Beneficiary Differences for TSP
There are a number of rules that exist when naming a beneficiary for your Federal Employees’ Group Life Insurance (FEGLI) and your Civil Service Retirement System (CSRS) and your Federal Employees Retirement System (FERS
- Also Read: IRMAA Surcharges: Best Practices for Federal Retirees and Public Employees
- Also Read: IRMAA Considerations for Higher-Income Retirees: Medicare Premium Adjustments Explained
- Also Read: Interfund Transfer Timing Trends: How Timing Impacts Federal Retirement Plans
TSP Contingent Beneficiaries
Contingent beneficiaries is always a good posture to take under any circumstances because there is always that possibility that something might happen to the person you have named. The TSP also allows for the TSP account holder to name beneficiaries and designate the percentage intended for each beneficiary.
The TSP, like the Federal Government, does not honor Wills. The TSP uses the Order of Precedence in the case where no beneficiary is named. It is important to always update your beneficiary designation forms. Visit your eOPF (electronic Official Personnel Folder) and your TSP folder to review the contents and to make sure you are updating your files and keeping things in place. Updating your files means getting to determine how your assets and resources will be distributed.
The TSP-3 (Designation of Beneficiary) is the form used to select your beneficiary or beneficiaries.
P. S. Always Remember to Share What You Know.
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