WebJan 27, 2024 · TSP RMD Changes. The CARES Act allowed the TSP to waive 2024 required minimum distributions (RMDs) for all TSP participants who would otherwise have been subject to RMDs. This included participants for whom 2024 would have been their first RMD year even though that distribution would not have been due to be taken until April 1, 2024. WebMay 18, 2024 · On May 14, the TSP announced that new temporary withdrawal and loan programs authorized by the CARES Act would be implemented this summer. Under the new loan program, the maximum loan amount ...
Here’s How to Take Early TSP Withdrawals Without a Penalty
WebJun 15, 2024 · Between now and Sept. 22, participants may borrow up to twice the normal maximum amount in a general purpose loan—$100,000 rather than the usual $50,000—up to 100% of their vested balance ... WebJan 27, 2024 · The CARES Act authorized TSP participants to take loans from their accounts of up to double the normal amount, and it waived requirements that participants be 59 1/2 years old, cite a specific ... rice plaza
Withdrawals for Participants Affected by COVID-19
WebAnswer 3: The CARES Act created special rules for most types of TSP withdrawals made by participants affected by COVID-19. TSP is working on a new, temporary withdrawal option … WebBy late July 2024, we’ll release a temporary TSP “CARES Act Withdrawal” that waives the usual requirements for those still in service and allows all eligible participants to waive tax withholding. Find out more→. These withdrawal options are available only if you can certify that you meet certain criteria. WebNov 25, 2024 · But the Coronavirus Aid, Relief and Economic Security (CARES) Act made some temporary changes to those rules. For those who have been financially or medically affected by COVID-19, the CARES Act: Waived the early withdrawal penalty . Allowed distributions up to $100,000 from eligible retirement plans . ricepo log in