TSP Provides Updates on 1099-R, Processing Schedule and Loans During Shutdown - January 9, 2019
Helpful Information for those furloughed
Scott Thompson, My Federal Retirement
The Thrift Savings Plan (TSP) provided the following alerts to participants regarding loan payments, its January processing schedule, and fourth quarter statements.
Government Shutdown and Loan Payments
The TSP allows for the suspension of loan payments when you go into nonpay status to prevent your loan from going into default. Normally, we require documentation from your agency or service. However, the TSP does not need documentation of your furlough at this time. If your loan payments were up to date prior to the furlough, missing one or two payments will not cause your loan to be in default. You can check the status of your loan by logging into My Account, selecting “TSP Loans,” and then selecting “Are my payments up to date?” Or you can call the ThriftLine at 1-877-968-3778 and speak to a Participant Service Representative.
As long as retroactive pay is approved, all missed loan payments will be submitted and posted to your loan. We will provide more information as the furlough continues or as events change.