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Fellow law enforcement and firefighters see 2010 IRS publication 575 page 31 we are exempt from 10% penalty ON TOP withdraw at age 50. Where is the TSPpublication on this? Am I reading it wrong? Google it and let me know ur thoughts and opinions. Thanks dhstdog
Actually it reads OR state municipality ur or is in the wrong place
Fellow law enforcement and firefighters see 2010 IRS publication 575 page 31 we are exempt from 10% penalty ON TOP withdraw at age 50. Where is the TSPpublication on this? Am I reading it wrong? Google it and let me know ur thoughts and opinions. Thanks dhstdog
What I'm about to say only relates to the current topic, however, its
worth mentioning too. Only "DISABLED" LEO's can pull their money out
of the TSP without that 10% penalty.
...
I am going to have to disagree with you, in part .... regularly retired Federal LEO's who retired before age 55 can pull monies out of their TSP without penalty via the methods outlined in my previous post.
Hi dhstdog,
3. Roll some or all of your monies out to one or more IRA's & set up 72t payments for yourself (kind of complicated & you could have IRS troubles if you don't do it right - go to www.72t.net for further info)
Squalebear,...
FERS Retirement on the otherhand has just got better for those who are
disabled. In the past, disabled LEO's "LOST" the 1.7% calculation if forced
to retire on disabilty. Luckily, (in mid 2010) that has all changed. The Law
now provides Disabled LEO's the 1.7% calculation within all calculations.
Those who were already disabled before the Law was enacted (like me)
need to go to the OPM website and look up EDSA. They will check to see
if you qualify and change your current benefits (retro to the bill)
Squalebear,
1st What law(in mid-2010) provides for "us" the 1.7%??
2nd What does LEO stand for?
I may be in the boat, since my Disability was granted in Mar 2010, and I also still have not recieved a "Final Payment Amount" (still "interim)!
Before Mar 2010, I was LWOP for just over 2 months.
Thanks and VR!
Fellow law enforcement and firefighters see 2010 IRS publication 575 page 31 we are exempt from 10% penalty ON TOP withdraw at age 50. Where is the TSPpublication on this? Am I reading it wrong? Google it and let me know ur thoughts and opinions. Thanks dhstdog
We've already covered this in this thread t-dog. It's not fair, I agree, but that's what the law says. I've already researched this extensively. It's probably just an oversight when the regs were written and one that no congressman has much interest in addressing.Qualified public safety employees.
If you are a qualified public safety employee, distributions made from a governmental defined benefit pension plan are not subject to the additional tax on early distributions. You are a qualified public safety employee if you provided police protection, firefighting services, or emergency medical services for a state or municipality, and you separated from service in or after the year you attained age 50.