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TSP

Administered by the Federal Retirement Thrift Investment Board, this defined contribution plan for federal employees has roughly 4,614,874 participants, and over $358 billion in assets under management. Ask your TSP questions and post related topics here.

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dmaceld  
#1 Posted : Saturday, September 17, 2022 11:27:48 AM(UTC)

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I went on the site yesterday to find out how much of my 2022 RMD has been met. There is NO information about what my remaining RMD balance is, no info about my year-to-date RMD withdrawals (RMD amount is noted on monthly statements but no year-to-date), nor what my 2022 RMD amount is.

Once you login the Thriftline # is not listed anywhere that I could find. The TSP home page, https://www.tsp.gov/ has a phone # at the bottom but if it is a general number or what is not shown. I found the Thriftline number on the old contact page, tsp.gov/contact, which I found using Google.

There is a search link on the home page, but once you login there is no search link or box anywhere that I could find. How on earth are you supposed to find info if it's not in one of the bits of info on the contact page?

Anyone else have the same problems? How long is the wait for an answer on the Thriftline now?
Gal Friday  
#2 Posted : Sunday, September 18, 2022 11:15:38 AM(UTC)
Gal Friday

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The Government apparently contracts the administration out to a private company. Whoever signed these guys up should be fired!
GoHuskers  
#3 Posted : Monday, September 19, 2022 11:51:35 AM(UTC)

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It is definitely a poorly designed site.

Back in February, well before the changeover was made, I'd received a letter from the TSP about what the RMD was for this year after it was recalculated using the new IRS tables, and the monthly payment was set so that total withdrawals for the year would meet the RMD, just as in prior years. Then, when they did the switch over in May someone made the stupid decision to recalculate the monthly payments based on the account balance as of May 26. Since RMDs are calculated based on the balance as of the start of the year, and between the withdrawals already made and the loss of value because of the lousy year the market is having, the newly calculated monthly payment was below the amount needed to meet the RMD.

Past literature had stated that if the payments weren't sufficient to meet the RMD, the Thrift Plan would automatically make a supplemental payment so that the RMD requirement was met. However I had my doubts of whether the system had sufficient data to calculate the shortfall this year because nothing is available online showing the distributions that were made before the changeover took place, and that info would be needed to calculate any shortfall.

However, the last time I logged on to the new site, I stumbled across some info that make me more confident the total RMD would be paid out. After you've logged in and gotten to the page that says "Welcome to the New My Account" there is a line with a series of 4 options starting with Change Investments and Account Summary. At the right side of that line there is a down arrow. Click on that and it brings up 2 more options, one of which is "Withdrawals." Click on that and it gives information about RMDs. It contained a statement indicating the amount I still needed to withdraw to meet the RMD and said that amount would be issued in December if I did not make any further withdrawals before then. I added up the withdrawals already made through the one just made for September, subtracted them from the total required RMD, and it matched the total shown as still needing to be withdrawn. So, I expect to receive the same monthly payment currently being made for October and November and then a larger December payment to meet the RMD requirement. It was pure luck that I stumbled across this as the site is anything but intuitive.
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