INQUIRY 19-05, Elimination of Thrift Savings Plan (TSP) Financial Hardship In-Service Withdrawal 6-Month Suspension Rule
Published: September 16, 2019
Effective: Pay Period 19, 2019
Summary
Effective September 15, 2019 (Pay Period 19, 2019), the Thrift Savings Plan (TSP) will eliminate the 6-month non-contribution period related to a financial hardship in-service withdrawal.
This also allows TSP participants who previously executed a financial hardship in-service withdrawal and are currently within a 6 month non-contribution period to restart their contributions as of September 15, 2019 (Pay Period 19, 2019).
Effective Pay Period 19, if an employee elects a financial hardship in-service withdrawal, TSP contributions will continue. The employee will be responsible for stopping those contributions if desired, either through EPP or by submitting a Form TSP-1.
Resources
For additional information, see TSP Bulletin 19-3 issued May 17, 2019, available online at
.The procedure manuals affected include EmpowHR: Section 6 - Payroll Documents, EPP, and Non-Automated Processing (NONAUTO). These manuals are available online at the National Finance Center (NFC) Web site and are being updated to include the information in this bulletin. To view and/or print these procedures, select
from the drop-down menu on the NFC Home page. At the page, select the tab and select the applicable category to access the procedure manuals within the category.Inquiries
For questions about NFC processing, authorized Servicing Personnel Office representatives should contact the NFC Contact Center at 1-855-NFC-4GOV (1-855-632-4468) or via the customer service portal.