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Employees may make either an "age-based" withdrawal or a "financial hardship" withdrawal. The minimum withdrawal amount is $1,000 (or the account balance, if smaller). For married FERS employees and uniformed service members the spouse must consent to the withdrawal; for married CSRS employees the spouse need only be notified.
The Thrift Savings Plan (TSP) is a defined contribution plan that is available only to military service members and federal employees. It is similar to the 401(k) plans offered by many private ...
The Thrift Savings Plan is a tax-deferred defined contribution plan similar to a private sector 401(k) plan. The Thrift Savings Plan is one of the three parts of the Federal Employees Retirement System, and is the largest defined contribution plan in the world. As of August 2021, the board manages $794.7 billion in assets on behalf of 6.4 ...
A 401(k) hardship withdrawal is the process of accessing funds in your workplace 401(k) account before retirement age (currently age 59 ½). While there are typically penalties for withdrawing ...
If you're a government worker with a Thrift Savings Plan (TSP) from your employer, congratulations! With low management fees to matching contributions, you have one of the best investing tools ...
This summary is based largely on the summary provided by the Congressional Budget Office, as ordered reported by House Committee on Oversight and Government Reform on March 12, 2014. This is a public domain source. [5] H.R. 4193 would change the default investment fund in the Thrift Savings Plan (TSP) for government employees.
Similarly, withdrawals can generally be made from a 401(k) to cover higher education expenses if the plan allows hardship withdrawals, but they will be subject to the 10 percent penalty.
This is a list of members of the Federal Retirement Thrift Investment Board.. The Federal Retirement Thrift Investment Board was created by the United States Congress in 1986 to manage the Thrift Savings Plan, the retirement plan for members of the uniformed services and Federal Government employees.