additional withdrawals projecttsp-99 wizard demo scenario –separated uniformed services...

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

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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