The Thrift Savings Plan (TSP) has made temporary changes to hardship withdrawal rules to help qualifying victims of hurricanes Harvey, Irma and Maria.
As of Oct. 4, the TSP will treat any Financial Hardship In-Service Withdrawal Request as a qualifying hardship and will waive the rule prohibiting employee contributions for six months after taking a hardship withdrawal. Qualifying affected employees must write either “Hurricane Harvey,” “Hurricane Irma,” or “Hurricane Maria” at the top of page 1 above the name on their form and check the “Personal Casualty Loss” box on page 2, item 18 of their request form as the reason for requesting a financial hardship. NTEU recommends reading the TSP information and instructions to verify eligibility.
TSP must receive requests by Jan. 24, 2018 and, in compliance with IRS guidelines, the distribution must occur before Jan. 31, 2018.
Employees can stop their TSP contributions by completing Form TSP-1.
NTEU is an active member of the Employee Thrift Advisory Council of the Federal Retirement Thrift Investment Board, which oversees the TSP.
For more information, call 877-968-3778 or click here.