TSP Announces End of Year Processing Schedule

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By on December 6, 2018 in Pay & Benefits with 0 Comments

Desktop calendar sitting on a desk next to a laptop, organizer, alarm clock and newspaper

The Thrift Savings Plan recently announced its end of year processing schedule as we wind down 2018. It includes information about when transactions (including withdrawals and monthly payments) will be processed, as well as when the TSP will be closed during the holiday season.

  • December 15 — The deadline for the TSP to receive a request for an annual change in monthly payments is December 15. This deadline applies only to participants who are in monthly payment status.
  • December 17 — TSP monthly payments that are normally scheduled to be processed between December 18 and December 31 will be processed on December 17, along with the December 17 payments that are regularly scheduled for that date. For income tax purposes, these payments will be reported to the Internal Revenue Service as income for 2018.
  • December 18 — Any residual 2018 required minimum distribution (RMD) amounts for beneficiary participants will be processed on December 18. For income tax purposes, these payments will be reported to the Internal Revenue Service as income for 2018.
  • December 19 — Any residual 2018 required minimum distribution (RMD) amounts for civilian and uniformed service participants will be processed on December 19. For income tax purposes, these payments will be reported to the Internal Revenue Service as income for 2018.
  • December 25 — Because Tuesday December 25 is a federal holiday, the TSP will be closed. Transactions that would have been processed Tuesday night (December 25) will be processed Wednesday night (December 26) at Wednesday’s closing share prices.
  • December 27 — Withdrawals processed through December 27 will be disbursed and reported to the IRS as income for 2018.
  • December 28 — Withdrawals processed on December 28 will be reported to the Internal Revenue Service as income for 2019. The payments (checks and EFTs) are expected to be issued on January 2, 2019.
  • December 31 — Withdrawals processed on December 31 will be reported to the IRS as income for 2019. The payments (checks and EFTs) are expected to be issued on January 3, 2019.
  • January 1, 2019 — Because January 1 is a federal holiday, the TSP will be closed. Transactions that would have been processed Tuesday night (January 1) will be processed Wednesday night (January 2) at Wednesday’s closing share prices.

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Ian Smith is one of the co-founders of FedSmith.com. He enjoys writing about current topics that affect the federal workforce.

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