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Federal Employees Benefits Q &A

Do you have questions about your federal employee CSRS or FERS pension/annuity or federal employee retirement planning? Concerns about your Thrift Savings Plan (TSP) account or what about federal employee pay and leave issues?

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The Q&A forum is moderated by Ed Zurndorfer -- an expert on federal employee benefits -- and a Certified Financial Planner, chartered life underwriter and chartered financial consultant in Maryland.

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MDKidd  
#1 Posted : Monday, August 19, 2019 7:33:34 AM(UTC)
MDKidd

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With the new withdrawal rules allowing for multiple partial withdrawals, do retirees need to get spousal NOTARIZED consent every time the make a withdrawal amount change? For example, if I currently have monthly withdrawals for $3000, do I need to get notarized spousal consent to increase the amount to $4000? Or decrease the amount to $2000? If so, do I need to get notarized spousal consent EVERY time I change the amount? Or is spousal consent only needed when a retiree starts or stops withdrawals?
Ed Zurndorfer  
#2 Posted : Friday, August 23, 2019 2:44:56 AM(UTC)
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First, what you are referring to are the new TSP (not FERS) withdrawal rules which will become effective Sept. 15, 2019. In answer to your question, when the new rules become effective, a married FERS TSP participant will not have to get his or her spouse's written consent every time the TSP participant wants to make a withdrawal change. The only time the written consent must be obtained is the first time the TSP participant requests a withdrawal from his or her TSP account, or when the TSP participant wants to take out a TSP loan.
MDKidd  
#3 Posted : Saturday, August 24, 2019 6:48:27 AM(UTC)
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Thank you for your reply. Very helpful.
Ed Zurndorfer  
#4 Posted : Saturday, August 24, 2019 5:41:39 PM(UTC)
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You are most welcome.
TheRealOrange  
#5 Posted : Wednesday, October 9, 2019 9:55:38 AM(UTC)
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Originally Posted by: Ed Zurndorfer Go to Quoted Post
First, what you are referring to are the new TSP (not FERS) withdrawal rules which will become effective Sept. 15, 2019. In answer to your question, when the new rules become effective, a married FERS TSP participant will not have to get his or her spouse's written consent every time the TSP participant wants to make a withdrawal change. The only time the written consent must be obtained is the first time the TSP participant requests a withdrawal from his or her TSP account, or when the TSP participant wants to take out a TSP loan.

Ed, can you confirm the notary requirements for withdrawal change requests? An article on another site today indicated that the forms "require TSP participant and if applicable spouse, to sign the form in front of a notary every time that you want to do a withdrawal or change request." I had intended to leave my funds in the TSP, but if I have to get a notarized form signed by me and my wife every time I want to change the withdrawal amount, I may decide to transfer the funds to an IRA. Thanks.
Ed Zurndorfer  
#6 Posted : Wednesday, October 9, 2019 4:46:55 PM(UTC)
Ed Zurndorfer

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TSP issued on 9/15 new rules (including spousal notarized consent for FERS-covered employees) on any changes to withdrawals. These new rules were issued after the FederalSoup post that was made before September 15, 2019.
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