additional withdrawals projecttsp-99 wizard demo scenario –separated uniformed services...
TRANSCRIPT
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FEDERAL RETIREMENT THRIFT INVESTMENT BOARD
77 K Street, NE· Washington, DC · 20002
1-877-968-3778 · tsp.govtsp4gov@
FRTIB
Additional
Withdrawals ProjectPRESENTED BY Tanner Nohe
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Agenda
• Additional Withdrawals Project • What’s New• Accomplishments• Risks• Timeline
• Wizards Demo• TSP-95 Wizard Demo• TSP-99 Wizard Demo
• Conclusion• Questions
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Additional Withdrawals Project
What's New?• Monthly, Quarterly, and Annual Installment Payments• Unlimited Post-Separation Partial Withdrawals*• Ability to Take Partial Withdrawals While Receiving
Installment Payments• Option to Choose Source of Payments (Traditional, Roth, or
Both)• Up to 4 Age-Based “59 ½” In-Service Withdrawals*• Removing Suspension of Contributions After Hardship
Withdrawals• New Withdrawal Wizards
*One withdrawal every 30 calendar days
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ACCOMPLISHMENTS
Phase 3 – In-Service Withdrawals(TSP-75 & TSP-76 Wizard and Form)
• Development 70% Complete
Phase 2 – Post Separation Withdrawals(TSP-99 Wizard and Form)
• Development Complete• Test Execution 23% Complete
Phase 1 – Installment Maintenance/ Withdrawal Deadline(TSP-95 Wizard and Form)
• Currently in User Acceptance Testing (UAT)
Proposed Regulations Sent to ETAC May 6, 2019
Bulletin for Upcoming Change to Eliminate Financial Hardship In-Service
Withdrawal Six-Month Suspension Rule was Posted
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PROJECT RISKS*
A) Web/Wizard Development A
Pro
ba
bilit
yImpact
*only report out on risks that are red
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TIMELINE
2/1/2019 12/31/2019
4/1/2019 7/1/2019 10/1/2019
9/15/2019
AWP Go-Live
7/13/2019
Phase 1 & 2 IT Complete
9/7/2019
Phase 3 ITComplete
6/7/2019
Regulation CommentPeriod Begins
11/17/2019
Implementation Deadline
8/20/2019
RegulationsUpdated
9/6/2019
Last Day for WD Forms
Upcoming Milestones: Date:
Proposed Regulations Published for Comment 06/07/2019
IT Phase 3 Testing Begins 06/25/2019
Communications – Participant Outreach Begins 07/01/2019
IT Phase 2 Testing Complete 07/12/2019
IT Phase 2 Deployment Readiness 08/06/2019
Last Day to Receive Withdrawal Forms 09/06/2019
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TSP-95 Wizard Demo
Scenario – Separated Civilian Participant Wants to Change:
• Frequency, • Dollar Amount, and • Source (Roth vs. Traditional)
TSP – 95, Changes to Installment Payments
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TSP-95 Wizard Demo
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TSP-95 Wizard Demo
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TSP-95 Wizard Demo
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TSP-95 Wizard Demo
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TSP-95 Wizard Demo
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TSP-95 Wizard Demo
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TSP-95 Wizard Demo
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TSP-95 Wizard Demo
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TSP-95 Wizard Demo
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TSP-95 Wizard Output
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TSP-99 Wizard Demo
Scenario – Separated Uniformed Services Participant Making a Combination of:
• Annuity Purchase, • Single Partial Withdrawal, and • Installment Payments
TSP – 99, Withdrawal Request for Separated
and Beneficiary Participants
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TSP-99 Wizard Demo
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TSP-99 Wizard Demo
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TSP-99 Wizard Demo
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TSP-99 Wizard Demo
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TSP-99 Wizard Demo
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TSP-99 Wizard Demo
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TSP-99 Wizard Demo
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TSP-99 Wizard Demo
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TSP-99 Wizard Demo
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TSP-99 Wizard Demo
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TSP-99 Wizard Demo
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TSP-99 Wizard Demo
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TSP-99 Wizard Demo
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TSP-99 Wizard Demo
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TSP-99 Wizard Demo
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TSP-99 Wizard Demo
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TSP-99 Wizard Demo
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TSP-99 Wizard Output
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TSP-99 Wizard Output
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Conclusion
• TSP - 99 Replaces TSP - 70• TSP - 95 Replaces TSP - 78 & TSP - 73• Encourage Participants to Use the Wizards• Processing Accuracy & Efficiency• Ease of Use• Simplifying Complex Forms
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Questions?
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