Designated Beneficiary

Managing your TSP and alternate investment options after retirement or separation from service.

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Midway
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Designated Beneficiary

Post by Midway »

In doing my annual review of paperwork, I came across an old note from a PMS (Personnel Management Specialist) to make sure I knew who the beneficiary of my TSP would be if I died.
TSP will distribute your funds to your designated beneficiary (form TSP-3) or by statutory order of preference. They will not honor the wishes of your will or trust.
Also, your current spouse will get nothing if your ex is still listed as the Designated Beneficiary. Update as necessary.

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mjedlin66
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Re: Designated Beneficiary

Post by mjedlin66 »

You mean that I have to update my beneficiary every time I get remarried? What a drag.
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bad70nova
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Re: Designated Beneficiary

Post by bad70nova »

No leave it to the EX HA HA, or just don't get remarried makes life easier.

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Aitrus
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Re: Designated Beneficiary

Post by Aitrus »

mjedlin66 wrote:You mean that I have to update my beneficiary every time I get remarried? What a drag.


Are you one of those that likes getting married so much that you've done it several times?
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bad70nova
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Re: Designated Beneficiary

Post by bad70nova »

Just remember no longer than 9 years 364 days @ 10 years it screws with your SS.

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rmcdeepsea
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Re: Designated Beneficiary

Post by rmcdeepsea »

If you are uniformed services how do you check who your beneficiary is?

Midway
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Re: Designated Beneficiary

Post by Midway »

rmcdeepsea wrote:If you are uniformed services how do you check who your beneficiary is?


From TSP website:"Beneficiary information was previously found on your annual and quarterly participant statements but has been removed temporarily while we work to bring you a redesigned summary of your TSP account.
If you don't remember whether you've submitted a Form TSP-3, Designation of Beneficiary, you can find out by calling the ThriftLine (1-877-968-3778) and speaking to a Participant Service Representative."

The last statement that listed that I had a Designated Beneficiary on file was 2nd quarter of 2012. It showed when the designation was made but not who it is. Looks like a phone call is needed. Good luck getting through.
I would like to volunteer to be anyone's Designated Beneficiary if that makes your life easier! :lol:

Scorpio70
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Re: Designated Beneficiary

Post by Scorpio70 »

Leaving it to the kid so she can go on Disney Cruises.

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mjedlin66
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Re: Designated Beneficiary

Post by mjedlin66 »

Aitrus wrote:
Are you one of those that likes getting married so much that you've done it several times?


Not yet, but sooner or later she is likely to figure out that I have male pattern baldness and no money.
Owner/creator of TSPcalc.com - "Know your numbers"

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ArrieS
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Re: Designated Beneficiary

Post by ArrieS »

I have never designated a beneficiary because I have no problem with the legal preference. It's your current spouse and if they are deceased your children and none of those it's your parents. After that, I really don't care who gets it.

Never have to worry about changing it.
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Midway
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Re: Designated Beneficiary

Post by Midway »

You can now review your designated beneficiaries on the TSP.gov website. Sign in and at the bottom of the menu on the left is "Beneficiaries".

Scarfinger
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Re: Designated Beneficiary

Post by Scarfinger »

Midway wrote: Thu Mar 11, 2021 12:44 pm You can now review your designated beneficiaries on the TSP.gov website. Sign in and at the bottom of the menu on the left is "Beneficiaries".
I selected "beneficiaries" tab. It doesn't show who your current beneficiaries are. It takes you through a menu to add beneficiaries.

It doesn't seem to show you your current beneficiaries. Maybe if I went through the complete process it would show me at the end. Interesting.
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Midway
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Re: Designated Beneficiary

Post by Midway »

It shows my current beneficiaries. Are you sure you have designated one in the past? If it doesn't show any, I would check with TSP to verify you have designated beneficiaries on file.

Scarfinger
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Re: Designated Beneficiary

Post by Scarfinger »

Midway wrote: Mon Mar 15, 2021 11:34 am It shows my current beneficiaries. Are you sure you have designated one in the past? If it doesn't show any, I would check with TSP to verify you have designated beneficiaries on file.
So basically... I don't have any current beneficiaries. Thanks for bringing this to my attention. Paperwork to be mailed out Monday. Thanks again :)
I am just an average Joe. I have no clue to what the market will do.
TimboSlice wrote: "People really need to stop overthinking this."
Following Daily Seasonal # 139921 as a general guideline.

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