TSP 60, Request For a Transfer Into The TSP

Transcript

1 THRIFT SAVINGS PLAN TSP-60 R a R ansfe R int o the tsp Request fo t money from an eligible retirement plan into the traditional Use this form to request a transfer or to complete a rollover of tax-deferred (non-Roth) balance of your Thrift Savings Plan (TSP) account. Funds received by the TSP will not be invested until a properly completed Form TSP-60 has been received. I. I nf o R ma t I on a es Account Uniformed Servic o ount Civilian Acc his request applies to my: t — U o Y t U o B R 1. Middle Name Last Name First Name 2. 3. 4. / / TSP Account Number (Area Code and Number) Daytime Phone (mm/dd/yyyy) Date of Birth Foreign address? 5. 6. Check here. f or a for eign address, see instructions on back.) Street Address or Box Number ( Street Address Line 2 – 7. 8. 9. Zip Code City State — Certification I certify to the best of my know ledge that the dis tribution I am transferring or rolling over into the TSP meets the re- quirements for a distribution from an IRA or an eligible employer plan (whichever is applicable) as described in the General Information section of this form. I further certify that I have read this form (and instructions) in its entirety and that the information I have provided is true and complete to the best of my knowledge. Any intentional false statement in this request or willful misrepresentation Warning: concerning it is a violation of law that is punishable by a fine or imprisonment for as long as 5 years, or both (18 U.S.C. § 1001). 10. 11. / / (mm/dd/yyyy) Date Signed Participant’s Signature t must I I . Info R ma be completed by the trustee (or custodian) of the IRA or by the ad- I on f R om IR a o R plan This section — ministrator of the eligible employer plan from which the distribution is being (or was) made. Be sure to read the instructions for cer- . Also, if this distribution is from a SIMPLE IRA, you must provide written documentation showing rollovers tification requirements for the period of participation. Tr al Information section of this form.) This is a: 12. (For definitions, see the Gener ver Rollo ansfer (Direct Rollover) oyer Plan This distribution is from a(n): Tr aditional IRA SIMPLE IRA Eligible Empl 13. 15. 14. Gross amount of tax-deferred distribution: $ / / , , . Date of Distribution (mm/dd/yyyy) — I certify that the funds are being (or have been) distributed from an eligible retirement plan as defined in Certification IRC § 402(c)(8)(B) and as described in the General Information section of this form. 16. 17. (Direct Number) Daytime Phone Typed or Printed Name of Financial Institution Representative or Plan Administrator 19. 18. / / Date Signed (mm/dd/yyyy) Signature of Financial Institution Representative or Plan Administrator 20. Name of Financial Institution 21. Street Address or Box Number Street Address Line 2 – 22. 24. 23. Zip Code City State FORM TSP-60 (10/2012) PREVIOUS EDITIONS OBSOLETE

2 S p -6 0 I n S t RUC t I on S R o f t m If you have questions, call the ThriftLine toll free at 1-877-968- Use this form to request a transfer or to complete a rollover of 3778 or the TDD at 1-877-847-4385. Outside the U.S. and Canada, money from an eligible retirement plan into the tax-deferred please call 404-233-4400 (not toll free). traditional (non-Roth) balance of your Thrift Savings Plan (TSP) TSP account with a balance open account. You must have an Money cannot be e: ot n when your request is received by the TSP. Either mail the check and form to: transferred or rolled over into a beneficiary participant account. er over and ocessing Unit t Roll p S t ransf r p x 385200 p o . . Bo The TSP is a retirement savings and investment plan for Federal al 35238-5200 Birmingham, employees and members of the uniformed services. Congress - established the TSP in the Federal Employees’ Retirement Sys r f o 1-866-458-1452 ax to: tem Act of 1986. The TSP is to be treated as a trust described 205-439-4501 (outside the U.S. and Canada) in 26 U.S.C. § 401(a), which is exempt from taxation under 26 U.S.C. § 501(a). TSP regulations are published in title 5 of the immediately ou fax this form, please send your check If y to - – 1690, and are periodi Code of Federal Regulations, Parts 1600 the TSP. cally supplemented and amended in the Federal Register. SEC tructions for Section II are intended for the he ins t II. on I t You must complete Section I of this form, then provide the entire a or plan r epresentative. IR to your IRA trustee or plan administrator to complete package Section II. If necessary, have your IRA trustee or plan administra- If you are unwilling to complete this section, submit an IRS Letter tor return the form to you. In order for your request to be pro- of Determination or a letter on the organization’s letterhead con- cessed, it must include a completed Form TSP-60 and a check firming that the funds are being transferred (or rolled over) from with your name and TSP p t lan hrift Savings made payable to the a qualified plan. Otherwise, we cannot deposit the funds into the account number (or Social