12/17/2012 - WASHINGTON, D.C. -- The
Federal Retirement Thrift Investment Board announced it has made
temporary changes to the Thrift Savings Plan hardship withdrawal rules
to help victims of Hurricane Sandy pursuant to the guidance issued by
the Internal Revenue Service on November 16.
The TSP will treat any Financial Hardship In-Service Withdrawal Request
(Form TSP-76) received until January 25, 2013 as qualifying for a
hardship withdrawal if the participant writes "Hurricane Sandy" at the
top of the form and checks the block on the form for personal casualty.
The distributions must occur before February 1, 2013 to qualify for this treatment.
The participant should write Hurricane Sandy at the top of the form and
check the "personal casualty" box on the TSP-76. The TSP will then waive
the rule that prohibits a participant from making employee
contributions for 6 months after taking a hardship withdrawal.
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