TSP4gov-YouTube (www.youtube.com/user/TSP4gov) The official YouTube channel for the Thrift Savings Planwww.youtube.com/user/TSP4gov TSP Transfers and.

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Presentation transcript:

TSP4gov-YouTube ( The official YouTube channel for the Thrift Savings Planwww.youtube.com/user/TSP4gov TSP Transfers and Rollovers ( ) You Can Take It With You ( ) You Can Take It With You: Q&A on the TSP ( Thinking About Moving Your TSP to Another Plan ( Don’t Move! ( Thrift Savings Plan Webcast ( )

Required Minimum Distribution (RDM) The IRS requires TSP participants to begin receiving a required minimum distribution (RMD) by April 1 of the year following the year a participant reaches age 70½, or separates from government service, whichever is later. TSP tax notice “Tax Information About TSP Withdrawals and Required Minimum Distribution for Beneficiary Participants” There is a penalty for failing to take a required distribution

Federal Retirement Considerations Eligibility to Retire and/or your Federal Annuity may be affected by Failure to make a Military Service Deposit Not repaying a “refund” of contributions (redeposits) Divorce Former Spouse Annuity Marriage after Retirement Limited period to elect a survivor annuity Sick Leave Balance CSRS (consideration with maximum annuity) FERS

Federal Retirement - WEP & GPO Social Security – ssa.gov Calculators WEP ( GPO ( Other (

Windfall Elimination Provision (WEP) Windfall Elimination Provision fact sheet 2016

OPM Retirement Application Processing Partial/interim check until retirement application is finalized For OPM, a backlog is a retirement case that can’t be reasonably finalized in a 60-day time period Cases OPM is waiting for additional information from are not considered part of the backlog. Of the claims processed last month, 76% were processed in 60 days or less, with an average of 50 days for those claims.

OPM Processing Chart

FEGLI Federal Employees Group Life Insurance There will be an open an open season for FEGLI from September 1, 2016 through September 30, As a federal retirement eligible Extension employee you are eligible to participate Do not have to do anything unless you want to enroll or change coverage Any enrollment/changes will become effective the first pay period on or after October 1, 2017 Remember, must have the FEGLI coverage for the 5 years preceding your retirement in order to continue it in retirement

Tamra Robbins