Form TSP-70 General Information And Instructions

August 3, 2023

PART I. Complete Sections 1 to 9. The address you provide on this form will be used to update the address in your TSP account file. If you are married, provide your spouse’s name and social security number.

Part II and III. Spouse rights apply to accounts over $3,500 at time of disbursement. If your account balance is $3,500 or less, you do not need to complete Part II or III. Spouse’s right to full withdrawal Exceptions to the FERS Classification Requirement Spouses are entitled to a survivor pension unless exempt or in exceptional circumstances. CSRS spouses have the right to be notified by the TSP of a participant’s election.

If you are a CSRS participant with an account balance over $3,500, you must complete Section II so that your spouse can be notified of your withdrawal. If you don’t know where your spouse is, check Section 17 and submit Form TSP-16, Exception to Spouse Claim, along with the required documents.

If you are a married FERS participant and your account balance is greater than $3,500, complete Part III. By law, your spouse is entitled to an annuity with 50% survivor benefits, level payments, and no cash reimbursement (i.e. the TSP 3b annuity option). ). If you want to use all of your available account balance to purchase this annuity, check the box at point 18 and move on to section VIII. For any other withdrawal options, including mixed withdrawals, your spouse must waive this pension entitlement by signing and dated sections 19 and 20. Your spouse’s signature must be notarized (section 21).

If you are unable to obtain your spouse’s signature because of unknown whereabouts or exceptions apply, check the box in Section 22 and submit Form TSP-16, Exceptions to Spouse request, with required documents.

Form TSP-70 General Information And Instructions

TOPIC IV. You can withdraw your entire account balance by choosing one, a combination of two or all three of the available basic withdrawal methods (one-time payment, monthly installment, life annuity). On the right line of each withdrawal method, indicate the percentage of the account that you want to withdraw using that method. Make sure that the percentages for items 23a, b, and c add up to 100%. Use only full percentages.

Note: You can use the calculator on the TSP website to estimate annual or monthly payments.

If you choose to withdraw your account as a TSP annuity, the minimum amount to purchase the annuity is $3,500. This means that if you only withdraw part of your account through an annuity (Section 23a), the percentage you choose must be $3,500 or more of your account balance. You must also provide the information needed to purchase the annuity on page 3 of this form. If you are withdrawing part of your account through monthly installments (Section 23c), indicate the amount you would like to receive each month or tick the box so that TSP calculates your installments based on your lifespan. If you choose an amount in dollars, it should be at least $25.

  • If you specify a monthly dollar amount, you will receive it until you change it or until your account balance is paid in full. Note: You are allowed to change the amount each year.
  • If you choose to have TSP calculate your payments, your payments will be calculated using the IRS Single Life Table, Treas. Register. § 1.401(a)(9)-9, Q&A 1 (for participants age 69 and younger) or Uniform Time Sheet, Treas. Register. § 1.401(a)(9)-9, Q&A 2 (when the participant turns 70).

Transfer option: If you choose to withdraw part of your account with a one-time payment or a fixed monthly payment that results in payments expected to last less than 10 years, you can also choose to transfer all or part of the payment(s) to a traditional IRA or qualified employer plan. Eligible or lump-sum monthly payments that are not rolled over directly into an IRA or plan are subject to the required federal rate of 20% income tax deduction. Read the “Important tax information about payments from your TSP account” notice for detailed tax rules that affect payments from your account.

TOPIC V: If you choose to transfer part of your one-time or monthly payment by completing section 24 and/or section 25, complete this section. Your traditional IRA or qualified employer plan may use this information to identify you when you complete Part VI.

TOPIC VI: If you have chosen to roll over your qualifying lump sum or monthly payments to a traditional IRA or qualified employer-sponsored plan, your financial institution or plan administrator must complete this section before submitting this form to TSP. (Traditional IRAs and eligible employer plans are described in the TSP tax notice “Important tax information about payments from your TSP account.”)

Do not submit transfer forms from financial institutions or programs, TSP cannot accept them:

Note: You can only roll over to a qualified traditional IRA or employer plan; therefore, if you have opted for a mixed withdrawal with one-time installments and monthly installments (transfer is possible), all
the payments you have chosen to transfer will be sent to the financial institution/plan and the account specified in this section.

The institution or program to which your withdrawal will be directed must be a trust incorporated in the United States (i.e. 50 states and the District of Columbia). The financial institution or program should retain a copy of this page to identify the account to which the check will be deposited upon receipt. If transferring to a traditional IRA, the organization accepting the transfer must file IRS Form 5498, IRA Contribution Information, to the IRS.

Form TSP-70 General Information And Instructions

Account type and account number.: In section 33, indicate whether the conversion is to a traditional IRA or a qualified employer plan.

In Item 34, enter the account number, if available, of the IRA or plan to which the money is to be transferred. If the transfer is to an eligible employer plan, you must provide the plan name (Item 35).

Make check payable to: Provide the name of the IRA trustee or plan administrator (Item 36) as it should appear on the check. The check will be made payable to the name you provide on this line.

Mail to: If the check is to be mailed to someone other than the payee of the check, provide the name and address (Items 37 – 38) of the institution and/or person to whom the check should be sent.

The certifying representative must provide the requested information in Items 39 – 42. If we need to contact the financial institution or plan for more information, the individual named here will be
used as the contact person.

