A TSP 70 form is used with Thrift Savings Plans (TSPs). These accounts are specialized retirement accounts available only for federal employees, members of the military, and their families. This form is also known as a Request for Full Withdrawal. When you complete this form, you're asking to withdraw all of the money from your TSP. It's important to note that this form should be used with care. There are several situations where using this form is not advised.
A TSP 70 form is related to a Thrift Savings Plan. The Thrift Savings Plan is used by federal employees as a savings and investment plan for retirement. It is similar to 401(k) accounts. The TSP 70 form is used to request a full withdrawal from a Thrift Savings Plan due to employment ending for any reason.
This form cannot be submitted online. It must be completed, printed, and then mailed to the appropriate agency. Additional information or forms may be required if you are married or if you have a Roth or non-Roth balance elsewhere. Before the forms are sent in, the signatures must be notarized.
This form should only be used in certain situations. If you have a balance of less than $200, if you are a spouse beneficiary, or if you expect to be re-hired to a federal agency in the next 30 days, you should not use the TSP 70 form.
A Form TSP-70 is commonly used if you want to initiate monthly payments, purchase a life annuity, or receive a final lump sum payment of your entire vested TSP account balance.
A TSP-70 contains the following sections:
To complete a TSP-70, you will need to provide the following information:
You should mail or fax your withdrawal request to:
Thrift Savings Plan
P.O. Box 385021
Birmingham, AL 35238
Fax: 1-866-817-5023
To request a withdrawal from your TSP account, you should: read the booklet entitled “Withdrawing Your TSP Account After Leaving Federal Service,” read the TSP tax notice “Important Tax Information About Payments from Your TSP Account,” and complete the Form SCP-70.
You may be able to transfer or roll over all or part of your TSP account into traditional IRA, Roth IRA, or eligible employer plan. Your eligibility to transfer and roll over the money depends on the type of money contained in your withdrawal and the type of account that will receive your funds.
A single payment or monthly payments that are not transferred directly to an IRA or eligible employer plan can be electronically deposited into your savings or checking account. All you need to do is provide your financial institution information on your withdrawal request form.
It may take several weeks from the time you submit your completed withdrawal request to receive payment. The TSO will notify you in writing when your payment has been disbursed. You can check the status of your request by calling the ThriftLine (1-TSP-YOU-FRST) or checking online at: https://www.tsp.gov/tsp/login.html.
