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The Thrift Savings Plan (TSP) recently announced upcoming COVID-19 loans and withdrawals. New temporary withdrawal and loan programs authorized by the CARES Act will be implemented this summer.
Under the new loan program, the maximum loan amount available to participants will increase from $50,000 to $100,000, and the portion of a participant’s available balance that can be borrowed will increase from 50% to 100%. Additionally, participants may elect to suspend payments on a TSP loan for up to 12 months, although it also will extend the life of the loan by 12 months.
For more information about TSP or any financial questions, please contact the Fleet and Family Support Center at 1-866-854-0638.
