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Compass
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Legislation Exempting Some Federal Employees from Retirement Plan Withdrawal Penalty Gains Ground
FedSmith.com June 9, 2015
"After the House passed the Defending Public Safety Employees' Retirement Act (H.R. 2146) last month, the Senate passed its version of the legislation on June 4. However, an amendment was added to delay the bill's start date by a year ... [Law enforcement officers and firefighters] will be able to withdraw funds from the TSP in the amount of their choosing as long as they are 50 years of age and retired.... Before this law, LEO/FFs under the age of 55 at retirement could still get funds from the TSP penalty-free by using [a series of payments over the individual's life expectancy], but these payment amounts are prescribed by law and [the retiree is] locked-in for the longer of 5 years [or] ... age 59-1/2. After 12/31/2015, the retiree will be able to select the amount of their choosing and not be locked into a payment plan."
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