TSP announces exceptions for hurricane victims
- By FederalSoup Staff
- Oct 26, 2016
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.