[TSP_Strategy] TSP Help for Hurricane Matthew Victims

 

The TSP has made a temporary change to the financial hardship withdrawal rules for participants affected by Hurricane Matthew: As of October 25, 2016, we will treat any Financial Hardship In-Service Withdrawal Request as a qualifying hardship and will waive the rule prohibiting employee contributions for 6 months after taking a hardship withdrawal provided one of the following is true:

1.  Your primary residence or place of employment is located in a covered disaster area and has incurred a loss as a result of Hurricane Matthew.

OR

2.  Your hardship withdrawal will be used to assist an eligible family member who lives or works in a covered disaster area and who has incurred a loss as a result of Hurricane Matthew.

IN ADDITION, you must also meet all of the following requirements:

• You must be actively employed as a federal civilian or a member of the uniformed services.
• You must complete Form TSP-76, Financial Hardship In-Service Withdrawal Request.
• You must write "Hurricane Matthew" at the top of page 1 above the name of the form.
• You must check the "Personal Casualty Loss" box on page 2, Item 18 of your request form, as the reason for requesting financial hardship.
• Your request must be received in our office by March 8, 2017 and, in compliance with IRS guidelines, your distribution must occur before March 15, 2017. Any Financial Hardship In-Service Withdrawal Request forms received after March 15, 2017 will be processed as a standard hardship withdrawal, and your TSP contributions will automatically stop for 6 months.

If you want to stop your TSP contributions, complete Form TSP-1, Election Form
(Form TSP-U-1 for uniformed services) or use your agency or service's automated system.

This rule change is not retroactive and all other Form TSP-76 rules apply. Participants may only receive one hardship withdrawal under this change. If you have questions about this change, call the toll-free ThriftLine at 1-877-968-3778. Outside the U.S. and Canada, please call 404-233-4400 (not toll free).

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Posted by: sarah_oz@yahoo.com

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Ditulis oleh: Andriansyah -