Security number) on the check. If we participant’s account. cannot identify the account to which the funds should be depos- ited, we will return the check to the sender. If the distribution is being transferred directly to the TSP, you must mail the completed Form TSP-60 and a check for the e: If you intend to make a full withdrawal, please wait until ot n amount being transferred to the address shown above. The check you receive confirmation that your transfer or rollover has been lan p hrift Savings t and contain should be made payable to the completed before requesting the withdrawal. the participant’s name and TSP account number (or Social Secu- rity number). If this information cannot be provided on the check, Complete . Check whether this request Items 1 I. t on I SEC – 9 a document must be enclosed that provides this information. Check only applies to your civilian or uniformed services account. one box. You cannot transfer or roll over money into multiple ac- If the distribution is being rolled over, you must submit a letter counts using one form. If you have more than one TSP account, (on the organization’s letterhead) or a distribution statement that and you do not check a box, your form will not be processed. If shows the date and the gross amount of the tax-deferred distribu- you are currently a Federal employee or a member of the uni- tion. Return the completed Form TSP-60 the letter (or state- and formed services and the address you provide on this form is dif- ment) to the participant as soon as possible so that he or she can ferent from the address in your TSP record, have your agency or make the rollover within the allowed 60-calendar-day period. service submit an address change for you. If you are separated ice or the unif ormed services, you can update from Federal serv Check the “Transfer (Direct Rollover)” box if the funds are Item 12. your address on the TSP website (www.tsp.gov), or submit Form being transferred directly to the TSP. Check the “Rollover” box if TSP-9, Change in Address for Separated Participant, to the TSP. the distribution has been paid to the participant, and he or she is sending a check in the amount of the distribution to the TSP. The address on this form cannot be used to update your TSP record. Check the appropriate box to indicate whether the distri- Item 13. bution is from a traditional IRA, SIMPLE IRA, or eligible employer If you have a foreign address, check the box in Item 5 and enter plan. Complete this information whether the distribution is be- : the foreign address as follows in Items 6 – 9 ot e: n If this distribution is from a ing transferred or rolled over. SIMPLE IRA, you must provide written documentation showing First address line: Enter the street address or post office box the period of participation. number, and any apartment number. Indicate the total gross amount of the tax-deferred dis- Item 14. Second address line: Enter the city or town name, other princi- tribution that is being (or was) made from the IRA or plan. pal subdivision (e.g., province, state, county), and postal code, if known. (The postal code may precede the city or town.) If this request is for a Item 15. , provide the date that the rollover distribution was made to the participant. City/State/Zip Code fields: Enter the entire country name in the City field; leave the State and Zip Code fields blank. al Information section of this form, Items 16 – 24. Read the Gener then complete the requested information. Read the General Information section of this form, and sign and Items 10 and 11 if the information is correct. If you cannot date certify that your transfer or rollover meets all of the require- cannot ments described, you transfer or roll over your distribu- tion into the TSP. Form TSP-60 (10/2012) PREVIOUS EDITIONS OBSOLETE

3 ma -6 0 GE n ER al Info R p t I on m S t R fo E IR a . SI This is a Savings Incentive Match Plan for Employ- mpl Form TSP-60 should accompany your transfer or rollover check ers, an employer sponsored retirement plan available to small to avoid complications. Sending the form and check separately businesses. A TSP participant can transfer an amount from a is form could delay the processing of the transaction. A separate SIMPLE IRA to the TSP, as long as he or she participated in the required for each check that you, your IRA trustee, or your plan e: The TSP must receive n ot SIMPLE IRA for at least 2 years. administrator sends to the TSP. written documentation showing the period of participation in a SIMPLE IRA. If the TSP does not receive a Form TSP-60, but receives a check without a participant’s identification (name and TSP account p This is a plan qualified under IRC . lan Eligible Employer number or Social Security number), the original check will be § 401(a) (including a § 401(k) plan, profit-sharing plan, defined — that is, to the financial ins titution if the returned to the sender benefit plan, stock bonus plan, and money purchase plan); an check was a direct transfer, or to the participant if the check was IRC § 403(a) annuity plan; an IRC § 