Blogging Employee Benefits

August 9, 2006

TSP Proposes Domestic Order Simplification

Filed under: Federal employees — Fuguerre @ 7:31 am

Formula-based court order[s] are overly complex….

An amendment to federal employee Thrift Savings Plan regulations has been proposed, seeking to restrict acceptable domestic court orders to those that would require payment of either a stated dollar amount or a stated percentage or fraction of an employee’s TSP account. [71 FR 45437]

TSP would no longer accept formula court orders, under which payment is determined by a formula yielding a “mathematically possible result.” The proposed regulation includes model paragraphs intended for use by attorneys wishing to ensure that court orders will produce the intended result and satisfy TSP’s new processing requirements. Comments on the proposed regulation are due by September 8, 2006.

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