Browsing: TSP withdrawal

Q. I am a full-time federal technician in the Air National Guard. I am 54 years old with 33-plus years of military time and 27-plus years as a federal technician (under FERS). I have recently been involuntarily separated from the Air National Guard. This means I am losing both my full-time technician position as well as my part-time military position. I understand that I will be able to draw my FERS retirement (based on my total federal time) along with the Federal Retirement Supplement. Based on my involuntary separation, am I able to start drawing from my TSP without penalty?

Q. I was just reading about the 59½ rule. I have a TSP account, and my date of withdrawal is Aug. 21, 2017. I don’t know what form to use. Do you have advice on how and which form to use? Also, how long will it take to access the funds? Do I need to start requesting the funds now?

Q. I entered federal government December 1980. Left federal government November 1998. Having 18.5 years total career tenure. Entered D.C. government June 2012 age 58. Now age 63 – five years of D.C. government. As far as retirement goes, given the facts, is my prior federal time with current D.C. government considered for retirement? If so how? If not, please explain. I need to know my options at retirement – what will my ending annuitant look like? Will the D.C. retirement office process my retirement along with the Office of Personnel Management? I withdrew from my TSP I believe $25,000.…

Q. I retire in a year with 37 civilian years total. I also will retire from the Reserves. I will be 56 and will start to draw my civ TSP in monthly payments. Does it make sense to combine my civ and mil TSP? Would it make more sense to draw my civ TSP and leave the mil TSP alone, just in case I needed to take a lump sum for an emergency?

A. I was looking for some information regarding VERA and what effects it will have on benefits including TSP. I heard that you cannot withdrawal from TSP until age 55 without penalty. I was also told when I called the TSP helpline that even with a VERA, if you leave before age 55, you cannot withdrawal from TSP until age 59½ to avoid penalty. Does anyone know if what I was told is correct? I find it hard to figure things out with the TSP publications available. And you never know if the person you spoke with really knows. Can you…

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