FAQ 1
How do I access my account if I lose forget my password.
You may be able to reset your password online.
True or False
You will not have the option of receiving your money by electronic funds transfer (EFT).
True
Where can participants track the status of their loan?
Requires 2 answers to receive full points
Online or by calling The Thriftline.
What are the two types in service withdrawals?
financial hardship and age-based
True or False
Participants can't leave your entire account balance in the TSP when you leave federal service if the balance is $200 or more.
False
Participants can leave their entire account balance if the balance is $200 or more.
Lucky You!
2 questions require 2 answers :)
Must answer both questions to receive full points!
1.) How long does it take for my loan request to process?
2.) How does the participant receive their form of payment?
A1.) If you successfully complete the entire loan process online and are approved, you’ll receive your money within 7–10 business days
A2.) In the form of a check mailed to the address we have on file for you.
What is the TSP-3 Form
Designation of Beneficiary
Fill in the Blank
Starting in the year you turn 50, you become eligible to save even more by contributing toward_________.
The Catch Up Limit
If you’re no longer a federal employee or uniformed services member where can participants go to change their address?
2 answers to get full points
visit My Account: Profile Settings to change the address.
OR
while you’re logged in, use our Change in Address for Separated Participants, Form TSP-9, and fax or mail it to us.
What is "vesting"
Being “vested” means you’re entitled to keep all of the money in your account.
True or False
If you are a uniformed services member and enter a combat zone, your contributions toward the catch-up limit must be traditional
False
must be roth
To contribute toward the catch-up limit what form should participants use?
Form TSP-1
Fill in the Blank
If you’re an active member of the Air Force, Army, Navy, or Marine Corps, you can update your address through the _________
myPay website
True or False
You may start, stop, or change your contributions at any time...
True
In the event of a participants death, their TSP account would be distributed in this order..
***Must provide the entire answer in order to receive full points.
What are Forfeitures?
FERS and BRS employees who leave federal service before they are vested in the TSP forfeit the Agency/Service Automatic (1%) Contributions and earnings on those contributions. If a forfeiture occurs because of agency payroll error, the affected participant is entitled to have those forfeited funds restored to his or her TSP account.
Definition
The Internal Revenue Code (IRC) requires that you receive a portion of your TSP account beginning in the calendar year when you become age 72 and are separated from service
Required Minimum Distributions (RMDs)
Where can a participant find their 1099 form on the website and when are they available?
electronic versions are available online the first week of February in My Account: Statements.
True or False
Participants can make loan payments online.
False
No, you cannot make loan payments online. When we pay out your loan, we will notify your payroll office immediately to begin deducting loan payments from your salary each pay period.
If you’re an active federal employee or a member of the uniformed services, you can make two types of ________________from your TSP account
In-Service Withdrawals
Define this definition
An amount removed proportionally from any traditional (non-Roth) and Roth balances in your account. Similarly, if you are a uniformed services member with tax-exempt contributions in your traditional balance, your loan will contain a proportional amount of tax-exempt contributions as well. If your TSP account is invested in more than one fund, your loan is deducted proportionally from the employee contributions (and earnings on those contributions) that you have in each fund.
Loan Disbursements
If you're a current federal employee, what is the correct way to update your new address.
If you’re currently a federal employee, report your correct address to your agency. TSP can’t accept address changes directly from the partcipant.
Fill In The Blank
_____ only applies to Agency/Service Automatic (1%) Contributions (and their earnings) and occurs after you work in the federal government or uniformed services for a certain number of years.
Vesting
What are resignations?
Contributions that have been removed from your traditional balance and put in your Roth balance, and vice versa, to correct agency or service contribution submission errors.
Definition AND Fill In the Blank
__________ Money coming into your TSP account from an eligible retirement plan, or from a TSP-to-TSP transfer when you combine uniformed services and civilian TSP accounts. Transfers out of the TSP would be shown as ___________ or ________withdrawals.
First Answer: Transfer/Rollover
2nd Answer: "Post Seperation"
3rd Answer: "In Service"