Calculation for court ordered TSP withdrawal & loan freeze

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elvislives
Posts: 11
Joined: Mon Oct 29, 2012 1:15 pm

Calculation for court ordered TSP withdrawal & loan freeze

Post by elvislives »

Has anyone successfully appealed the calculation or the amount of earnings that TSP applies to a court ordered withdrawal. For example, at the time they received the notice from the court that specified that the withdrawal is effectives as of Sept 1, 2017, I had earnings from my contribution allocation in the S Fund but by the time they actually took the monies from my account on February 6, 2018 I had suffered a loss. They sent me a written explanation of the formula and I tried to do my own calculation but it may or may not be right. In any case, I believe they took about $2k more than they should. Also they froze my ability to apply for a TSP LOAN through April 14 which was 2 months after the actual distribution or withdrawal of the monies. I contested their amount of earnings assigned to the withdrawal in writing and they never replied in writing. The TSP BOARD simply left me a voicemail message.

Few questions for fellow TSP EXPERTS:
1. Has anyone recreated the formula in excel and if so, can you share?
2. Has anyone ever contested or appealed the amount of the earnings that TSP calculated for an approved court order withdrawal and won? If so, how did you do it?
3. Has anyone had their ability to apply for a TSP LOAN frozen longer than required? If so what can be done?

Thank you!
V/r
Frustrated in Chicago!

nodak
Posts: 69
Joined: Sun Apr 02, 2017 6:36 pm

Re: Calculation for court ordered TSP withdrawal & loan free

Post by nodak »

I have no experience in this but thought I would post in hopes that is might draw attention to your question. With that said;

You use the term “earnings” four times in your post; is this somehow only related to earnings and not the account balance?

Was the amount stated on Sept 1 the same amount withdrawn on Feb 6? If so, then all is good (in my opinion). You can’t expect them to reduce the amount due because of a loss unless you are also willing to increase the amount due if the market does well (The S fund increased 7.64%, C fund 9.63% in that time period).

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Fund Prices2024-03-27

FundPriceDayYTD
G $18.14 0.01% 1.00%
F $19.09 0.26% -0.68%
C $82.11 0.87% 10.42%
S $82.19 1.48% 6.61%
I $42.68 0.56% 6.21%
L2065 $16.38 0.84% 8.36%
L2060 $16.38 0.84% 8.36%
L2055 $16.39 0.84% 8.36%
L2050 $32.73 0.71% 6.94%
L2045 $14.91 0.67% 6.56%
L2040 $54.37 0.63% 6.20%
L2035 $14.34 0.58% 5.77%
L2030 $47.66 0.53% 5.35%
L2025 $13.14 0.31% 3.40%
Linc $25.60 0.24% 2.79%

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