UnThreaded | Threaded | Whole Thread (4) | Ignore Thread Prev Thread | Next Thread
Author: merchanb Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 75528  
Subject: TSP TO ROTH Date: 4/22/1998 5:57 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
Converting my 403B first to an IRA then to a Roth IRA was a snap.

Haven't found any info on TSP conversion.

1. Can I do the same with my TSP while still working for the federal government?

2. If not, can I do that if I retire? (I would if that's what it takes.)
Print the post Back To Top
Author: TMFPixy Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 2995 of 75528
Subject: Re: TSP TO ROTH Date: 4/23/1998 8:46 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
Greetings, Merchanb

<<Converting my 403B first to an IRA then to a Roth IRA was a snap.

Haven't found any info on TSP conversion.

1. Can I do the same with my TSP while still working for the federal government?

2. If not, can I do that if I retire? (I would if that's what it takes.)>>

Well, I didn't know much about the government's Thrift Savings Plan, so I went to its web page to learn more. You can find it at http://www.tsp.gov/index.html . Her's what I learned at that link.

The TSP is a plan for long-term retirement savings with special tax advantages. Beginning in late 1997, however, limited in-service withdrawals will be available. Otherwise, you cannot withdraw your TSP account until you separate from Federal service. You must be separated for 31 or more full calendar days to be eligible to withdraw your account.

The TSP provides three basic ways to withdraw your account:

oHave the TSP purchase a life annuity for you. You have a choice of many different annuities. See "TSP Annuities."

oReceive your account in a single payment.

oReceive your account in a series of monthly payments. You have a choice as to how your payments will be calculated. You can choose to receive payments for a fixed number of months or in a fixed dollar amount until your account is depleted. You can also have the TSP compute monthly payments for you based on an IRS life expectancy table.

You can have the TSP transfer all or part of a single payment or, in some cases, a series of monthly payments, to an Individual Retirement Arrangement (IRA) or other eligible retirement plan. An eligible retirement plan is one of the following: a tax-qualified employee benefit plan, an individual retirement account, an individual retirement annuity, or an annuity plan described in section 403(a) of the Internal Revenue Code. The IRA or plan must be established in the United States (that is, in one of the 50 states or the District of Columbia).

There's much more information, so you should check it out. In general, it looks like you probably have to retire to get at the money. Even then you won't be able to get a single cash payout to roll to an IRA, though. Instead, you'll have to take a series of payments, each of which can be rolled when paid.

Regards…..Pixy


Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post Back To Top
Author: rem31138 Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 3084 of 75528
Subject: Re: TSP TO ROTH Date: 4/28/1998 12:36 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
<<You can have the TSP transfer all or part of a single payment or, in some cases, a series of monthly payments, to an Individual Retirement Arrangement (IRA) or other eligible retirement plan.>>

I think this means I can transfer my TSP account to an IRA in one transfer, not as Pixy interpreted.

<<There's much more information, so you should check it out. In general, it looks like you probably have to retire to get at the money. Even then you won't be able to get a single cash payout to roll to an IRA, though. Instead, you'll have to take a series of payments, each of which can be rolled when paid.

Regards…..Pixy>>

Soon to be retired....Ray


Print the post Back To Top
Author: TMFPixy Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 3093 of 75528
Subject: Re: TSP TO ROTH Date: 4/28/1998 5:33 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
Ray,

You said:

"<<You can have the TSP transfer all or part of a single payment or, in some cases, a series of monthly payments, to an Individual Retirement Arrangement (IRA) or other eligible retirement plan.>>

I think this means I can transfer my TSP account to an IRA in one transfer, not as Pixy interpreted."

I hope you're right because that will make things easier for you as you prepare to retire. However, that's not how I read the explanatory material or other parts of the TSP info at the site I sent you to. Your best bet is to check with the personnel office to be sure.

Regards....Pixy

Print the post Back To Top
UnThreaded | Threaded | Whole Thread (4) | Ignore Thread Prev Thread | Next Thread
Advertisement