403(b) tax-sheltered annuity; a rollover. or an IRC § 457(b) plan maintained by a governmental employer. If the TSP receives a check with appropriate identification, but To be accepted into the TSP, the distribution from an eligible em- without Form TSP-60, the original check will be held for up to 15 ployer plan must be an “eligible rollover distribution.” days (without earnings) pending receipt of the completed form supporting documentation, if necessary). After that time, and ( An eligible rollover distribution is a distribution to a participant of if the form (and any other necessary documentation) is not re- all or a portion of his or her account. However, it cannot be: ceived, the check will be returned to the sender. • one of a series of substantially equal periodic payments Be sure to read all of the General Information and Instructions made over the life expectancy of the employee (or the joint before you complete this form. lives of the employee and designated beneficiary, if appli- cable), or for a period of 10 years or more; cept? ac t S p What tax-deferred distributions will the • a minimum distribution required by IRC § 401(a)(9); The TSP will accept both transfers and rollovers of tax-deferred a hardship distribution; • money from any eligible retirement plan as defined in Internal Revenue Code (IRC) § 402(c)(8)(B). An eligible retirement plan in- • a plan loan that is deemed to be a taxable distribution be- cludes a traditional individual retirement account (IRA), a SIMPLE cause of default; or IRA to which the participant has contributed for at least 2 years, a return of excess elective deferrals. • and an eligible employer plan. To be accepted by the TSP, distri- butions must meet different requirements depending on whether Examples of eligible rollover distributions include: a lump sum they are from an IRA or an eligible employer plan. - distribution after terminating employment; an age-based in-serv ice withdr awal; a final single payment after a series of monthly Before submitting this form, a TSP participant who would like payments; monthly payments lasting less than 10 years; death to transfer or roll over money into the TSP should check with a benefit payments; or payments made to a spouse or former representative of his or her IRA or plan to determine what portion spouse pursuant to a qualified domestic relations order (QDRO). of a distribution (if any) meets the applicable requirements, as For Federal civilian employees, an eligible rollover distribution described below. may also include some retirement benefits administered by the Office of Personnel Management (for example, a taxable portion Participants are required to certify in Section I of this e: ot n of the Alternative Form of Annuity (AFA) or interest on lump sum form that the distribution they are seeking to transfer or roll retirement credits). over into the TSP meets the applicable requirements. If a par - ticipant cannot sign the certification, the TSP cannot accept the All of the money transferred into the TSP must be money that transfer or rollover. would have been included in the participant’s gross income for the tax year in which the transfer was made, had the money been t - This is an individual retirement account de . a ditional IR ra distributed without being transferred or rolled over. scribed in IRC § 408(a) or an individual retirement annuity de - scribed in IRC § 408(b). The traditional IRA category does not include a Roth IRA, an inherited IRA, or a Coverdell Education What is the difference between a “transfer” and a “rollover”? - Savings Account (formerly known as an education IRA); distribu (also known as a “direct rollover”) occurs when the transfer A tions from these types of IRAs will not be accepted by the TSP. participant instructs the distributing plan to send all or part of his or her eligible rollover distribution directly to the TSP instead of The TSP will accept all or a portion of a distribution from a tradi- issuing it to the participant. tional IRA except a distribution that: • is a minimum distribution required by IRC § 401(a)(9); or rollover A occurs when the distributing plan makes a payment to the participant (after withholding the applicable Federal in- consists of after-tax balances (i.e., money that has already • come tax) and the participant deposits all or any part of the gross been subjected to Federal income tax). amount of the payment into the TSP within 60 days of receiving it. Form TSP-60 (10/2012) PREVIOUS EDITIONS OBSOLETE

