Have you ever wondered how to do a TSP Rollover? Or a TSP withdrawal or transfer? This video will walk current federal employees and FERS retirees through the step by step process on how to do a rollover.

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A TSP, or Thrift Savings Plan, is a retirement savings plan for federal employees and members of the uniformed services. If you’re considering leaving your federal job or retiring, you may be wondering what to do with your TSP account. One option to consider is doing a TSP rollover, which allows you to transfer your TSP funds to another retirement account, such as an IRA (Individual retirement account), without incurring taxes or penalties.

Here are the steps to do a TSP rollover:

1. Understand the rules and regulations: Before you proceed with a TSP rollover, it’s important to familiarize yourself with the rules and regulations governing TSP accounts and rollovers. This will help you make informed decisions and avoid potential pitfalls.

2. Choose a new retirement account: Decide where you want to transfer your TSP funds. You can choose to roll the funds into a new or existing IRA or another eligible employer-sponsored retirement plan. Consider factors such as fees, investment options, and account services when selecting a new retirement account.

3. Initiate the rollover: Contact the financial institution that holds your new retirement account and ask about their process for receiving a TSP rollover. They will provide you with the necessary forms and instructions for initiating the rollover.

4. Complete the TSP rollover paperwork: Once you have the required paperwork from your new retirement account provider, you will need to fill out the forms provided by the TSP to initiate the rollover process. This may include a TSP-60 form for a full withdrawal or a TSP-77 form for a partial withdrawal, depending on your circumstances.

5. Submit the paperwork to the TSP: Once you have completed the necessary forms, you will need to submit them to the TSP for processing. The TSP will review and authenticate the paperwork to ensure that it complies with their guidelines for rollovers.

6. Wait for the transfer to be completed: After submitting the paperwork, you will need to wait for the TSP to process the rollover request. The TSP typically takes a few weeks to transfer the funds to your new retirement account, but the timeline may vary depending on the volume of requests and other factors.

7. Monitor the rollover: After the rollover is complete, it’s important to monitor the transaction to make sure that the funds are transferred accurately and in a timely manner. Keep track of the progress and follow up with the TSP or your new retirement account provider if there are any delays or issues.

It’s important to note that a TSP rollover can be a complex process, and there may be tax implications or other considerations to take into account. Therefore, it’s advisable to consult with a financial advisor or tax professional before proceeding with a TSP rollover to ensure that you fully understand the implications and make the best decision for your retirement savings.