The House Oversight and Government Reform Committee has scheduled a vote for today (Wednesday) on HR-3031, to broaden TSP withdrawal options for both current and separated employees.

For current employees, the bill would allow multiple “age-based” withdrawals after turning age 59 ½ (currently only one is allowed). For retirees and others who have left the government it would allow multiple partial withdrawals after separation (currently only one is allowed and none if an age-based withdrawal was taken while employed); and those taking “substantially equal” withdrawals could choose quarterly or annual payouts as well as monthly, change the amount or stop them at any time, or use the money remaining after such payments have started to buy an annuity or to take a lump-sum payment instead.


The panel is also due to take up: HR-378, to boost from $10,000 to $20,000 the amount an agency may pay to an employee who makes a cost-saving suggestion that results in actual savings; and HR-1132, to generally bar political appointees from “burrowing in” into a career position for two years after leaving the political position.