Updated information about changes to TSP withdrawal options

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The Official Date for the changes to TSP withdrawal options has been set- it will be in place on September 15, 2019. Yes!! )

Below is a fact sheet now posted on the TSP website, that I've clipped into a JPG document for quick reading here.
 
NEW: TSP Retirement Webinars on New Withdrawal Changes and on other topics:

I just cut and paste it from an HR message I received today which is encouraging that it be shared with other TSP members, beneficiaries, spouses, etc.
So here it is:


The following is information from the Federal Retirement Thrift Investment Board (FRTIB). The Education and Outreach Division of FRTIB has updated the TSP webinar information at https://www.tsp.gov

TSP is now hosting a webinar dedicated solely to the upcoming withdrawal changes: Your New TSP Withdrawal Options (1 hour). This webinar provides an overview of the additional TSP withdrawal options that become available to participants after September 15, 2019. The dates and times for this webinar are listed below.

Your New TSP Withdrawal Options:
Monday, July 15, 2019 at 8 PM ET
Thursday, July 18, 2019 at 8 PM ET
Tuesday, July 23, 2019 at 7 AM and 1 PM ET
Tuesday, August 6, 2019 at 10 AM and 1 PM ET
Thursday, August 15, 2019 at 10 AM and 1 PM ET

Additional Webinar Topics Include:
TSP Loans and In-Service Withdrawals: Wednesday, July 10, 2019 at 10 AM and 1 PM ET
TSP Contributions and Investment Funds: Thursday, July 11, 2019 at 10 AM and 1 PM ET
TSP Post-Service Withdrawals: Wednesday, July 24, 2019 at 10 AM and 1 PM ET
Intro to TSP: Thursday, July 25, 2019 at 10 AM ET and 1 PM ET

Participants can register for all tsp webinars via tsp.gov: tsp.gov/webinars. The registration password is TSPweb. Participants can access the recorded webinars on our YouTube channel at TSP4gov: youtube.com/tsp4gov/playlists.

TSP encourages you to send out this information to anyone that would be interested in the webinars. That includes participants, spouses, beneficiaries, and more. Webex is used for the webinars. Participants will need access to Webex via a work or personal device. Participants do not need a Webex account to register or attend. You will also notice a few time slots that are outside of our normal 10 AM and 1PM sessions. TSP is testing out a few 8 PM and 7 AM sessions for the new webinar topic. (All scheduled start times are listed in eastern.) Updates to the August through October webinar schedule will be available soon.


James48843 said:
The Official Date for the changes to TSP withdrawal options has been set- it will be in place on September 15, 2019. Yes!! )

Below is a fact sheet now posted on the TSP website, that I've clipped into a JPG document for quick reading here.
Click to expand...
 
Note: This email arrived in my inbox today- from the TSP- saying that the period of NO WITHDRAWLS is about to be here, until September 15., when the NEW SYSTEM will be in place.

Here is the message.

. Withdrawal requests suspension period

As we prepare for the upcoming launch of new, flexible TSP withdrawal options, we will temporarily stop accepting withdrawal requests after September 6, 2019. The suspension period will extend from September 7 – 14, 2019. Therefore, if you need to withdraw money before the withdrawal changes take effect, we must receive your properly completed request by 11:59 p.m. eastern time on September 6, 2019. We will resume accepting withdrawal requests on September 15, 2019.

We will continue to accept loan requests and other forms not related to withdrawals during this time. This transition period allows us to finish processing withdrawal requests we receive before the rules change and prepare to accept new requests after the new withdrawal options go into effect on September 15.

To find out more about how improvements to TSP withdrawals may benefit you, read our fact sheet Questions and Answers about Changes to TSP Withdrawal Options (pdf). If you were planning on making a withdrawal soon, consider waiting until September 15 or later so that you can use more secure online tools in My Account and take advantage of more flexible options.

You are subscribed to TSP Plan News for Thrift Savings Plan. This information has recently been updated, and is now available.
Click to expand...


 
Especially timely for me. I'm thinking about retiring soon- hit my MRA and years back about 6 months ago. Decided to wait until at least after this change comes into effect- because I'm not going to have enough cash on hand/leave payout to last for the four or five months it takes to get the retirement payments sorted out- and I wanted to get the TSP to be able to hold me over until my Army National Guard retirement kicks in next August. THEN, I can readjust my TSP withdrawls (if needed) to align better with my actual cash needs.

I am thankful these changes are hitting right now.
 
James48843 said:
Especially timely for me. I'm thinking about retiring soon- hit my MRA and years back about 6 months ago. Decided to wait until at least after this change comes into effect- because I'm not going to have enough cash on hand/leave payout to last for the four or five months it takes to get the retirement payments sorted out- and I wanted to get the TSP to be able to hold me over until my Army National Guard retirement kicks in next August. THEN, I can readjust my TSP withdrawls (if needed) to align better with my actual cash needs.

I am thankful these changes are hitting right now.
Click to expand...
Hoping I have the option of stopping for a while and then starting back up - just read overview, don't know if it will have "open season" or not -- if not sweet (I punched at 56, bought my retired military (took early retirement 17 years enlisted) so had 37 years total - but my FERS supplement is much lower than my SSA will be in a couple of years and my VA disability has gone up, so I need less of my TSP and I hope to make that last until my mid 80's at which time I shouldn't need it - if I can reduce it or even stop it during down trends in market I can make it last much longer
 
If your traditional TSP is invested in G (50%), C (25%) and S (25%), how is money withdrawn from your account? Is it withdrawn proportionately?
Example: if you want $5000 monthly, is $2500 withdrawn from G and $1250 each from C and S funds?
 
Maricar19 said:
If your traditional TSP is invested in G (50%), C (25%) and S (25%), how is money withdrawn from your account? Is it withdrawn proportionately?
Example: if you want $5000 monthly, is $2500 withdrawn from G and $1250 each from C and S funds?
Click to expand...

TSP's Response: "This responds to your inquiry of September 15, 2019, concerning your Thrift Savings Plan (TSP) account. You asked if your withdrawal is made proportionally from each of your investment funds.
Your understanding is correct. Any withdrawal that you make from your TSP account will be disbursed from each of the funds you are invested in based upon the percentage of your balance in each of those funds."
 
Maricar19 said:
TSP's Response: "This responds to your inquiry of September 15, 2019, concerning your Thrift Savings Plan (TSP) account. You asked if your withdrawal is made proportionally from each of your investment funds.
Your understanding is correct. Any withdrawal that you make from your TSP account will be disbursed from each of the funds you are invested in based upon the percentage of your balance in each of those funds."
Click to expand...
Good information. Thanks.
 
BamaAF said:
Being able to make changes to my monthly withdrawal on-line will be great
Click to expand...

That's what I thought too. Until I realized you needed to download the same form (If FERS w/Spouse) we used in the past, and have it notarized. ($20).
 
"ONLINE" Withdrawals

Unfortunately, if you are married, withdrawal is not purely online. You complete the paperwork online, and then have the paperwork signed by you and your spouse in front of the notary public. From here, you either fax or mail the notarized form to TSP. And according to the website, the complete process will take 7-10 days upon receipt by TSP. So that's "onine" for TSP.
If I understand correctly, you have to repeat this process to stop and restart the withdrawals. That's almost $20 notary fees each time plus if you don't have a fax machine, another $5-$10 (Staples).
 
Maricar19 said:
"ONLINE" Withdrawals
"... $20 notary fees each time plus if you don't have a fax machine, another $5-$10 (Staples).
Click to expand...

Avoid Notary Fees- We went to TD bank and found out that they provide free notary service. Check with your local banks if they provide free notary service.
 
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