TSP to Temporarily Suspend Withdrawal Requests

September 4, 2019 12:49 PM , Updated August 15, 2020 9:31 AM
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In advance of the forthcoming changes to the Thrift Savings Plan that are being put in place from passage of the TSP Modernization Act, the TSP announced that it will temporarily stop accepting withdrawal requests starting on September 7.

This is the announcement posted by the TSP:

Withdrawal requests suspension period — (September 3, 2019) As we prepare for the upcoming launch of new, flexible TSP withdrawal options, we will temporarily stop accepting withdrawal requests after September 6, 2019. The suspension period will extend from September 7 – 14, 2019. Therefore, if you need to withdraw money before the withdrawal changes take effect, we must receive your properly completed request by 11:59 p.m. eastern time on September 6, 2019. We will resume accepting withdrawal requests on September 15, 2019.

We will continue to accept loan requests and other forms not related to withdrawals during this time. This transition period allows us to finish processing withdrawal requests we receive before the rules change and prepare to accept new requests after the new withdrawal options go into effect on September 15.

To find out more about how improvements to TSP withdrawals may benefit you, read our fact sheet Questions and Answers about Changes to TSP Withdrawal Options. If you were planning on making a withdrawal soon, consider waiting until September 15 or later so that you can use more secure online tools in My Account and take advantage of more flexible options.

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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.