After High School, I joined the US Army, where I joined into the Thrift Savings Plan, or TSP, which is, for the sake of simplicity, like a 401k plan.
After 10 years of service, I left active duty to pursue my dream of completing my education, which I am happy to report I did (with ZERO student debt to boot!).
I rejoined the workforce after graduation in 2010, and my current company offers a 401k plan, which I am a participating in.
Since I am getting back into getting my financial house in order, the fact that I still had money in the TSP came back to me in the middle of the night. I found the last documents I have from the TSP, which are dated from 2007. I can't log into the TSP website right now though (they changed the account numbers and I have to wait for them to mail me my new logon information) but since my last TSP information I have on file includes the share amounts I have in each fund, I was able to determine, based on closing prices, the market value of my TSP account.
Now, I have to call Fidelity, (the company that is managing my current 401k) to see what I need to do to complete a roll over. While the TSP is a good program and I like the fund options - I can not put any more money into the fund since I am not active duty and I would prefer the balance amount to be in a fund that I can actively manage and add principle to throughout time.
I told my husband that I found some extra retirement savings. He asked me how I could have forgotten that I had the account. The answer to that is simple - when one is not paying attention, the mind tends to forget what it has!
401k and TSP
February 14th, 2013 at 05:10 am
February 14th, 2013 at 05:36 am 1360820210
Once you have the TSP account number, I suggest you have Fidelity [employer 401K Plan] complete the transfer process. Meanwhile work out your allocation plan so that you know exactly which funds meet your risk tolerance. It's important to know their Management Expense Ratio since it indirectly affects the value of your holdings.
You didn't mention your current contributions to your retirement plan but I hope you are at least take advantage of any employer match. It's free money!
February 14th, 2013 at 05:51 am 1360821065
February 14th, 2013 at 01:35 pm 1360848937
You may also have combat contributions in your TSP that are tax free withdrawals...you don't want those rolled into an IRA without VERY CAREFULLY keeping track of those.
My husband has a TSP...I expect we will keep as is for the duration.
March 1st, 2013 at 10:10 am 1362132634