Form TSP-70 Request for Full Withdrawal

What Is Form TSP-70?

This is a legal form that was released by the Thrift Savings Plan on January 1, 2018 and used country-wide. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is Form TSP-70?
A: Form TSP-70 is a request form used to apply for a full withdrawal from the Thrift Savings Plan (TSP).

Q: Who can use Form TSP-70?
A: Form TSP-70 can be used by current or former federal employees who have a TSP account and want to withdraw all of their funds.

Q: How do I fill out Form TSP-70?
A: To fill out Form TSP-70, you will need to provide your personal information, TSP account details, and choose the withdrawal options that apply to you.

Q: Is there a deadline to submit Form TSP-70?
A: There is no specific deadline to submit Form TSP-70, but it is recommended to submit it at least 30 days before you want to receive your withdrawal.

Q: Can I make changes after submitting Form TSP-70?
A: Once you submit Form TSP-70, you generally cannot make changes to your withdrawal options, so it is important to review the form carefully before submitting.

Q: How long does it take to process Form TSP-70?
A: The processing time for Form TSP-70 varies, but it typically takes around 4-6 weeks for your withdrawal request to be processed.

Q: Are there any taxes or penalties for withdrawing funds with Form TSP-70?
A: Yes, there may be taxes and penalties associated with withdrawing funds from your TSP account. It is recommended to consult with a tax professional for guidance.

Q: Can I withdraw only a portion of my TSP funds with Form TSP-70?
A: No, Form TSP-70 is specifically for a full withdrawal of all your TSP funds. If you want to make a partial withdrawal, you will need to use a different form.

Q: Can I roll over the funds from my TSP account into another retirement plan with Form TSP-70?
A: No, Form TSP-70 does not allow for a direct rollover of funds to another retirement plan. If you want to roll over your TSP funds, you will need to use a different form.