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Old 07-30-2020, 06:07 PM   #61
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+1 Great advice!


All this seems to have been wasted on the OP, who never returned and missed 60 excellent posts but thanks and Iím glad you enjoyed it!.
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Old 07-30-2020, 06:58 PM   #62
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I have a TSP account and I rolled my external tax deferred accounts INTO the TSP. I recommend you do the same with any tax deferred funds at EJ. The TSP offers excellent index funds with rock bottom fees, including the excellent G Fund that is not available anywhere else. Their mission is to serve you, nobody else. Edward Jones is not your friend.

+1, I did the same. You definitely do not want to move your TSP funds to Edward Jones...........the fees will kill you.
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Old 08-20-2020, 12:54 PM   #63
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All this seems to have been wasted on the OP, who never returned and missed 60 excellent posts but thanks and Iím glad you enjoyed it!.
it seems like the OP is another one hit wonder. glad most members are more conscientious and respond to those that have taken time out to participate.
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Moving Funds from Edward Jones to TSP
Old 08-09-2021, 08:21 AM   #64
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Moving Funds from Edward Jones to TSP

Don,

What was the process for this transfer? I am hoping there is an online way to do the transfer but the TSP info states they want a check mailed to them?

Quote:
Originally Posted by donheff View Post
I have a TSP account and I rolled my external tax deferred accounts INTO the TSP. I recommend you do the same with any tax deferred funds at EJ. The TSP offers excellent index funds with rock bottom fees, including the excellent G Fund that is not available anywhere else. Their mission is to serve you, nobody else. Edward Jones is not your friend.
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Old 08-09-2021, 08:28 AM   #65
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+1, I did the same. You definitely do not want to move your TSP funds to Edward Jones...........the fees will kill you.
I am looking to do the same...any advice on how to do this quickly and smoothly? Did you have to mail a check form ed jones to TSP or was there a method to do the transfer online (which is what I prefer but I have yet to find any TSP documentation that speaks to this).

Thanks
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Old 08-09-2021, 08:32 AM   #66
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Don,

What was the process for this transfer? I am hoping there is an online way to do the transfer but the TSP info states they want a check mailed to them?
It was many years back but, as I recall, I had to go with a check. Same when I rolled a portion of the TSP over to Schwab (so I could write checks to charities with the RMDs to get top of the line tax deductions). The TSP has some excellent funds but they are a PITA for withdrawals, roll overs, and roll ins.
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Old 08-09-2021, 08:55 AM   #67
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It was many years back but, as I recall, I had to go with a check. Same when I rolled a portion of the TSP over to Schwab (so I could write checks to charities with the RMDs to get top of the line tax deductions). The TSP has some excellent funds but they are a PITA for withdrawals, roll overs, and roll ins.
Thanks for the reply...Yeah I have heard others say that TSP is a PITA for withdrawals...which concerns me a bit come retirement time when I need to get the money out of TSP to live on.
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Old 08-09-2021, 10:26 AM   #68
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I started doing monthly payments from TSP and annual conversions to a Fidelity (FIDO) Roth 2 years ago.

Initially I had to login into TSP, specify the amounts for each transaction, print out the paperwork and part of it I had to get DW signature notarized. The conversion portion I had to send to FIDO to agree to accept the money and provide routing info. With both portions in hand, I mailed it to TSP.

The second year, since I had not changed the monthly payment amount, no notarization was required. Still had send the FIDO portion to FIDO as the conversion amount was different due to COLA increases.

Just be aware, if the monthly payments are expected to last less than 10 years based on the withdrawal amount and the fund amount, your monthly payments are automatically taxed at 20%. Conversions do not have tax withholding and you are responsible for taxes at the end of the year.

If monthly payments are expected to last MORE than 10 years, monthly payment taxes are based on # of claimed dependents and the difference needs to be paid with quarterly payments to the IRS to avoid underpayment penalties.

With the crazy stock market, I had one year of each circumstance.
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Old 08-09-2021, 10:29 AM   #69
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I am looking to do the same...any advice on how to do this quickly and smoothly?
Thanks
I hope your not going to Eddys....
I dont have a TPS, But I got a cashiers check from my bank, and went to a Schwab office and opened an account, then online I have the choice of setting up online transfers, and started Roth accounts for the Wife and I.
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Old 08-09-2021, 10:37 AM   #70
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Eddie may make it easy to withdraw but you certainly pay dearly for that privilege.
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Old 08-09-2021, 10:51 AM   #71
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I hope your not going to Eddys....
I dont have a TPS, But I got a cashiers check from my bank, and went to a Schwab office and opened an account, then online I have the choice of setting up online transfers, and started Roth accounts for the Wife and I.
haha I am looking to leave uncle Eddie .
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Old 08-09-2021, 11:03 AM   #72
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Some years ago I deposited some old IRA's from the 1980's into TSP. I submitted a form, which I think was TSP-60. TSP worked with the Credit Union that held the IRA's, so the transfer happened electronically. I don't recall it being a big PITA.
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Old 08-09-2021, 01:02 PM   #73
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I'm not OP, but two years post-retirement, I've decided to stick with the TSP. But, due to its relative inflexibility, I've found it helpful to have some retirement funds outside the TSP.

Right now, I'm using those non-TSP funds to do Roth conversions. Since we don't have a lot of savings outside retirement accounts, the Traditional IRA also provides a second source of emergency funds.
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Old 08-09-2021, 04:56 PM   #74
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Thanks for the reply...Yeah I have heard others say that TSP is a PITA for withdrawals...which concerns me a bit come retirement time when I need to get the money out of TSP to live on.


