[Code of Federal Regulations]
[Title 5, Volume 3]
[Revised as of January 1, 2007]
From the U.S. Government Printing Office via GPO Access
[CITE: 5CFR1650.17]

[Page 267]
 
                    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.  1650.17  Changes and cancellation of a withdrawal request.

    (a) Before processing. A pending withdrawal request can be cancelled 
if the cancellation is processed before the TSP processes the withdrawal 
request. However, the TSP processes withdrawal requests each business 
day and those that are entered into the record keeping system by 12:00 
noon eastern time will ordinarily be processed that night; those entered 
after 12:00 noon eastern time will be processed the next business day. 
Consequently, a cancellation request must be received and entered into 
the system before the cut-off for the day the withdrawal request is 
submitted for processing in order to be effective to cancel the 
withdrawal.
    (b) After processing. A withdrawal election cannot be changed or 
cancelled after the withdrawal request has been processed. Consequently, 
funds disbursed cannot be returned to the TSP record keeper.
    (c) Change in monthly payments. If a participant is receiving a 
series of monthly payments, the participant can change at any time: His 
or her withdrawal election to request a final single payment, the 
address to which the payments are mailed, whether or not a payment will 
be transferred (if permitted) and the portion to be transferred, the 
method by which direct payments to the participant are being sent (EFT 
or check), the identity of the financial institution to which payments 
are transferred or sent by EFT, or the identity of the EFT account. Once 
a year, during a period determined by the Executive Director, the 
participant may also elect to change the payment amount or to change 
from a monthly payment based on life expectancy to a fixed payment 
amount.

[68 FR 35503, June 13, 2003, as amended at 70 FR 32215, June 1, 2005]