Federal Retirement: Have The Talk
We have discussed at great lengths the reality of death and what must happen in order to execute the final business of our lives. I shared these ideas and stories to remind us and to give us the impetus to have the talk.
Thrift Savings Plan / Power of Attorney (POA)
There are circumstances where the death of a loved one is so overwhelming, taking care of necessary business might have to be delegated to someone else – this is where the TSP Power of Attorney would come into play.
TSP Payments to Beneficiaries
When a family member passes away most of us are not only pained by the passing but saturated with how to pay for the arrangements and everything else that comes with death.
TSP 17 Distributions at Death
When an individual passes away who was a participant in the TSP and has a valid designation of beneficiary form on file on the date of death, the TSP will make the distribution accordingly.
TSP: Completing the TSP 17
You are required to complete the TSP 17 form so that the TSP can determine potential beneficiaries. The TSP 17 has several parts and must be completed with care.
Federal Benefits and Children
The child is deemed dependent where there is evidence that the deceased supported the child by making contributions on a regular and consistent basis sufficient to cause notable loss if no longer apparent.
Survivor Benefit
Individuals who were covered under the Federal Employees Retirement System (FERS) who pass away, their surviving spouse or former spouse may be entitled to a recurring monthly payment if certain qualifying conditions are met.
Former Spouse and Death
You might say what does a former spouse have to do with the business of the deceased federal employee. You might be surprised under certain circumstances, that the former spouse may have more to do with the business than you can imagine.
FERS and Deceased Employees
It is always a good idea to know what benefits are available to you in retirement and how those benefits work in retirement during your lifetime and in the event of your death.
Applying For Benefits – When A Federal Employee Dies
When a federal employee dies family members or representatives must apply for benefits. Benefits are not automatically distributed. The forms differ depending on the retirement system your deceased family member was a part of.
