Retiring - when do TSP payments start?

[emily]

I just started my paperwork for retirement and noticed this thread.
I'm FERS and if I retire at the end of December, is there anyway to have monthly payments from TSP start in February already or do I have to wait until I'm retired to start the TSP paperwork.

Thanks alevin for your reply. You are correct.

 

[evilanne]

I just started my paperwork for retirement and noticed this thread.
I'm FERS and if I retire at the end of December, is there anyway to have monthly payments from TSP start in February already or do I have to wait until I'm retired to start the TSP paperwork.

It depends on how fast your agency processes the paper work. You may be able to get payments starting in February but you have to wait until after you retire, mid January, to submit the paper work. I retired 29 Feb, not sure exactly when they got it, but 31 March TSP statement had my separation date. Once they receive notification, the Thrift Savings Plan: Home online, when logged in your Withdrawals Tab will change from Active Participants to Separated Participants and the Loans tab will say"Our records show that you are no longer actively employed by the Federal government."

Per TSP Withdrawing Your TSP Account After Leaving Federal Service

What your agency or service must do. Your agencyor service must notify the TSP that you have separatedfrom service and provide the date of your separation The agency or service ordinarily provides this information to the TSP at the time it pays the last paycheck toa separated employee or service member In most cases,this will be between 2 and 4 weeks after the actual dateof separation The TSP cannot process your withdrawal untilyour agency or service reports this information.