TSP 17
When an individual passes away who was a participant in the TSP and has a valid designation of beneficiary form on file on the date of death, the TSP will make the distribution accordingly (Use Form TSP 17). However, if there is no designated beneficiary on file, the TSP will distribute the entire account in accordance with the Order of Precedence.
First – a surviving spouse;
Second – the children of the deceased to be shared in equal portions, if a child of the deceased has passed away, then the children of the deceased child will receive the portion that the deceased child would have been entitled to;
Third – the parents with equal shares or the surviving parent;
Fourth –Â the executor of the estate;
Fifth –Â if none of the above exist, the next of kin in the state where the deceased lived at the time of death; not where he/she passed away.
Visit your personnel folder and your TSP account often to make sure you have made necessary changes and updates so that your resources will be distributed in the way you intended.
P. S. Always Remember to Share What You Know.
RELATED TSP ARTICLES
For Postal Employees – LiteBlue and the TSP
Federal and Postal Employees – Choosing a Financial Professional
Is All ‘Your’ TSP Money Actually Yours?
