TSP and the Government Shutdown
For those of you who are Military and GS employees here is how the shutdown will affect your TSP Account.
TSP will continue to operate as normal and you should have the full menu of options available to you in regards to your TSP account. Here are some things to keep in mind though...
- If you are still on Active Duty or a current GS employee and are in a bind for cash because of the shutdown, you can take loans from TSP. If at all possible avoid doing this. But if you need the money, you need the money. Just make sure you pay it back immediately if you get retroactive pay or as soon as possible otherwise.
- If you have a current loan and are in furlough status you will not be making payments on the loan as your payments are taken from your paycheck. You will not be considered in default unless you miss more than 2 1/2 payments. I hope the furlough doesn't last that long, but if it does, make arrangements to make the loan payments directly...you don't want to wreck your credit rating.
- Funds cannot be withdrawn by the Government to pay for its obligations....your funds are "safe".
Hope this helps a little and I hope the stalemate ends soon.