Once your divorce decree has been upheld by the court, your TSP account can be split by court order. This division must be determined either by an order or by an asset settlement agreement approved by the court pursuant to the divorce. It may sound simple enough, but it`s very important to keep an experienced legal advisor if you have a TSP. The TSP office can only consider splitting your TSP if a specific language is specified in the court order. Without this language, which meets the requirements of the U.S. Code, an order received from your spouse`s TSP will not be considered, nor will the division of your spouse`s TSP to his or her spouse. This may seem like a minor issue, but failure to comply with the terms of your court order can result in serious legal consequences. One important thing to note is that your TSP account can be seized for unpaid child or spousal support payments. However, the court must order it through the appropriate judicial process. Virginia is not a communal owned state. It follows fair distribution laws to divide property equitably in a divorce. Therefore, it is important to understand that a TSP is treated the same as any other employer-sponsored pension plan and is subject to equitable distribution.

Use this mailbox if you are sending the TSP a court order or legal proceeding, a power of attorney, a guardianship or curatorship order, an exemption from spousal requirements (Form TSP-16/TSP-U-16), a request under the Data Protection Act, a tax return, or related correspondence. If you are the recipient of a court-ordered payment, the forms sent to you with the decision letter (for example, the spouse`s choice of payment method (Form TSP-13-S-C / U-13-S-C), W-4Ps or the request to cancel the waiting period) must be returned to this mailbox. Enquiries about these measures should also be directed to this address. You can send a court order or proceeding, a power of attorney, a guardianship or curatorship order, and an exemption from spousal requirements (Form TSP-16 or TSP-U-16 for uniformed service members) because you are an TSP investor participant. Send them to the TSP. You may also send requests under the Privacy Act, tax levies or related correspondence. Below you will find a fax number and mailing address including next day delivery. The Savings Savings Plan (PST) is a tax-efficient retirement and investment plan that provides federal employees with the same type of savings and tax benefits that many private companies offer their employees under 401(k) plans. By participating in the TSP, federal employees have the opportunity to save a portion of their income for retirement, receive appropriate agency contributions and reduce their permanent taxes.

Yes. With an order, document, subpoena or other valid document, your TSP account or your spouse`s TSP account can be seized to compel payment of child or spousal support. Again, it is important to consult a lawyer because the TSP office can only seize your TSP account or your spouse`s TSP account if the order meets certain requirements. Find out about the fax number and mailing address to which you will send TSP forms, as well as court orders and proceedings, federal and criminal repayment orders, death benefit applications, loan payments (Form TSP-26, loan payment coupon with payment), and transfers or transfers of funds to the TSP. In addition, we have developed instructions for submitting a confidentiality request if you wish to access or correct the records FRTIB maintains about you. Fax: 1-866-817-5023 Mailing Address: Thrift Savings PlanP.O. Box 385021Birmingham, AL 35238 Since you are a TSP investment participant, you need to know how to apply for death benefits for a TSP account. You can use the mailbox below to send it. A death request for a TSP account includes Form TSP-17 or Form TSPU-17 (for uniformed service members), information about deceased members, death certificates, or other documents. As with most retirement accounts, the TSP grants rights to spouses. The amount given to your spouse in the event of a divorce depends on your complete financial situation as well as the circumstances of your divorce. NOTE: Do not send withdrawal forms to these addresses.

Instead, use the “TSP Forms and General Correspondence” address above. Thrift Savings Plan P.C. 385200 Birmingham, AL 35238-5200 Fax: 1-844-985-1597 (toll-free) or (205) 929-8445 (toll-free). Absolute! Even in the event of divorce, the office of the TSP is required to pay the beneficiary indicated by law. This means that you will need to change the beneficiary designation to indicate who should receive your share from your TSP, otherwise the last registered beneficiary will receive your share, even if that person is your ex-spouse! If you have never submitted a beneficiary designation form, the TSP office will pay you your death benefits in the following order: Your spouse; Your children; the descendants of your deceased children; your parents; your executor or administrator; or your next of kin who are entitled to your estate under the law. Contact the Federal Office for Retirement Investment in Retirement Savings. In the event of divorce, property can be divided by a court order, including an TSP. Pension accounts are considered matrimonial property, so in the eyes of the court, they are held jointly from the date of your marriage until the date of your separation. Yes.

If you have more than one type of TSP account or beneficiary account, all of them may be considered property for the purposes of dividing your matrimonial patrimony. An exception are accounts to which all or part of the contribution was made before the marriage.

Rate this post