Thread: Monthly TSP Withdrawal Question

Originally Posted by Cobra

Question:
Has anyone attempted to set up Monthly withrdawals and change the amount of federal Tax that will be withheld successfully?

No, but I would be interested in the answer as I have been thinking about temporarily suspending my quarterly withdrawals.

Originally Posted by ravensfan

No, but I would be interested in the answer as I have been thinking about temporarily suspending my quarterly withdrawals.

I set up a withrawal today but I can't change the amount of federal Tax withheld to a lower number than the site recommends.

However, when you read the instructions on how to change the withholding: you should be able to have federal tax withheld at Married with 3 dependents if making periodic withdrawals which would be less than what the site recommends.

Originally Posted by Cobra

I set up a withrawal today but I can't change the amount of federal Tax withheld to a lower number than the site recommends.

There are rules on minimum withholding allowed. See page 16 below.

https://www.tsp.gov/publications/tspbk26.pdf

Originally Posted by Bullitt

There are rules on minimum withholding allowed. See page 16 below.

https://www.tsp.gov/publications/tspbk26.pdf

Thank You and I Understand:
I had set up my payments using the rule below from page 16 in the old website and it allowed me to change how much federal tax i wanted withheld.

Installments for 10 years ormore (fixed dollar amount) As if married with 3dependents

Setting up the withdrawal in the new site automatically takes 20% for federal tax and you can't chage the amount below the 20% Value
As an example if you want to withdraw 1500 dollars it will automatically withhold 300 dollars and you can't change that to say 10% even if you have enough in your accoune to last for more than 10 years of monthly periodic payments
Note:
Under the old site you could set up monthly payments, Under the new site it allows for a specific amount to be withdrawn but i don't think it allows for setting up a recurring payment. if that option is available I don't see it when choosing the Withdrawal icon

NOTE: someone earlier posted that they could not find a way to request MONTHLY PAYMENTS out of the new system.

I just went and tried to adjust my monthly payments (I currently had it set for $3K a month payout) and
I can confirm THERE IS NO SCREENS TO ALLOW YOU TO SET UP A MONTHLY PAYMENT PARTIAL DISTRIBURTION.

I DID find one page that said "Information normally on this page is not available" or something like that.

But without a way to initiate, or change, monthly payments, this is a real problem.

WTF were they thinking?

Originally Posted by James48843

NOTE: someone earlier posted that they could not find a way to request MONTHLY PAYMENTS out of the new system.

I just went and tried to adjust my monthly payments (I currently had it set for $3K a month payout) and
I can confirm THERE IS NO SCREENS TO ALLOW YOU TO SET UP A MONTHLY PAYMENT PARTIAL DISTRIBURTION.

I DID find one page that said "Information normally on this page is not available" or something like that.

But without a way to initiate, or change, monthly payments, this is a real problem.

WTF were they thinking?

Have to agree with you James48843. Under the old system I was set up to receive quarterly withdrawals and would like to temporarily suspend these payments. And to add to your statement above THERE ARE NO SCREENS TO ALLOW YOU TO CANCEL OR CHANGE A PARTIAL DISTRIBUTION

All I can say is this new system is FUBAR

I have tried finding anything on the site where you can make changes to your monthly installment payments, and there is NOTHING there. It does have an area for requesting a partial distribution of at least $1000, but that is not the same as an installlment payment - which can be as low as $25. After spending countless hours on hold, I was finally able to get a representative who was very helpful. Unfortunately, she also could not find any way of doing this on the website. She said she would report it as a glitch, but then went the extra step and checked with a couple of her colleages. She was told that this is a known issue and that on Friday, the 10th, this issue as well as most of the other glitches, will be fixed with a system upgrade. Not sure what time of day this will happen, but at least it is a light at the end of the tunnel!

Originally Posted by littlfish

Not sure what time of day this will happen, but at least it is a light at the end of the tunnel!

The light at the end of the tunnel that you are seeing is the oncoming train.

IMG_1163.JPG

Little fish- thank you for the valuable report that they are going to try and do a patch on Friday. That is important info.

I can’t believe how poorly this contractor just have designed and tested their product- and how poorly the TSP FTRIB failed in its duty to ensure a safe rollout of a tested and functional system.

And I find it hard to believe that an on-the-fly patch rolled out Friday is going to fix it. This is elementary crap that should have been caught long before anything went live.

Folks- for good measure, you might want to take a screen shot of your account today/tomorrow , just in case their “fix” screws something else up. I continue to have a low level of confidence in the contractor, and less in the oversight of this contractor.




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I did receive the partial withdrawal in my bank account. However, the site is not setup allow a recurring payment. My withdrawal was under the Partial Payment rules.
I am now waitng until Friday to see if TSP acutally does add the monthly recurring option that "Littlefish" Posted.
What a Cluster!!

Originally Posted by Cobra

I did receive the partial withdrawal in my bank account. However, the site is not setup allow a recurring payment. My withdrawal was under the Partial Payment rules.
I am now waitng until Friday to see if TSP acutally does add the monthly recurring option that "Littlefish" Posted.
What a Cluster!!

Just my 2 cents. I started monthly withdrawals last November and was anxious to see the new TSP website. After logging in, i went to the withdrawal page and saw several options for withdrawal but none for the monthly/quarterly etc withdrawal. After more research, I found in a TSP publication that seems to say.... You can start a withdrawal on line, but after it is submitted...all changes need to be done through the "Triftline Services" ie telephone or snail mail.

Originally Posted by James48843

I DID find one page that said "Information normally on this page is not available" or something like that.

But without a way to initiate, or change, monthly payments, this is a real problem.

WTF were they thinking?

I received the same error message a few times. disgusting