The Thrift Savings Plan (TSP) announced Tuesday that participants can now manage their installment payments in the My Account section of the TSP.gov website at any time by stopping existing installments and requesting new installments.
One of the TSP withdrawal options for separated participants includes installment payments based on life expectancy. This option includes monthly, quarterly or annual payments of a fixed dollar amount.
READ: TSP Withdrawal Payments Based on Life Expectancy
The TSP wrote:
To make certain changes, such as changing federal tax withholding and managing rollovers, without stopping your installments, you must call the ThriftLine.
After your initial installment start date, we’ll process subsequent installments on the fifteenth (or next business day) of the month they’re due. If you stop or change your installments after noon eastern time on that date, you’ll still receive any payment already processed.
Keep in mind that you must wait 30 days between withdrawal and distribution requests. If you stop your installments within 30 days of making a withdrawal or distribution request, you need to wait the full 30 days from the date of the withdrawal request before you can request installments again.
More information on TSP installment payments can be found in the TSP’s book, Distributions.