Questions & Answers
Q&A
THE FOLLOWING QUESTIONS & ANSWERS were compiled by NARFE’s Federal Benefits Institute experts. NARFE does not provide legal, financial planning or tax advice or assistance.
EMPLOYMENT THRIFT SAVINGS PLAN ONLINE ACCESS
Q
What do I do if I forget my Thrift Savings Plan (TSP) account number or user ID for online access to my account?
A
If you have forgotten your account number, you can use the following weblink to ask the TSP to send it to you: https://secure.tsp.gov/ tsp/forgottenAccount.html. For security reasons, the TSP cannot give you this number via email or over the telephone. If you have forgotten your user ID but still have access to your account number, you can use your account number to access your account and then create another user ID. You can use your account number and user ID interchangeably to log in to your TSP account online.
THRIFT SAVINGS PLAN LOAN
Q
I’m thinking about separating from federal service later this year. Can I continue to repay my TSP loan after I separate?
20
NARFE MAGAZINE JUNE/JULY 2022
A
When you leave federal service, you must repay your loan in full within 90 days after your agency reports your separation to the TSP. Your repayment must include any accrued interest on the outstanding principal balance. You will receive a notice from the TSP with repayment details after your agency notifies the TSP of your separation. If you do not repay your outstanding loan balance in full, a distribution of the remaining balance amount of your loan will be declared as taxable income. You can roll the amount of the distribution into a traditional IRA or eligible employer plan within 60 days of it being declared to avoid taxes and penalties in accordance with Internal Revenue Code regulations. You will not be able to make a post-separation withdrawal from
your TSP account until your loan is closed by either payment in full or taxable distribution. For more details about the taxable distribution of an unpaid loan, refer to the tax notice, Important Tax Information About Payments From Your TSP Account: www. tsp.gov/publications/tsp-536.pdf.
FERS MRA + 10 RETIREMENT
Q
Someone told me that if I reach my Federal Employees Retirement System (FERS) minimum retirement age (MRA), I could immediately retire from federal service with as little as 10 years of creditable federal service. Can you briefly explain that?
A
One of the immediate, voluntary retirement options under FERS includes an MRA + 10 option that allows you to apply for an immediate but reduced retirement if you have at least 10 years of creditable federal service and have reached your minimum
