Browsing: early withdrawal penalty

Q. I have been working under federal Law enforcement for seven years. I started when I was 21. So at age 46, I will have 25 years of law enforcement. If I retire at 46, can I have access to my TSP, and what are my choices for withdrawals or the penalties to take out? A. You’ll have access to the usual partial (Form TSP-77) and full (Form TSP-70) withdrawal options as soon as you retire. Unless you meet one of the exceptions listed on Page 7 of the notice at https://www.tsp.gov/PDF/formspubs/tsp-536.pdf, your TSP withdrawals will be subject to the…

Q. I read an article that says law enforcement and firefighters have to pay a 10 percent penalty if withdrawing prior to age 59-1/2. In 2019, I will have 25 years of federal firefighter service, so I was caught off guard. Can you site a regulation that says federal firefighters do not have to pay the 10 percent penalty and can begin withdrawing immediately upon retiring with years and/or age requirements met? A. Under current law, your service time and status is irrelevant. Unless you retire during or after the year in which you reach age 55, or qualify for…

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