TSP Installment payment withholding error - HELP!

[Scout333]

Thanks for sharing your experiences RC. You may help others from the same problems. TSP site has always been a crap shoot from the beginning.:smile:

 

[Rcf3]

Thanks for sharing your experiences RC. You may help others from the same problems. TSP site has always been a crap shoot from the beginning.:smile:

You are welcome. I will say this for them, once they finally accept the TSP-99 they process it very quickly. From the time they accepted the form (third attempt) to the time payments were scheduled took only four days.

One final (maybe) pet peeve, TSP does not allow you to schedule a date to begin installment payments. It would have been great to schedule them for the first business day of the month to coincide with the OPM annuity. However, TSP schedules your payments based on when they receive and process your form. In short, they decide when you get it and you can only submit the form close to the time you would like the payments to start and hope all goes well.

 

[Scout333]

One other heads up your withdrawal won't show up on the same day every month. TSP takes it out when they want and your bank will deposit it in your account when they want. A little irritating but it will eventually get there. Good luck!

 

[Rcf3]

One other heads up your withdrawal won't show up on the same day every month. TSP takes it out when they want and your bank will deposit it in your account when they want. A little irritating but it will eventually get there. Good luck!

Got it. My first installment payment processed three days before the deposit hit the bank. That’s fine. At least one thing worked out. It seems my deposits will take place during the end of the month so they will combine nicely with my pension, my wife’s pension, and her 401k withdrawals. It’s good to have these things occur during the same week since that is easier to account for. TSP should really allow one to pick the processing date like most private companies do.

 

[PessOptimist]

FWIW. I finally accepted the default with holding, printed the forms, had them notarized and the credit union faxed them. Then after I saw the transaction at TSP.gov and a few days later when it showed up in the account, I submitted a TSP-99 on line to change the with holding. It required no notary. This was in later 2019.

PO

 

[James48843]

Just a side note regarding the DATE a monthly distribution is made.

Under the old system, it was shortly after the processing of the form.

Under the new system, they say they will be paying monthly distributions only one day per month- on the 15th of the month.

So if you submit your form on the 16th, they aren’t going to pay out until the 15th of the following month.
That is a big change for some folks. Just keep that in mind.


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