TSP announces exceptions for hurricane victims

The Thrift Savings Plan this week announced a temporary change to financial hardship withdrawal rules for TSP participants affected by Hurricane Matthew.

As of Oct. 25, TSP said that financial hardship in-service withdrawal requests will be treated as a qualifying hardship for these participants.

TSP also will waive the rule prohibiting employee contributions for six months after taking a hardship withdrawal—provided the participant’s primary residence or place of employment is located in a “covered disaster area” and has incurred a loss as a result of Hurricane Matthew, or the hardship withdrawal will be used to assist an eligible family member who lives or works in a covered disaster area and who has incurred a loss as a result of Hurricane Matthew.

To qualify, a participant must be actively employed as a federal civilian or a member of the uniformed services. Complete application instructions are available on the TSP website.

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Edward A. Zurndorfer Certified Financial Planner
Mike Causey Columnist
Tom Fox VP for Leadership and Innovation, Partnership for Public Service
Mathew B. Tully Legal Analyst

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