- so today, I spent 1 hour, 33 minutes on hold at the Thrift Line.

Then it took “Janelle” another five minutes to log in and verify me, to get to my question.

Still no email from my account about the monthly payment I was expecting yesterday.

But the good news is- after about five minutes, she came back on the line to tell me that it looks like my account DID sell shares yesterday to fund my monthly payment, and she said it “should be no more than four business days to disburse”.

Which means I won’t have to wait another month- my monthly payment SHOULD show up by Monday next week.

I HOPE that is correct.

Just make note, everybody, that the monthly disbursements are not paid out on the 15th- they are going to be paid out 4 business days after the 15th of the month.

And no- there is no way to set up a monthly payment through the APP or the new webpage. It’s simply not there.

Good luck.

Sent from my iPhone using TSP Talk Forums

Dont forget Monday is a holiday so don't be surprised if it is Tuesday or Wednesday depending on what they count as a business day.

 

[sean101]

Update ....my bank account now shows a pending deposit for tomorrow now.

The new site is still an unmitigated dumpster fire though.

 

[bleeck]

My monthly TSP installment just hit my bank account. Correct amount with taxes taken out.
Now to try my first attempt to create a TSP login. Was waiting for the dust to settle there and in
the market. Market dust may be awhile.

 

[ravensfan]

Does anyone have any inside knowledge as to when the ability to start, stop and modify monthly withdrawals will be put back on the website? This feature is critical to me and I am very angry at the TSP due to the absence of information.

I am currently receiving quarterly installments with the next payment due July 15th. However, I would like to suspend my quarterly installments for the time being. According to the TSP website I can lock my account and by doing so it prevents processing of loan, "withdrawal" and distribution requests. I am hoping this means I will no longer receive quarterly installments until I unlock my account. But I am wondering, once I unlock my account will I have to set up quarterly installments again, or will it be retroactive to what I currently have set up? Also, something I wasn't crazy about; you have to create a 10 digit unlock code (can't use ssan, birthdate, tax id etc.) and if you lose the code, you must prove who you are with documentation, which they let you know up front, is a slow process, to have the folks at TSP unlock your account.

Feedback requested.

 

[Mitchhyman]

My guess would be that the lock will only lock new requests or changes and will not impact monthly or quarterly installments. I wouldn’t try locking right now with it being impossible to get customer service. The better option would be to spend the entire day home trying to speak to a help line person who can help with cancelling the installments. That is what I plan to do later this month to halt my installments if the website is not fixed. But based on my experience with other account issues the help line people will be clueless and not helpful. Time to contact my Congressional representative and to research moving my money to a company that has customer service that works.

 

[ravensfan]

Yeah, that is my thought as well and the reason I shied away from locking my account. As for spending the entire day on the phone, trying to speak to a helpline person, my tolerance for that is very low, especially after reading they have yet to be trained. I think I will wait to see if the website gets fixed later this month and if not, make the call in July.

 

[Valkyrie]

my monthly installment posted in my account 6/16. however it was a lesser amount $20-30 compared to previous installments before the great tsp reset. why? I have zero idea.
Taxes being taken out should remain constant, correct??

 

[Cobra]

my monthly installment posted in my account 6/16. however it was a lesser amount $20-30 compared to previous installments before the great tsp reset. why? I have zero idea.
Taxes being taken out should remain constant, correct??

My withdrawal posted on Friday and was for the exact amount I had been receiving and the amount of Federal Tax withheld was correct. Right now my transition has worked out OK except there is still no way to change monthly withdrawals which sucks and is causing alot of grief

 

[Doris]

Using Ava, the virtual chat icon, I somehow dug this up the other day: If you need to stop, change, cancel, or make changes to your withholding or payment destination, you must call the ThriftLine. I don't know if that means forever, or temporarily but I called the Thriftline this morning. From some other thread here I had this helpful information: after all the initial recorded stuff, there's a menu of choices. Press 1, press 1 again, enter your personal info (for me it was just my DOB), and wait for the prompt for “Withdrawals”. Select that one (important). Then you will get your estimated wait time. I stayed on hold for just about 2 hours, then a very nice person picked up. She told me that in order to make changes to your withdrawal amount you have to first stop the withdrawals, then call back to start them up again at whatever new amount you want. She processed my request to stop the payments and sent it over to "Operations", who will send me a confirmation when it's done. She said it will take effect before the 15th so I won't get a payment this month. So at least I got the first step done. I guess we just have to live with this.

