TSP Releases End of Year Processing Schedule

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By on December 2, 2019 in Retirement with 0 Comments
Pink piggy bank with a smiling face behind wooden blocks that read '2019' depicting a 2019 pay raise

The Thrift Savings Plan has published its year end processing schedule as 2019 winds down so plan participants will know when to expect transactions (including withdrawals and installment payments) to take place as well as when the TSP will be closed.

The schedule is as follows:

  • December 16 — TSP installment payments that are normally scheduled to be processed between December 16 and December 31 will be processed on December 16. For income tax purposes, these payments will be reported to the Internal Revenue Service (IRS) as income for 2019.
  • December 17 — Any residual 2019 required minimum distribution (RMD) amounts for beneficiary participants will be processed on December 17. For income tax purposes, these payments will be reported to the IRS as income for 2019.
  • December 18 — Any residual 2019 required minimum distribution (RMD) amounts for civilian and uniformed services participants will be processed on December 18. For income tax purposes, these payments will be reported to the IRS as income for 2019.
  • December 25 — Because Wednesday December 25 is a federal holiday, the TSP will be closed. Transactions that would have been processed Wednesday night (December 25) will be processed Thursday night (December 26) at Thursday’s closing share prices.
  • December 27 — Withdrawals processed through December 27 will be disbursed and reported to the IRS as income for 2019.
  • December 30 — Withdrawals processed on December 30 will be reported to the IRS as income for 2020. The payments (checks and direct deposits) are expected to be issued on January 2, 2020.
  • December 31 — Withdrawals processed on December 31 will be reported to the IRS as income for 2020. The payments (checks and direct deposits) are expected to be issued on January 3, 2020.
  • January 1, 2020 — Because January 1 is a federal holiday, the TSP will be closed. Transactions that would have been processed Wednesday night (January 1) will be processed Thursday night (January 2) at Thursday’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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