Form TSP-70 General Information And Instructions:

SECTION VII: Complete this section only if you want the TSP to send your single payment or monthly payments directly to your checking or savings account by means of a direct deposit (electronic funds transfer (EFT)). Provide all of the requested information. If you do not know the 9-digit Routing Number, contact your financial institution for this information.

Note: Only payments that are not being transferred to a traditional IRA or eligible employer plan can be paid by EFT. EFTs will be made only to a financial institution in the United States. EFT is a
safer method of payment than mailing a check to you.

SECTION VIII: Read the certification; then sign and date it. By signing the certification, you are certifying that the information you have provided is true and complete to the best of your knowledge. You are also certifying that you are separated from Federal service and that your separation will last for 31 days or more. Before completing this page, read the annuity information contained in the booklet Withdrawing Your TSP Account After Leaving Federal Service. Note: You cannot change your annuity option or cancel your annuity once your annuity has been purchased.

SECTION IX: Provide your gender, then choose the annuity option you want by checking the appropriate box. Note: If you are a married FERS participant and you checked Item 18 on Page 1, you must select Annuity Option 3b; otherwise, your form cannot be accepted. An asterisk (*) before an annuity option number indicates that there is a cash refund or 10-year certain feature associated with that annuity. If you choose one of these annuities, you must complete Section XI and name beneficiaries for your annuity.

Form TSP-70 General Information And Instructions

If you are choosing among the joint life annuities, consider both the monthly payments you will receive while you and your joint annuitant are both alive and the payments that will be made to the survivor if one of you dies. If you choose a joint life annuity with a 50 percent survivor benefit, the monthly annuity payment to the survivor whether the survivor is you or your joint annuitant will be reduced by half (that is, 50 percent) of the annuity payment made while you and your joint annuitant are alive. If you choose an annuity with a 100 percent survivor benefit, the monthly annuity payment to the survivor will not be reduced when one of you dies. However, with the 100 percent survivor benefit, the monthly payment that you will receive while you and your joint annuitant are both alive will be less than if you select the 50 percent survivor benefit. The withdrawal booklet provides detailed information.

SECTION X: If you chose a joint life annuity, you must provide the requested information about your joint annuitant. You must also provide a copy of your joint annuitant’s birth certificate. If your joint .annuitant’s birth certificate is unavailable, one of the following three items may be used if the date of birth is shown: baptismal certificate, family bible record, or marriage certificate. If a birth certificate or the above items are not available, submit two of the following types of evidence: school or college record, church record, birth certificate of children (if parent’s age is shown), family record of genealogies, driver’s license, military identification, military discharge papers, passport, life insurance papers, hospital records, census records, or voting records. Do not send original documents; they will not be returned to you. If the name on a document is not the same as the current name of the joint annuitant, you may be requested to submit a statement from the joint annuitant indicating that he or she is the person named in the document.

Form TSP-70 General Information And Instructions:

If you choose an annuity that provides for a joint annuity other than your spouse, the joint annuity must be a former spouse or an insurable beneficiary. with you. This means that the person is financially dependent on you and can reasonably expect to benefit financially from your continued life. People who are related by blood or adoptive parents (but not stepparents) closer to first cousins ​​are said to have an insurable interest in you. If you designate such a joint annuity (i.e. ex-spouse or insurable beneficiary) who is more than 10 years younger than you, then you must select a Joint Annuity and Survivor equal to 50%. The only exception is for an ex-spouse that all or part of you TSP accounts are paid by court order regarding retirement benefits. If the person you designate as the joint annuity is presumed to have no insurable interest against you, you must file an affidavit (i.e. you). the annuity recipient can reasonably expect to benefit financially from your continued life.

CLAUSE XI: If you have chosen the option of receiving an annuity with cash return or a 10-year guarantee, you must designate one or more beneficiaries to receive the annuity benefits upon your death, under the conditions described in this function. The beneficiary designation on this form applies to the portion of your account used to purchase annuities. After purchasing your annuity, changes to your beneficiary designation must be made directly with the annuity provider.

The portion of any beneficiary who died prior to your death will be distributed to the surviving beneficiaries in proportion to the portion you designate, or outright to the surviving beneficiary. Friend
can designate any person, company, trust, legal entity or your assets as a beneficiary. If you need more room, use a blank sheet of paper with your name, social security number, and date of birth on it. If you use additional pages, number, sign, and date each page. Use the same date on each page.

Indicate a percentage or share for each beneficiary. Do not mix percentages and fractions. The percentage must be 100%, the fraction must be 1.

  • If your beneficiary is a person, enter the first, last and middle names for each beneficiary, Social Security Number (SSN) and relationship with you.
  • If your beneficiary is a business, corporation or other legal entity, enter the name of the legal representative. Enter your Employer Identification Number (EIN) and enter “company” and company name on the relationship line.
  • If the beneficiary is a trust, enter the name of the trustee. Enter the EIN, if applicable, and enter “trustee”, the name of the trust and the date the trust was established on the relationship line.
  • If the beneficiary is an estate, write the name of the executor of the will. Enter the EIN, if applicable. Write “executor” and the name of the estate on the relation line.
  • SECTION XII: Sign and date the form.

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