 

[PessOptimist]

Using Ava, the virtual chat icon, I somehow dug this up the other day: If you need to stop, change, cancel, or make changes to your withholding or payment destination, you must call the ThriftLine. I don't know if that means forever, or temporarily but I called the Thriftline this morning. From some other thread here I had this helpful information: after all the initial recorded stuff, there's a menu of choices. Press 1, press 1 again, enter your personal info (for me it was just my DOB), and wait for the prompt for “Withdrawals”. Select that one (important). Then you will get your estimated wait time. I stayed on hold for just about 2 hours, then a very nice person picked up. She told me that in order to make changes to your withdrawal amount you have to first stop the withdrawals, then call back to start them up again at whatever new amount you want. She processed my request to stop the payments and sent it over to "Operations", who will send me a confirmation when it's done. She said it will take effect before the 15th so I won't get a payment this month. So at least I got the first step done. I guess we just have to live with this.

I guess. I found the same thing on Ava. I have not called. Please let us all know if you get a confirmation email and if you get a payment on the 15th. TIA.
PO

 

[James48843]

I’m asking all the wrong questions.

The question I should be asking is- who can tell me the best company website to move my entire TSP balance over to?

Because this is simply not acceptable. They have completely destroyed the TSP system, and the new toy website is useless.

I’ve got to move my money somewhere else, where they will tell me how many shares I own, and I can adjust a monthly payout by using the internet- like I used to be able to for 20 years on the old TSP website.




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[nasa1974]

I’m asking all the wrong questions.

The question I should be asking is- who can tell me the best company website to move my entire TSP balance over to?

Because this is simply not acceptable. They have completely destroyed the TSP system, and the new toy website is useless.

I’ve got to move my money somewhere else, where they will tell me how many shares I own, and I can adjust a monthly payout by using the internet- like I used to be able to for 20 years on the old TSP website.




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James,

Maybe that is the game plan. Make the website so cumbersome and unusable for retirees that we will move our money out. Maybe managing retirees' accounts has become difficult and expensive so they would rather see us move on and just maintain non-retired accounts.

 

[Mitchhyman]

James,

Maybe that is the game plan. Make the website so cumbersome and unusable for retirees that we will move our money out. Maybe managing retirees' accounts has become difficult and expensive so they would rather see us move on and just maintain non-retired accounts.

I am giving the TSP two more weeks to make the website functional for retirees, after which I am out. Any recommendations for private money managers?

 

[Doris]

Update: as of today, July 15, I have not received the promised confirmation email. I called TSP. After holding for 75 mins I spoke to someone who confirmed my installment payments have been cancelled. That was the important thing but I told him I never got the confirmation email. He said to check my secure email box on the website. It's not there. He put in a request to "IT" to send the email. I'll let you know when/if it comes.

 

[Mitchhyman]

Update: as of today, July 15, I have not received the promised confirmation email. I called TSP. After holding for 75 mins I spoke to someone who confirmed my installment payments have been cancelled. That was the important thing but I told him I never got the confirmation email. He said to check my secure email box on the website. It's not there. He put in a request to "IT" to send the email. I'll let you know when/if it comes.

I never got confirmation for my installment cancellation and I just received notice that I got another payment issued, so my cancellation apparently never went through. I am dreading getting back on the phone to try to get my installment payments cancelled again. But this time I am going to insist on some kind of confirmation. It is nuts that two monthly payments have been issued to me against my wishes.