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Electronic Retirement Package

Thrift Savings Plan (TSP) Post-Retirement Information

When you separate from service, you can leave your entire account balance in the TSP if it is $200 or more.  You will be required to begin a full withdrawal election no later than April 1 of the year after the year you turn age 70 ˝.  If your vested account balance is less than $200, your balance will be automatically paid to you in a single payment. You will not be eligible to make any other withdrawal election and your participation in the TSP will end.  If your account balance is less than $5.00 when you leave service, the TSP will automatically forfeit the balance to the Plan.

Withdrawal

There are a number of ways you may make withdrawals. You can choose:

  • A single payment;
  • A series of monthly payments that are either a specific dollar amount or computed based on your life expectancy;
  • A life annuity; or
  • A mixed withdrawal (a combination of any two, or all three, of the full withdrawal options).

Withdrawing Your TSP Account After Leaving Federal Service PDF [655 KB]
Request for Full Withdrawal PDF [155 KB] (Do not submit until 31 days after separation)
Request for Partial Withdrawal When Separated PDF [156 KB]
Exception to Spousal Requirements PDF [240 KB]

 

Tax Information

TSP withdrawal payments are subject to Federal income tax when they are paid directly to you. Certain types of payments may be transferred to a traditional IRA or other eligible employer plan and retain their tax-deferred status. You can also transfer certain withdrawal payments to a Roth IRA, but you will have to pay taxes on the transfer for the year in which the transfer is made.

If you receive a TSP withdrawal payment before you reach age 59˝, in addition to the regular income tax, you may have to pay an early withdrawal penalty tax equal to 10% of any portion of the payment not transferred or rolled over. However, if you are age 55 or older in the year you separate or retire, the 10% early withdrawal penalty tax does not apply.

The Time is Near for Withdrawing Your TSP Account PDF [274 KB]
Important Tax Information About Payments From Your TSP Account PDF [433 KB]

 

Beneficiary

Designation of Beneficiary PDF [487 KB]

 

Changes

Change in Address for Separated Participant PDF [123 KB]
Change in Name for Separated Participant PDF [83 KB]

 

Death Benefits

Information Relating to Deceased Participant PDF [203 KB]
Death Benefits Information for Participants and Beneficiaries PDF [371 KB]
Important Tax Information About Thrift Savings Plan Death Benefit Payments PDF [237 KB]

 

For more information visit the TSP website at www.tsp.gov or call the ThriftLine at 1-877-968-3778 TDD 1-877-847-4385.

 

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Source: U.S. Census Bureau | Human Resources Division | (301) 763-4748 |  Last Revised: May 06, 2013