Thank you..that helpsIf there are no outstanding TSP loans than the money is yours. Employer matching or not.
Withdrawn how is what makes a difference...balance that is there will be the employee’s as stated above, but there can be substantial penalties and taxes withheld depending on age and type of withdrawal. Make sure of the rules.Thank you..that helps
I was hoping that they didn't make you wait until 59 1/2....
Like others said, depending upon why that money was withdrawn is the real factor. If a loan is still outstanding you will be issued a 1099 as taxable income on the remaining loan.What happens when you retire, and there's only the employers matching contribution left in your 401k?
Iow...employee has withdrawn all or most of his or her contributions.
Thanks for any help.
Gotcha...You don't have to "wait until 59 1/2...", when you retire/quit the money is yours, but the IRS has rules about what you can do without penalties.
401k Resource Guide Plan Participants General Distribution Rules | Internal Revenue Service
Explains the different forms of distribution.www.irs.gov
There's the supplemental bridge payment until 62 as well?Hopefully you can get by on your pension and Social Security.
Don't be sorry..it's a hypothetical question..why would you assume I did anythingI'm sorry, but why would you do that? Didn't you see retirement coming? If there were health issues or other pressing needs, I could be more understanding.
No loan...Like others said, depending upon why that money was withdrawn is the real factor. If a loan is still outstanding you will be issued a 1099 as taxable income on the remaining loan.
LMBOIt's my money and I want it NOW!
why would anyone want to retire from a job and organization that is as highly respectful to employees as this 3 years 7 months 23 days 13 hours 31 minutes 21 seconds and I am goneWhat happens when you retire, and there's only the employers matching contribution left in your 401k?
Iow...employee has withdrawn all or most of his or her contributions.
Thanks for any help.
LMBOwhy would anyone want to retire from a job and organization that is as highly respectful to employees as this 3 years 7 months 23 days 13 hours 31 minutes 21 seconds and I am gone
Can anyone give me a reason not to retire? Any help on the way from the next contract? I put in for retirement date 8/14/2020. I haven't heard from them, only to say that the request had been received. Do not try to contact until you get a departure number! I forgot to put in marriage certificate, will that void the application? I have vacation time for last 2 weeks, so I am thinking only about 3 weeks left.
Form says you can change your mind up until last day! Any reason to?
Can anyone give me a reason not to retire? Any help on the way from the next contract? I put in for retirement date 8/14/2020. I haven't heard from them, only to say that the request had been received. Do not try to contact until you get a departure number! I forgot to put in marriage certificate, will that void the application? I have vacation time for last 2 weeks, so I am thinking only about 3 weeks left.
Form says you can change your mind up until last day! Any reason to?