Quote:
Originally Posted by creditcardfree
I briefly looked at the tsp website here. It does look like loans are an option in a hardship situation. I didn't look for contribution limits. |
Loans are permitted for
1. For any reason
2. For a house
In general, there is a limit of 50,000 or your contribution amount (whichever is lower).
There are lots of nuances, but it is all covered in these references.
TSP: Civilian Features chapter 11, TSP Loan Program; 2008 Sep 18
TSP loan booklet
("http://www.tsp.gov/forms/tspbk04.pdf")
("http://www.tsp.gov/features/chapter11.html" )
(If you click on the links, they take you to the main tsp web page--but if you cut and paste the links into your browser, they take you to the particular reference)
Quote:
|
Personally, I think the TSP is overly simplified. Only 5 funds to choose from!!Of course, for the average person the simplier the better.
|
Recent legislation (The Tabacco Bill) will give more choices.
From Mike Causey's Federal New Radio column:
"Authorizes the Federal Retirement Thrift Investment Board, which oversees the TSP, to allow investors to put TSP account balances into a mutual fund outside of the TSP. In effect this will allow feds to invest in a TSP-selected mutual fund provider. This will be a complex procedure. "
Link to entire article