If you have chosen to receive part or all of your Thrift Savings Plan (TSP) account in a series of monthly payments, you may change and manage those payments once a year before December 15.
Using Form TSP-73, Change in Monthly Payment Amount, you can do any of the following:
- Change the monthly dollar amount you are receiving. You may do this once a year. Your request will become effective the following January.
- Change your TSP-computed payments (based on life expectancy) to a specific dollar amount. This is a one-time-only change. Your request will become effective the following January.
The TSP must receive your Form TSP-73 by December 15. If your form is received after the due date and can no longer be processed, it will be rejected.
If there are other changes that you would like to make to the way your monthly payments are handled, such as a change in direct deposit, tax withholding, or transfer information, submit Form TSP-78, Monthly Payments Maintenance. Any changes you make on Form TSP-78 are effective immediately. Form TSP-78 has no deadline; you can submit it at any time during the year and as many times as you need.
Changes to TSP Withdrawals Options in 2019
With the TSP Modernization Act implementation planned for Sept. 2019, you’ll be able to choose quarterly or annual payments, and you’ll be able stop, start, or make changes to your installment payments at any time.
SEE: TSP Provides Updated FAQs on New Withdrawal Options and Implementation Date
