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27 Cards in this Set
- Front
- Back
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Tax advantages
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Before tax contributions/and tax deferred investment earnings
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FERS
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Federal Employees' Retirement System
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CSRS
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Civil Service Retirement System
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3 Sources of TSP Contribution
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Employee
Agency Automatic(1%) Matching |
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2 Types of Employee Contributions
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Regular
Catch up |
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Catch up
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additional payroll deductions if you are over 50 yo
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FERS Vested time restriction
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3 years for most
2 years for congressional and non career positions Death |
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Matching
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First 3% is matched 100%
Second 2% is matched 50% Max match is 5% |
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Early Withdrawal penalty
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Before 55 yo is 10% penalty tax
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Deduction Limits
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$15,000 Regular
$5,000 Catch-up |
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Types of Individual Funds
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G, F, C, S, I
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L funds
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L 2040-for after 2035
L 2030-for after 2025 L 2020-for after 2015 L 2010-for after 2008 L Income for 2008 |
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G Fund
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Short term US Treasury NO RISK
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F Fund
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Bond Index Fund LBA Index
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C Fund
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Stock index S&P 500 index
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S Fund
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Stock Index tracks the Dow Jones
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I Fund
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International
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3 ways to get money out of TSP
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A loan
in-service withdrawal Post-separation withdrawal |
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Loan processing Fee
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$50 deducted from loan amount
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Two types of Loans
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General and Residential
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How much can you borrow?
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$1000 to $50000
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Wait period between loans
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60 days
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Time to repay loans
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5 years general
15 years residential |
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Financial Hardships, how many can you have?
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one every 6 months
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An annuity purchase must be more than...
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$3500
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Withdrawal deadline
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70 1/2 and are separated from service
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TSP is covered under Title Code
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5
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