Thread: Monthly TSP Withdrawal Question

Originally Posted by Scout333

In past years TSP has only been impacted by holding interest income earnings for the G Fund but they have always made the interest earned payments good. Expect that will happen again this year.

Thanks for info passed on by TommyIV
Treasury Secretary Janet Yellen Takes Measures to Ease Debt-Ceiling Woes


The Treasury Department will stop fully investing in a government investment in the G-fundin a series of extraordinary measures, or accounting maneuvers, the Treasury Department is taking to keep paying the government's bills.

“By law, the G Fund will be made whole once the debt limit is increased or suspended,” she said. “Federal retirees and employees will be unaffected by this action.”

Not sure if this belongs under question or should be a new thread.

On Wednesday 1/25/23 I called the thrift line to stop my monthly withdrawal. About 1 hour on hold. Rep accessed account and stated it showed no monthly withdrawal. Been recieving it since July 2019. She stated she would submit a stop anyway and it may be because "they were getting ready to close down" and I should call back tomorrow.


The next day I logged in to TSP dot GOV and the option to start a new withdrawal was available so maybe the existing one was stopped?


No texts or emails about changing anything. I did get an e-mail next day asking about my satisfaction concerning the thriftline experience. I haven't answered it yet.


Seems as if the new system is missing a lot of stuff from the old system. Not very reassuring.


Guess I wait and see what happens on the 15th.

Sure glad I'm not drawing anything out yet. I don't plan too either. I'll transfer all my stuff over to my Edward Jones account before I'm forced to start using it. This new system is so screwed up.

As a new retiree y'all are scaring me!

Originally Posted by PessOptimist

Not sure if this belongs under question or should be a new thread.

On Wednesday 1/25/23 I called the thrift line to stop my monthly withdrawal. About 1 hour on hold. Rep accessed account and stated it showed no monthly withdrawal. Been recieving it since July 2019. She stated she would submit a stop anyway and it may be because "they were getting ready to close down" and I should call back tomorrow.


The next day I logged in to TSP dot GOV and the option to start a new withdrawal was available so maybe the existing one was stopped?


No texts or emails about changing anything. I did get an e-mail next day asking about my satisfaction concerning the thriftline experience. I haven't answered it yet.


Seems as if the new system is missing a lot of stuff from the old system. Not very reassuring.


Guess I wait and see what happens on the 15th.

I got a text from TSP on Wednesday 2/15/23 stating my "fixed installment >=10 Years Payment" will be issued on February 17, 2023. It was and deposited in my checking account on 2/16/23. I will have to try to stop it again on the thriftline Tuesday or after.

My online TSP account did start showing buttons for withdrawals and rollovers. Maybe I should try to create a different partial distribution. Maybe not. What a clusterflop.

PO

Originally Posted by papahotel66

As a new retiree y'all are scaring me!

Congrats on your retirement! Don't worry! Once you get your payments started, it works like clockwork. Never had any issue with OPM payments in the last 7 years, not even during government shut down. No issue with TSP until the change last year, but still getting payments consistently.

Life is much better when you avoid the fear based news.

I got the same notification, and received an additional deposit into my bank account for the "glitch". But doing my taxes today, I obviously had way too little being taken out, but there is not way to look or change anything online. I really dread calling and trying to change my monthly withdrawl amount based on the experiences many have communicated here. Will it be fixed anytime soon?

Originally Posted by evilanne

Congrats on your retirement! Don't worry! Once you get your payments started, it works like clockwork. Never had any issue with OPM payments in the last 7 years, not even during government shut down. No issue with TSP until the change last year, but still getting payments consistently.

Life is much better when you avoid the fear based news.

Does tsp web site provide the option to apply monthly installment withdraw? I only saw 2 options to withdraw partial and total withdraw on my account.

Originally Posted by PessOptimist

I got a text from TSP on Wednesday 2/15/23 stating my "fixed installment >=10 Years Payment" will be issued on February 17, 2023. It was and deposited in my checking account on 2/16/23. I will have to try to stop it again on the thriftline Tuesday or after.

My online TSP account did start showing buttons for withdrawals and rollovers. Maybe I should try to create a different partial distribution. Maybe not. What a clusterflop.

PO

Update: I called thriftline on Wednesday 3/1/23 and to my surprise got to speak to a human after about 5 minutes. She told me she could not stop the payment because it was after 12 noon EST and the system was "processing". Called today (3/3/23) about 1100EST and the rep said she saw the "equal payments" and stopped them. Apparently they don't always call them withdrawals or installments. I asked about confirmation and was told i would "most likely" receive an email. Nothing yet and not really expecting anything.

PO

Originally Posted by PessOptimist

Update: I called thriftline on Wednesday 3/1/23 and to my surprise got to speak to a human after about 5 minutes. She told me she could not stop the payment because it was after 12 noon EST and the system was "processing". Called today (3/3/23) about 1100EST and the rep said she saw the "equal payments" and stopped them. Apparently they don't always call them withdrawals or installments. I asked about confirmation and was told i would "most likely" receive an email. Nothing yet and not really expecting anything.

PO

Good luck.

Originally Posted by nasa1974

Good luck.

It looked like the statement about software problem has been removed from “Distribution Options “ about monthly installment withdraw