Leaving federal service for private sector - transfer TSP?
Moderator: Aitrus
Leaving federal service for private sector - transfer TSP?
I'll be leaving the federal workforce after 8 years to test out the waters in private sector. My new company offers 5% 401k that vests from day 1 without any contribution from my end. I've got about $100k in my TSP--should I roll it into my new 401k or keep it going in TSP? Will I still have access to my TSP account once I leave?
Re: Leaving federal service for private sector - transfer TS
You will still have access to your TSP account. The choice is yours but I would research the options in your new 401K or anywhere else you are considering transferring your money to. Look at the fees and the rules applicable to each options. Many companies will allow you to transfer your retirement balances from other retirement accounts into their plans. If you like TSP and how it works, you might want to keep at least some money there in case you change your mind in the future. Once you close it, there is no going back. I like the simplicity, low fees and being able to manage it myself but it is up to you and your personal situation..
Re: Leaving federal service for private sector - transfer TS
I don't like any of my parent's/uncle's 401Ks. They have the most rediculous interfund transfer rules i've ever seen... but then again, i'm sure it's there for a reason.
Re: Leaving federal service for private sector - transfer TS
My past 401ks were not as flexible and had higher fees than the TSP.
In fact, I think that after you leave federal employment, you can continue to regularly roll over the balance of your new 401k into the TSP (assuming it's an eligible plan for transfer). Can anyone confirm that, or am I making things up again?
In fact, I think that after you leave federal employment, you can continue to regularly roll over the balance of your new 401k into the TSP (assuming it's an eligible plan for transfer). Can anyone confirm that, or am I making things up again?
Re: Leaving federal service for private sector - transfer TS
mattch45 wrote:My past 401ks were not as flexible and had higher fees than the TSP.
In fact, I think that after you leave federal employment, you can continue to regularly roll over the balance of your new 401k into the TSP (assuming it's an eligible plan for transfer). Can anyone confirm that, or am I making things up again?
If I can continue to control my TSP account and roll my future 401k into it, that would be perfect!
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