See this article
http://www.govexec.com/pay-benefits/2016/05/tsp-board-still-seeking-lawmaker-sponsor-its-proposal-ease-withdrawals/128524/?oref=govexec_today_nl
Key Info:
The Federal Retirement Thrift Investment Board is looking for a lawmaker to "carry the banner" for a legislative package that would overhaul the withdrawal process for TSP participants, said Kim Weaver, the board's director for external affairs, at a meeting on Monday. The five-member presidentially appointed panel gave the agency authority to pursue a legislative change in July 2015, but FRTIB has not found a member of Congress to introduce it.
Weaver said the agency has worked in recent months to get all the elements of the bill exactly right and is still actively pursuing a willing advocate on Capitol Hill.
The proposed changes the TSP board has put forward include:
http://www.govexec.com/pay-benefits/2016/05/tsp-board-still-seeking-lawmaker-sponsor-its-proposal-ease-withdrawals/128524/?oref=govexec_today_nl
Key Info:
The Federal Retirement Thrift Investment Board is looking for a lawmaker to "carry the banner" for a legislative package that would overhaul the withdrawal process for TSP participants, said Kim Weaver, the board's director for external affairs, at a meeting on Monday. The five-member presidentially appointed panel gave the agency authority to pursue a legislative change in July 2015, but FRTIB has not found a member of Congress to introduce it.
Weaver said the agency has worked in recent months to get all the elements of the bill exactly right and is still actively pursuing a willing advocate on Capitol Hill.
The proposed changes the TSP board has put forward include:
- Allow multiple withdrawals (currently only one is allowed) for the age-based (59 and a half) in-service withdrawal, as well as remove the restriction on post-separation partial withdrawals related to this type of transaction.
- Allow multiple partial post-separation withdrawals. Currently, participants can only choose one partial withdrawal under this option; subsequent transactions must be full withdrawals.
- Eliminate the withdrawal election deadline for post-separation withdrawals.
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Posted by: Cindy King <cindy.kingde@gmail.com>
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Neither the TSP Strategy group, nor individual members, are licensed or authorized to provide investment advice. Any statements made herein merely reflect the personal opinions of the individual group member. Please make your own investment decisions based upon your personal circumstances.
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