As part of its expansion in-service and post-separation withdrawal options, the TSP has created several online “wizards” to help account holders work through the new choices, in the process declaring obsolete several prior forms.
The TSP has told agencies that they are no longer to accept two forms related to in-service withdrawals with a date prior to this month—TSP-75, for age-based withdrawals and TSP-76, for financial hardship withdrawals—and that they are to disable any links to them in internal personnel systems. Those forms have been replaced with online-only versions on the TSP’s site.
Similarly, a new online-only form TSP-95, Changes to Installment Payments, has replaced the former form TSP-73, and a new online TSP-99, Withdrawal Request for Separated and Beneficiary Participants, replaces the former forms TSP-70, -77, -79 and -90 involving withdrawal requests. The old forms also will no longer be accepted.
Says guidance to agencies: “To access the tools, participants must log into My Account and click on “Withdrawals and Changes to Installment Payments” and click on the tool that is associated with the withdrawal he or she would like to request. The online tool will guide the participant through the request by prompting the participant to answer questions. Based on those answers, the online tool will generate a web form, which will be a summary of the request with the participant’s provided information.
“Depending on the circumstances, the request may be completed entirely online. If signatures or additional information is required, the participant will need to print the form, gather the necessary signatures, have the form notarized, and then send it to the TSP. Note: The pages included in the web-generated form will be variable, depending on what the TSP requires in a given case. If a participant alters any of the pre-printed information on the form, the form will not be processed.”
The TSP also has updated its forms for requesting transfers from traditional balances or from Roth balances to IRAs or other retirement savings programs to account for the new option to take withdrawals from only one type of balance in addition to prorated from both, as previously was required.