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The TSP is a pension plan for federal employees and members of the uniformed services. SAVING PLAN (TSP) After leaving the Federal Government, you can no longer make TSP dues, but you can pay TSP dues from a conventional Individual Retirement Savings Deposit or a qualifying TSP Employers Scheme. Upon retirement, you can keep your TSP in your TSP (if your bankroll is $200 or more) or you can choose a payout method.

When your bankroll is less than $5, it expires to TSPs. At a later date, you can demand payment of this amount. TSP must be notified if you choose to modify your email or name to make sure you keep receiving important information about your profile.

When you have an overdue TSP Loan, you can either fully repay the loans upon your pension or make a payout of the amount not paid in tax. Taxpayer payout means that the part of the non-repayable amount of the mortgage is considered taxpayer's profit and you can be held responsible for the 10% early redemption fine.

When you exit the Federal Department, a disbursement application can only be handled once your mortgage has been completed either by full settlement or taxpayer disbursement. Leaving your TSP cash in it will still be profitable. They can redistribute their cash to the fund through the use of inter-fund transfer. You must, however, draw your full credit (or receive from TSP or the TSP Newsagent by April 1 of the year following the year in which you become 70 (or after the year in which you retired if you are older than 70 when you quit the Federal Service).

When you wish to cash out your TSP, you should review the TSP Account Statement after you leave the Federal Service before choosing a drawback. Since the taxation regulations that govern each of the withdrawals are complicated and may vary according to the choices you make, you should also see the Important taxation information about payment from your TSP account check.

There are several ways to cash out your TSP account: Allows you to make a cash out of your bank balance in a simple transaction. We accept a full payout of your balance using any of the following options or any of the combinations below: It is recommended that you allow at least 30 working day after you retire before you send a payout selection to TSP, as your TSP administrator must be notified by your salary and wages accountant of your pension and its expiry date before your payout application can be handled.

You can return the electoral forms to us if you do so. There is no need to take any actions if you want to keep your funds in TSP. When you wish to cash out your TSP, you should allow 30 working nights from the date you retire and then make your choice to make your withdrawals.

You should consult a ThriftLine member of staff if you have any queries about your Cash Out choices.

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