The TSP relaxed their withdrawal policies for > 59.5. Iíll bet the folks you heard complaining were referring to the old policy which was more rigid.
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Old 08-09-2021, 06:51 PM   #75
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We've done numerous transfers and rollovers from 401a, 457b, 401K, tIRA accounts as well as conversions of funds into Roth IRA accounts. Within the last 12 months, I've rolled over funds from a 401K (using TSP 60 and 60-R forms) into TSP and transferred funds out of TSP (using the TSP online portal and TSP 99 form) to a Roth IRA. I find TSP no worse and sometimes even better than many of the other tax deferred account custodians. As a CSRS annuitant, I'm not saddled with spousal consent requirements when rolling funds out of TSP so this makes things a bit easier.

I intend to keep on rolling over funds into TSP as North Carolina, where I live, has very favorable state income tax treatment for Federal pensions and TSP distributions for those who quailifed under the Bailey settlement. https://www.ncdor.gov/taxes-forms/in...ement-benefits
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Old 08-11-2021, 07:58 AM   #76
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It was many years back but, as I recall, I had to go with a check. Same when I rolled a portion of the TSP over to Schwab (so I could write checks to charities with the RMDs to get top of the line tax deductions). The TSP has some excellent funds but they are a PITA for withdrawals, roll overs, and roll ins.
It appears a check is still the only way to transfer IRA funds into TSP. Mail check to them and can take up to two weeks for the deposit to show in the account.

Official TSP reply:

The TSP has never offered the option for participants to transfer funds into their TSP accounts electronically. TSP transfers are documented by the TSP's recordkeeping system but held by the United States Department of the Treasury (Treasury). Please be aware that, while the Treasury does issue other types of TSP disbursements by electronic funds transfer (i.e., single payments, installment payments, and loans issued directly to participants from the TSP), the Treasury will not issue TSP transfers to or from IRAs at designated financial institutions or eligible employer plans by electronic funds transfer or wire transfer. The TSP is not a financial institution and does not have routing numbers for wire transfer. Consequently, all IRA and eligible employer plan transfer payments must be received by check.
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Old 08-11-2021, 08:20 AM   #77
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I find TSP no worse and sometimes even better than many of the other tax deferred account custodians.
Good point. Even though I said the TSP is a PITA, that is only compared to institutions like Vanguard and Schwab. When I rolled an IRA into the TSP, the IRA custodian was more of a PITA. DW has a large 401K administered by Mass Mutual. We plan to roll it to Schwab before RMDs come around. We would do it now but it is a king sized PITA. Written forms, mailed checks, all the hurdles that stretch out the period the funds are in limbo. When we make that move we plan to first go to cash in the 401K on an up day and simultaneously convert other IRAs and my TSP to all equities to keep the overall portfolio closer to our chosen AA during the transition. Once the rollover funds are available at Schwab we will straighten things out.

I normally keep all of my TSP in the G fund. It is the cash like bond portion of our overall portfolio. I recommend that anyone rolling their TSP into an IRA for convenience consider keeping a portion with the TSP in the G fund for this purpose.
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Old 08-11-2021, 09:23 AM   #78
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Official TSP reply:

The TSP has never offered the option for participants to transfer funds into their TSP accounts electronically. TSP transfers are documented by the TSP's recordkeeping system but held by the United States Department of the Treasury (Treasury). Please be aware that, while the Treasury does issue other types of TSP disbursements by electronic funds transfer (i.e., single payments, installment payments, and loans issued directly to participants from the TSP), the Treasury will not issue TSP transfers to or from IRAs at designated financial institutions or eligible employer plans by electronic funds transfer or wire transfer. The TSP is not a financial institution and does not have routing numbers for wire transfer. Consequently, all IRA and eligible employer plan transfer payments must be received by check.
I think this is old info. I've electronically transferred from TSP to FIDO for the last 2 years as previously mentioned. Maybe TSP cut a physical check to FIDO. Dunno. Was transparent to me.
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Old 08-11-2021, 10:00 AM   #79
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I've been retired from active duty life for almost two years, and have kicked around the idea of moving my TSP over to Vanguard for consolidation/simplification. I haven't done it yet, largely because of the G fund, which currently represents our bond allocation. I will soon roll a good portion of my TSP funds to Vanguard, but keep the G fund as the bond allocation.

Just a couple points to clarify in this older thread regarding fees:

G-fund and all TSP fund fees are now 0.049%. Still very low, but not as low as they once were.

VTSAX is 0.03%, Total Bond Market is 0.05%.

So the fees aren't really a valid argument to stay with TSP... right now. They're basically a wash. So for me, this decision has boiled down to:

Reasons to stay:
- Access to the G fund for our bond allocation.

Reasons to go:
- Consolidation and simplification of overall portfolio management.
- Ability to execute Roth conversions when able.
- Additional fund access at Vanguard not available at TSP (very minor because TSP has funds that are mostly good enough).

Just providing some food for thought here... Oh, and yes, get the heck away from EJ. Obvi.
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Old 08-26-2021, 09:11 AM   #80
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I think this is old info. I've electronically transferred from TSP to FIDO for the last 2 years as previously mentioned. Maybe TSP cut a physical check to FIDO. Dunno. Was transparent to me.

The info I provided was a reply I received from TSP representative when I asked the question to TSP earlier this month.
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