Federal Employees News Digest

Federal Benefits Q&A

Question: With the new withdrawal rules allowing for multiple partial withdrawals, do retirees need to get spousal NOTARIZED consent every time the make a withdrawal amount change? For example, if I currently have monthly withdrawals for $3000, do I need to get notarized spousal consent to increase the amount to $4000? Or decrease the amount to $2000? If so, do I need to get notarized spousal consent EVERY time I change the amount? Or is spousal consent only needed when a retiree starts or stops withdrawals?

Answer: First, what you are referring to are the new TSP (not FERS) withdrawal rules which will become effective Sept. 15, 2019. In answer to your question, when the new rules become effective, a married FERS TSP participant will not have to get his or her spouse's written consent every time the TSP participant wants to make a withdrawal change. The only time the written consent must be obtained is the first time the TSP participant requests a withdrawal from his or her TSP account, or when the TSP participant wants to take out a TSP loan.

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Contributors

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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