Other Considerations Withdrawal Rules 1 Spousal Rights Retirement
Other Considerations Withdrawal Rules 1 Spousal Rights Retirement Plan FERS or Uniformed Services CSRS Requirement* Exceptions Whereabouts unknown or Notarized spouse exceptional
signature required** circumstances - TSP-16 or TSP-U16 required Spouse is entitled to Whereabouts notification of the unknown participants withdrawal election - TSP-16 required *If account balance is less than $3,500, spouses signature/notice is not required **If married but no spouse signature: Spouse is entitled to a Joint Life 2 Annuity with 50% Survivor Benefits, Level Payments, and no cash Tax Withholdings & Portability Type of Payment Eligible for transfer or rollover? Federal income tax withholding
rate Lump sum distributions: Single payments, age-based and partial withdrawals, final withdrawal following a series of monthly payments Yes 20% (mandatory) unless transferred Monthly payments for less than 10 years Yes 20% (mandatory) unless transferred No
As if Married w/3 (may be changed or waived) No As if Married w/3 (may be changed or waived) Monthly payments for 10 years or more Monthly Payments based on life expectancy See TSP-536, Important Tax Information About Payments From Your TSP Account 3 Changing Monthly Payment Scenario Before (2016)
After (2016) Opening Balance $105,000 $100,000 Monthly Payment $800 $850 Estimated # of Payments 132
117.6 Periodic Payments Eligible Rollover Distribution Payment type Withholding As if married with 3 $170 4 Eligible Rollover Distributions TSP Account Traditional
Balance al Traditional IRA, eligible employer plan, or Roth IRA (any whole % from 0100%) Roth (any whole % from 0-100%) Eligible Rollover Distribution Tradition al Transfer Tradition
Roth Balance Roth Transfer (any whole % from 0-100%) Roth IRA or eligible Roth employer plan (any whole % from 0100%) Distribution to Participant Whatever isnt transferred will be distributed Tax-deferred distributions are eligible to be rolled over within 60 5 days Exceptions to the IRS Early Withdrawal Penalty
The 10% IRS Early Withdrawal Penalty does not apply to payments that Received at age 59 or later are: Received after you separate/retire during or after the year you reach age 55 (or the year you reach age 50 if you are a public safety employee as defined in section 72(t)(10)(B)(ii) of the internal revenue code) TSP monthly payments based on life expectancy Lifetime annuity payments Ordered by a domestic relations court Made because of death Made from a beneficiary participant account Received in a year you have deductible medical expenses that exceed 10% of your adjusted gross income (7.5% if you or your IRS Publications 575, Pension and Annuity Income spouse is 65 or over) IRS Publication 721, Tax Guide to U.S. Civil Service Received as a result of total and permanent disability*
Benefits 6 TSP Death Benefits Planning Your Legacy 7 TSP Death ToBenefits Whom? Based on Form TSP-3, Designation of Beneficiary Participant is responsible for mailing or faxing form directly to TSP Do not submit forms to agency/service!
If no TSP-3 on file at TSP, payment is by statutory order of precedence: 1) Spouse, 2) natural and adopted How children, paid? 3) parents, 4) estate, 5) next ofreported kin Death on Form TSP- 17, Information Relating to Deceased Participant The beneficiary will receive IRS Form 1099-R reporting the distribution For more information, see tsp.gov/lifeevents or the TSP booklet, 8
Spouse Beneficiaries Will have a beneficiary participant account (BPA) established upon notification of death of TSP participant Will automatically be invested in an L fund based the beneficiarys Will have same investment and withdrawal options as separated TSP participants BPA accounts cannot accept transfers or rollovers from other plans or IRAs Interfund transfers follow same rules that apply to all account holders Spouse Beneficiaries Spouse may designate beneficiaries using Form TSP-3 Death benefit payments from a BPA are single payments to the designated beneficiaries Cannot be transferred or rolled over to an IRA (to include inherited IRA) or eligible employer plan
Required Minimum Distributions from BPA: Begin date is based on age of the deceased TSP participant Amount is based on age of the beneficiary Considerations with BPA Transfers BPA Other Employer Plan IRA Successor Beneficiaries Death benefit payments to successor beneficiaries may
not be transferred or rolled over Death benefit payments to successor beneficiaries may be transferred or rolled over Death benefit payments to successor beneficiaries may be transferred or rolled over Early Withdrawal Penalty No penalty on early distributions
No penalty on distributions after age 59 Exceptions exist see exceptions slide No penalty on distributions after age 59 (other exceptions may apply) Spousal rights not applicable Spousal rights apply per applicable laws and plan rules Spousal rights not applicable
Required beginning date based on age of deceased participant & Required payment amount based on Required beginning date based on when beneficiary turns 70 or retires, whichever is later Required beginning date based on when beneficiary turns 70 Spousal Rights Required Minimum Distributions
Non-Spouse Beneficiaries Paid as a single payment Taxable portion of payments to beneficiary subject to 20% tax withholding Payments transferred to an inherited IRA account not subject to withholding Inherited IRAs Allows non-spouse beneficiaries to take the IRC Required Minimum Distribution amount based on their age The remaining balance continues to grow Each year the IRC minimum required distribution increases slightly Beneficiaries may want to seek assistance of a tax professional to discuss options Resources for Participants Getting Help
13 TSP.gov 14 Access Your TSP Account View account balance View Annual & Quarterly Statements Change contribution allocation Request interfund transfers Request loans and withdrawals Create (or change a user ID) Change or request a Web password 15 Contacting the TSP 16 TSP
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