TSP withdrawal


Q. A friend of mine in the office (Federal, CSRS) recently passed away. His wife, in looking through his TSP account, discovered that he had withdrawn $70,000, but she cannot figure out where that money went because she finds no records other than the withdrawal itself.  If you have any ideas of how I might help her track it (or anyone involved in federal service TSP), or discover what happened to it, it would be extremely helpful.

A. If the TSP made the check payable to him, then the answer can only be found in his records, and not in the TSP’s. He may have cashed the check and spent or otherwise disposed of the cash, with no further paper trail. If he deposited to a bank or investment account, the statements would show the deposit. He may have used it to buy a life insurance policy or annuity contract. Again, there should be a record of this purchase. If he rolled it into an IRA, there should be a statement for this and possibly an indication in a past tax return.


About Author

Mike Miles is a Certified Financial Planner licensee and principal adviser for Variplan LLC, an independent fiduciary in Vienna, Virginia. Email your financial questions to fedexperts@federaltimes.com and view his blog at money.federaltimes.com.

1 Comment

  1. he should not have been able to withdraw this money without her notorized consent Spouses have rights to your tsp and their signature is required to make a withdrawl

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