Tsp lookthrough trust full#
The beneficiary participant can request a partial withdrawal or a full withdrawal (a single payment, monthly payments, a TSP life annuity, or a combination of any of these three options).Once the account is established, the beneficiary participant may request interfund transfers to redistribute his or her account balance among any of the Lifecycle (L) or individual funds, just like other participants. When the TSP establishes a BPA, the account balance will be invested solely in the Government Securities Investment (G) Fund.If there are no other designated beneficiaries, the account will be paid according to the statutory order of precedence described in Section A above.Ī surviving spouse who is entitled to receive all or a part of a deceased participant’s TSP account will have his or her entire death benefit automatically deposited into a Beneficiary Participant Account (BPA). If a trust is designated by a participant on Form TSP-3 and it is not in existence on the date the participant dies or if it is not created upon the participant’s death, the account will be paid to the other designated beneficiaries or their contingents.If a beneficiary dies after the participant but before payment is made, the beneficiary’s share will be paid to the beneficiary’s estate.
If a beneficiary dies at the same time as the participant, the beneficiary will be treated as if he or she had died before the participant.If there are no designated beneficiaries or contingent beneficiaries who survive the participant, the account will be paid according to the statutory order of precedence described in Section A above. If there are no contingent beneficiaries, the deceased beneficiary’s share will be paid to the other designated beneficiaries in proportion to the shares designated by the participant. If a beneficiary designated by a participant on Form TSP-3 dies before the participant, the beneficiary’s share will be paid to any contingent beneficiary(ies) designated by the participant.The contingent beneficiary(ies) will share a portion of the TSP account designated for a specific primary beneficiary who dies before the participant. (See CFR § 1651.3(d).)īecause entitlement to a TSP death benefit payment is created at the time of the participant’s death, the following rules apply:Ī participant may designate a contingent beneficiary(ies) for each primary beneficiary. A will may not be used to designate a beneficiary of a TSP account.If a participant dies after submitting a valid TSP withdrawal election, the TSP account will be paid according to the conditions specified in 5CFR § 1651.2(b).If none, to the next of kin who is entitled under the laws of the participant’s domicile on the date of the participant’s death (as described in 5CFR § 1651.9).If none, to the duly appointed executor or administrator of the estate (as described in 5CFR § 1651.8) or.If none, to the surviving parent or parents (as described in 5CFR § 1651.7).If none, to the child or children and descendants of deceased children by representation (as described in 5CFR § 1651.6).
If there is no designated beneficiary, to the widow or widower (as described in 5CFR § 1651.5).To the beneficiary (or beneficiaries) designated by the participant on a properly completed and filed Form TSP-3, Designation of Beneficiary (as described in 5CFR § 1651.3 through 1651.4).If a participant dies before completing a TSP withdrawal election, the TSP account will be paid according to the statutory order of precedence set forth in 5 U.S.C.Form TSP-17, Information Relating to Deceased Participant.Form TSP-3, Designation of Beneficiary and.Death benefit payment options for non-spousal beneficiaries.Beneficiary participant accounts for spousal beneficiaries.In this bulletin you will find information on: A list of superseded bulletins is given at the bottom of this page. The information on Form TSP-3 reflects changes to TSP regulations made on July 9, 2014, regarding the submission of new forms and what to do when old forms are found in personnel files. It consolidates and supersedes several bulletins detailing various death benefits topics, including the statutory order of precedence, Beneficiary Participant Accounts for spousal beneficiaries, payment options for non-spousal beneficiaries, Form TSP-3, Designation of Beneficiary, andįorm TSP-17, Information Relating to Deceased Participant.
This bulletin contains information about Thrift Savings Plan (TSP) death benefits. See all Thrift Savings Plan Death Benefits
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