Q: Before joining the government civilian workforce, I worked as a government contractor and contributed to the company’s retirement plan. When I left the company as a contractor and joined the government, I had to take my retirement fund and roll it over into another investment firm. At that time I put the money into a Franklin Templeton FTB and T Rollover IRA account. It has now been 10 years and the initial investment has only increased by 30 percent. First, can I re-roll that money into my TSP account (which I believe I can), and secondly can it be used…
Browsing: rollover
Q: Thank you for your previous answer regarding my TSP account and when I must start taking withdrawals. Is it possible to rollover my total TSP account to my IRA with my local credit union and start taking taxable withdrawal that way? Would the withdrawal of payments still be the same? A: After you retire, it is possible to rollover your TSP balance to an IRA, but this will not change your minimum distribution requirements. If you want the smallest distribution possible, you can leave your money in the TSP and request monthly distributions based on your life expectancy. If…
Q: Can money in my Thrift Savings Plan account be rolled over into a Roth IRA, and if yes, what are the rules and when can it be done? A: Yes, certain TSP distributions are eligible to be transferred or rolled over to a Roth IRA. The TSP notice available here will introduce you the rules and limitations.
Q: Can you transfer (or rollover) money from your existing IRA to a CSRS Voluntary Contributions account? A: No.
Q. I work for the FBI and belong to the CSRS. I’ve managed to put some money aside in a voluntary contributions account. I’ve heard that it is now possible to transfer the entire amount from the VC account into a private Roth IRA account. I’ve set up a brokerage account at USAA for the money, but no one at the Office of Personnel Management seems to be able to advise me if there are tax implications in moving the money, or if the money has to be moved by Dec. 31. A. OPM will not give you tax advice.…
Q: I will be retiring at the end of March 2011. I plan to roll over my TSP to an IRA. Can I roll it over before I retire? If not, how long does it takes to roll over to an IRA after I submit the form? A: If you have reached 59 1/2 and have not already done so, you may take an in-service withdrawal and roll it over to an IRA. Otherwise, you will have to wait until you retire to roll over your account. I can’t tell you exactly how long the process will take, but I…
Q: A few months ago, I read something about federal workers being able to deposit the lump-sum payment for unused annual leave into their Thrift Savings Plan accounts when they retire. Did this happen, or is it just a proposal? A: A bill (HR 4865) was introduced in March that would allow this rollover, within certain limits, if passed into law. It is still in committee.
Q: I am 58 years old and will turn 59 1/2 in March, at which point I will be able to empty my Thrift Savings Plan account without an early distribution penalty. However, I would like to access these funds now to pay for some of my son’s law school expenses. He is 30 years old and not a dependent. Is there any reason why I could not roll over some of my TSP funds into a traditional individual retirement account and then withdraw the funds from the IRA now so that I can use the money for the expenses…
Q: I joined the federal government more than three years ago. Can I roll over money from my Individual Retirement Account into my Thrift Savings Plan account? A: Yes, as long as long as your IRA doesn’t contain basis — that is, money that’s already been taxed.
Q: Can a new federal employee roll over a pre-tax 401(k) from a private-sector job into the Thrift Savings Plan? A: Yes.