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: TRICARE Has Limits—What Civilian Military Employees Must Know Before They Retire
- Also Read: The Special Retirement Supplement for FERS Employees: Why It’s a Game-Changer for Retirees
- Also Read: Your Retirement Isn’t Fully Planned Until You Have a TSP Withdrawal Strategy
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.
RELATED TSP ARTICLES
Thrift Savings Plan (TSP) Withdrawal Options
For Postal Employees – LiteBlue and the TSP
Federal and Postal Employees – Choosing a Financial Professional
Is All ‘Your’ TSP Money Actually Yours?
