[TSP_Strategy] TSP Loosens Withdrawal Rules in Response to Irma

 

TSP Loosens Emergency Withdrawal Rules for Feds Affected By Irma

By Erich Wagner

3:22 PM ET

The administrators of federal employees' 401(k)-style retirement savings plan have relaxed the rules for workers to dip into their savings for the second time this month, after Hurricane Irma caused flooding in multiple cities in Florida earlier this week.

The Thrift Savings Plan announced announced Wednesday that it is loosening the regulations governing "financial hardship" withdrawals, which give employees with certain medical, legal or property expenses early access to savings in their retirement accounts, so that those impacted by Irma can make use of the provision.

TSP officials made a similar rule change for victims of Hurricane Harvey, which crashed into the Texas coast late last month. As with the Harvey dispensation, the Irma declaration also waives the rule prohibiting employees from contributing to their TSP accounts for six months after taking a hardship withdrawal.

» Get the best federal news and ideas delivered right to your inbox. Sign up here.

In order to be eligible, an applicant must be a current employee of the federal government, must live or work in a location that is part of a declared disaster area and must have incurred a loss as a result of the storm. An exception to the location rule is if one is withdrawing money to help a family member whose home or workplace was impacted by Irma.

All withdrawal requests under the Irma dispensation must be submitted by Jan. 24, and they must be distributed by Jan. 31. Requests must be for at least $1,000 and employees cannot apply for another withdrawal for at least six months.

Officials encouraged people to contact the TSP's ThriftLine at 1-877-968-3778 with any questions about the program or the rule change. The TSP website includes a checklist of required forms and procedures needed to make a withdrawal under the Irma rule change.

---

By Erich Wagner

3:22 PM ET

http://www.govexec.com/pay-benefits/2017/09/irma-affected-feds-can-access-retirement-accounts-officials-say/141010/

__._,_.___

---

Posted by: sarah_oz@yahoo.com

---

Reply via web post

•

Reply to sender

•

Reply to group

•

Start a New Topic

•

Messages in this topic (1)

---

Have you tried the highest rated email app?

With 4.5 stars in iTunes, the Yahoo Mail app is the highest rated email app on the market. What are you waiting for? Now you can access all your inboxes (Gmail, Outlook, AOL and more) in one place. Never delete an email again with 1000GB of free cloud storage.

---

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.

Visit Your Group

• New Members 4

• Privacy • Unsubscribe • Terms of Use

.

__,_._,___

Anda baru saja membaca artikel yang berkategori dengan judul [TSP_Strategy] TSP Loosens Withdrawal Rules in Response to Irma. Anda bisa bookmark halaman ini dengan URL https://1stleadershipworkshop.blogspot.com/2017/09/tspstrategy-tsp-loosens-withdrawal.html. Terima kasih!

Ditulis oleh: Andriansyah -