Retirement Withdrawals. Since the TSP is a retirement plan, there is no penalty for withdrawing your money during retirement. If you stop working for the federal government, you can start making retirement withdrawals when you turn 55. If you keep working for the federal government, you need to wait until you turn 59-1/2.
DFAS military pay dates (active duty and reserve) are the 1 st and 15 th of every month unless those dates fall on a weekend or holiday. Whenever a payday falls on a weekend or holiday, pay is issued on the last workday preceding the 1st and the 15th. Active duty and reserve members are paid twice a month.
There are three retired pay plans. The date a member first signed a contract with the military determines which pay plan the member falls under. Members who first signed a contract for Regular or Reserve military service before. 1 August 1986 do not get to choose their retired pay plan. They are either under the Final Basic Pay plan (if they signed a contract before 8 September 1980) or the High-3 plan (if they signed a contract between 8 September 1980 and 31 July 1986). You, on the other hand, have a choice between the High-3 retired pay plan and another plan called CSB/REDUX,if eligible.