[Code of Federal Regulations]
[Title 5, Volume 3]
[Revised as of January 1, 2001]
From the U.S. Government Printing Office via GPO Access
[CITE: 5CFR1650.15]

[Page 268]
 
                    TITLE 5--ADMINISTRATIVE PERSONNEL
 
         CHAPTER VI--FEDERAL RETIREMENT THRIFT INVESTMENT BOARD
 
PART 1650--METHODS OF WITHDRAWING FUNDS FROM THE THRIFT SAVINGS PLAN--Table of Contents
 
                 Subpart B--Post-Employment Withdrawals
 
Sec. 1650.15  Required withdrawal date.

    (a)(1) A participant must withdraw his or her account under 
Sec. 1650.10 or begin receiving payments under Secs. 1650.11 or 1650.12 
by April 1 of the year following the later of the year in which:
    (i) The participant turns 70\1/2\; or
    (ii) The participant separates from Government employment.
    (2) However, in no event will a withdrawal be required under 
paragraph (a)(1) of this section until 1998.
    (b) A separated participant may elect to withdraw his or her account 
or begin receiving payments before the date described in paragraph (a) 
of this section, but is not required to do so.
    (c) In the event that a participant does not withdraw his or her 
account or begin receiving payments in accordance with paragraph (a) of 
this section, the Board will transfer all of the funds in the 
participant's account not already invested in the Government Securities 
Investment Fund (G Fund) to that Fund. A notice of this action will be 
sent to the participant with a warning that his or her account will be 
declared abandoned and forfeited unless the participant comes into 
compliance with paragraph (a) of this section within 90 days of the date 
of the notice.
    (d) If the participant does not take the appropriate withdrawal 
action within the 90 day period provided in paragraph (c) of this 
section, the Board will purchase an annuity for the participant after 
the following steps have been taken:
    (1) The account has been declared abandoned and the funds in the 
account have been forfeited;
    (2) A notice of this action has been sent to the participant;
    (3) The participant reclaims the account balance that was abandoned, 
but decides against a withdrawal pursuant to Secs. 1650.10 or 1650.11; 
and
    (4) The participant provides the information that the Board needs to 
purchase an annuity pursuant to Sec. 1650.12.

[62 FR 49113, Sept. 18, 1997, as amended at 64 FR 31062, June 9, 1999]