The Thrift Savings Plan (TSP) released an update to its guidance on what happens to do the program during a government shutdown.
“The TSP will continue its normal daily operations during the federal government shutdown,” the TSP said in a statement. “Read the TSP fact sheet Effect of Nonpay Status on Your TSP Account to get answers to questions about the shutdown’s impact on TSP contributions, loans, and withdrawals.”
The 6-page fact sheet emphasizes that federal agencies should not send Form TSP-41, Notification to TSP of Nonpay Status to the TSP during a federal government shutdown. “A shutdown is a rare occurrence and is typically of short duration. Form TSP-41 is intended for participants who are being placed on extended leave without pay, e.g., for illness, military furlough, maternity leave,” the TSP advised.
Among other details in the fact sheet, during a government shutdown, participants cannot make contributions to their TSP or take out loans from their TSP accounts.
To download the fact sheet from the TSP website, click here.