4 t ( m t S p -6 0 GE n ER al Info R ma R I on fo C ont I n UE d ) t S p ? What happens to the money once it reaches the How much tax-deferred money can a participant transfer or roll p ? S t over into the y that is transferred or rolled over into the TSP is allocated Mone to the TSP investment funds according to the participant’s most Ther e is no limit to the number of transfers or rollovers of tax- current contribution allocation on file. Once the money is depos- deferred money that a participant can make. A participant can ited into the participant’s TSP account, it is treated like employee transfer or roll over all or any part of a tax-deferred distribution contributions and will be subject to the same plan rules as all that meets the applicable requirements described on the previ- other employee contributions in the account. These rules may be ous page, and that does not include after-tax or tax-exempt bal- different from the rules of the IRA or plan from which the money ances. If the distribution is made to the participant, an IRA may was distributed. withhold taxes; an eligible employer plan must withhold taxes before making the distribution. The participant can roll over the it will be converted into an When you send us a rollover check, entire amount of the distribution, including any amount that was electronic funds transfer (EFT). We will make an electronic im- withheld for taxes, by making up with personal funds the amount age of your check and use the account information on it to debit that was withheld. If, at a later date, it is determined that the your bank account electronically for the amount of the check. funds were not eligible for transfer or rollover, the funds will be Although the debit will be reflected on your bank statement, you removed from the account and returned to the sender. will not receive the cancelled check because the original will be destroyed after we image it. If for some technical reason the data ot n - Any portion of the distribution that the participant choos e: from the EFT cannot be processed, we will transmit our imaged es not to transfer or roll over will be taxed as ordinary income. copy of your check to your bank. In addition, if the participant is younger than 59 he time of ½ at t distribution, he or she may have to pay a 10% early withdrawal ot n Because the conditions under which the TSP will accept e: penalty tax on the amount that was not transferred or rolled over. transfers and rollovers are strict, and there may be tax conse- quences, we recommend that you consult your tax advisor before How does the IRC annual elective deferral limit affect transfers you move money into the TSP. and rollovers? cept? t S ac p What Roth distributions will the Money that is transferred or rolled over into the TSP is not ap- plied to the annual elective deferral limit that is imposed on regu- of qualified and nonqualified The TSP will only accept transfers lar employee contributions. Roth distributions from any applicable retirement plan, as defined in IRC § 402(e)(1), under which an employee may elect to make How does a transfer or rollover affect monthly payments? Roth contributions. An applicable retirement plan includes a plan qualified under IRC § 401(a) (e.g., a 401(k) plan); an IRC § 403(b) If a TSP participant is receiving monthly payments at the time of a tax-sheltered annuity; or an IRC § 457(b) plan maintained by a transfer or a rollover, the TSP will recalculate the amount or the a . It does not include a Roth IR governmental employer. duration of the monthly payments beginning with the first pay- ment the participant receives in the year following the transfer or accept not The TSP will of qualified or nonqualified rollovers rollover. If a participant is receiving payments: Roth distributions that have already been paid to you. o f a specific dollar amount, the recalculation will occur • only if the participant transferred $1,000 or more, and only If you would like to transfer Roth money into the of Roth balance the duration of the payments will be affected. However, if complete this form; instead, complete your TSP account, do not the new duration of the payments is 10 years or more, the ransf . t S p t for a Roth t er Into the -60-R, Reques f orm t S p payments will no longer be eligible for transfer or rollover, and the tax withholding on the payments may change. the recalculation should increase • Based on life expectancy, the amount of each payment. For more information, see the TSP tax notice “Tax Information for TSP Participants Receiving Monthly Payments.” a statute, rule, or order. It may be shared with congressional offices, private sector RIV a CY a C t p no t ICE. We are authorized to request the information you pro vide audit firms, spouses, former spouses, and beneficiaries, and their attorneys. We on this f orm under 5 U.S.C. chapter 84, Federal Employees’ Retirement System. We may disclose relevant portions of the information to appropriate parties engaged in will use this information to identify your TSP account and to process your request. In litigation and for other routine uses as specified in the Federal Register. You are not addition, this information may be shared with other Federal agencies for statistical, required by law to provide this information, but if you do not provide it, we will not be auditing, or archiving purposes. We may share the information with law enforcement able to process your request. agencies investigating a violation of civil or criminal law, or agencies implementing Form TSP-60 (10/2012) PREVIOUS EDITIONS OBSOLETE

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