Hey folks, welcome to another educational video from Federal Employee Benefit Advisors. If you have tuned in to our most recent segments, we've been talking a lot about federal employer your life insurance. And the fact that Federal Employee Group Life Insurance is an inferior insurance product. Hopefully, that was helpful to you. So we're going to continue our series, but we're going to change subject matters here. We're going to turn our attention to the Thrift Savings Plan, specifically the TSP 75. The TSP 75 is the actual number designation for the form that the federal employee uses in order to utilize the in-service age-based withdrawal opportunity. Okay, so let's talk about that. With the in-service age-based withdrawal opportunity, any current federal employee who is age 59 and a half or older can take control of their TSP funds, either the fully vested balance or a partial balance, and move it to their own IRA. Now, let's talk about some of the reasons you may want to consider that. And let me say this, the Thrift Savings Plan is a wonderful savings plan. It's structured very well for accumulation. In other words, while you're working in your working years, as you're adding money to it and as you're receiving the match, if you're under the Thrift Plan, it accumulates. So it's structured very well for that. However, if you look very closely at the Thrift Savings Plan, you will soon find out that the TSP does not function well in the distribution phase in your life. In other words, distribution to you in the form of income and distribution to your beneficiaries. So let's discuss some of those things to help you understand. First of all, the Thrift Plan only allows one partial withdrawal throughout the life of the account....
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Tsp 75 2024 Form: What You Should Know
OPM | Forms | Retirement OPM | Forms | Eligibility OPM | Forms | Pension & Annuity OPM | Forms | Disability Benefits OPM | Forms | Disability and Survivors OPM | Forms | Educational Benefits OPM | Forms | EI Benefits OPM | Forms | Income Support OPM | Forms | Employment Insurance Benefits OPM | Forms | Miscellaneous Retirement Benefits OPM | Forms | Miscellaneous Supplementary Benefits OPM | Forms | Pensioners, Pensions & Other OPM | Forms | Registered Retirement Savings Plans OPM | Forms | Registered Disability Savings Plans OPM | Forms | SIPP OPM | Forms | Supplemental Security Income (SSI) OPM | Forms | Taxpayer Aid OPM | Forms | Unemployment Insurance OPM | Forms | Other Benefits | Retirement & Survivors OPM | Forms | Other Benefits | Disability & Survivors OPM | Forms | Other Benefits | Educational Benefits OPM | Form TAPI-1 | TSP-1 | Tax Filing Tips Frequently Asked Questions (FAQ) OPM | FAQs | OPM Benefits Frequently Asked Question About the OPM Pension for the Deceased — Retirement When it comes to the retirement and survivor benefits offered by the OPM, there is information for us all. The OPM Pension Plan is a comprehensive retirement plan based on federal employees' contributions to the OPM. The current retirement plan for employees of the Public Employees Retirement system is provided in TSP 55. What is TSP 55? TSP 55 is the retirement plan for employees who have reached age 55+ (60 for federal employees with two years of service. All Federal employees reach age 65 on Dec. 31 of the year) and who have the highest level of Federal pension. It provides for a monthly payout equal to approximately 15 percent of your total federal pension and benefits accumulated up to that point. What is the OPM Retirement Plan? The OPM Retirement Plan, which is provided to all members, provides for monthly retirement benefits of approximately 1,025, plus health insurance coverage during retirement. OPM | FAQs — Retirement A Federal employee is entitled to have his or her retirement benefits adjusted based on the person's rate of contribution during his or her employment. The appropriate rate of contribution is based on the member's years of service and the employee's actual contributions.
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