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Jim Fish:Halloween is Scarier for Federal Employees Who Forget This Important Form
Update your TSP beneficiary form or bad things might happen!
By: Pier Financial Group
Los Angeles Federal Benefits and retirement income advisor Jim Fish says failure to update the Thrift Savings Plan beneficiary form could be a costly mistake for government employees. To solve this problem Fish is launching a new TSP Beneficiary Review and Filing Program. This program is a no cost service available to any current or retired federal worker.
What is the TSP-3 form anyway?
TSP-3 is the form used to designate one or more persons, a charity, trust, your estate, or some other legally-recognized entity, as the beneficiary or beneficiaries on your account. If you wish, this document also has a place where you can name a contingent (backup) beneficiary in case your primary beneficiary passes away.
Says Fish, "The TSP-3 is not just something you glance at and then toss into a desk drawer. It's a legally-binding document that the Thrift Savings Plan is obligated to follow." Fish says far too many federal employees neglect to update it when a significant life event occurs, such as marriage, divorce, or the birth of a child.
"For instance, says Fish, if you divorce and get remarried and forget to take Wife 1 or Husband 1 off as your beneficiary, Wife or Husband 2 will not get your money, even if your heart's desire was for them to receive it. There could be some spitting on your grave if that happens"
Recent updates and improvements to the TSP in 2022, administrating your plan is now easier. There are no more excuses for procrastinating since you can do most, if not all, of the tasks related to your TSP on the website. Or, you can make changes on your phone or tablet using the TSP mobile application. Thinking about death is much less morbid when you use an app, right? If you prefer to have only some of your business floating around in the digital world, you can also submit beneficiary information by phone via the ThriftLine.
Jim Fish offers Federal employees a free TSP management service to help feds file and update their beneficiary forms, along with a free download of his book, "The Informed Fed." Jim Fish works virtually, so Federal employees anywhere in the USA can benefit from this program. Call Jim's office and set up an appointment (909) 477-1686 or visit