Changes require a notarized Spousal signature each time?
Hello to All and thanks for helping me answer this question!
I am a couple years out from retirement and am super happy to see the new changes implemented for the TSP website, especially the ability to change amount being received up to every 30 days.
My question is if we are pulling $1000/mo from TSP and decide to change to $1500/mo do I just go on the website and make the change or do I have to go get a notarized spousal signature to approve the change and upload the form? I anticipate the first year or so being a year where we may need to make changes several times as OPM settles the final FERS pension amount and one time BIG purchases arise as we settle into retirement. Hoping we don't have to deal with a notary each time we change.
Perhaps the new changes are not as user friendly as I am thinking.
Thanks
Re: Changes require a notarized Spousal signature each time?
Quote:
Originally Posted by
militaryman
Hello to All and thanks for helping me answer this question!
I am a couple years out from retirement and am super happy to see the new changes implemented for the TSP website, especially the ability to change amount being received up to every 30 days.
My question is if we are pulling $1000/mo from TSP and decide to change to $1500/mo do I just go on the website and make the change or do I have to go get a notarized spousal signature to approve the change and upload the form? I anticipate the first year or so being a year where we may need to make changes several times as OPM settles the final FERS pension amount and one time BIG purchases arise as we settle into retirement. Hoping we don't have to deal with a notary each time we change.
Perhaps the new changes are not as user friendly as I am thinking.
Thanks
So, my circumstance is not exactly the same, but I did make a change to my withdrawal through the TSP.gov website and did not have to send a notarized spousal signature. I had been withdrawing $1000.00 per month and was using the money for my wife and I to travel and see the beauty of America while enjoying retirement. But then Covid hit and everything was locked down including travel. I then decided to reduce by half my withdrawal amount as it made no sense to withdraw it if I couldn't use it for the purpose it was intended. The reduction was all accomplished online and took effect before I received my next payment. TSP did send a notification to my spouse stating that I had reduced the amount of my withdrawals as is their requirement to do, but nothing needed to be notarized.
Hope this helps to answer your question.
Re: Changes require a notarized Spousal signature each time?
Found this on FEDWEEK "John GrobeOne thing that did not change with the implementation of the TSP Modernization Act on September 15th is the requirement for FERS employees/retirees to secure the signed, notarized consent of their spouses for all withdrawals and loans. (There is no such requirement for CSRS employees/retirees.)
FERS participants will be running to find Notaries for every individual withdrawal; and one can be taken as often as every 30 days. They’ll need spousal consent every time they change the amount of their installment payments"
I do know as you experienced that during COVID they have not made notarizations mandatory and perhaps withdraw reductions are not "notary required" actions anyways vs. withdraw increases or initiations.
Re: Changes require a notarized Spousal signature each time?
Yeah, still need a notary to change FERS survivor benefits or TSP withdrawals. No idea how electronic or remote notarization would even work.
Quote:
Notarization requirements reinstated as of October 1, 2020 — As of October 1, 2020, TSP forms that require notarized signatures must be signed and notarized. We accept electronic and remote notarization in addition to traditional, in-person notarization. All signatures must be handwritten or made electronically with PIV or CAC credentials.
Earlier this year, we temporarily waived notarization requirements in order to support participants in physical distancing measures during the COVID-19 pandemic. With electronic and remote options in place, we’re reinstating these notarization requirements as an important security measure against attempts at fraud.
https://www.tsp.gov/plan-news/notary...ts-reinstated/
Hopefully by time I go this archaic requirement is lifted or changed (app authentication, blockchain, ???). Another reason to leave TSP if your situation allows for it.
