The day has arrived, you will be submitting your SF-3107 for retirement. The moment arrived faster than you anticipated, so you rushed through the process. Before you turn it in to HR, look it over and consider the following common mistakes:
- A survivor election must be indicated, regardless of whether the individual is married or not.
- Do you have a common-law relationship (not available in all states)
- If a married applicant elects less than the full survivor annuity, spousal consent must be provided and the election on the application must agree with the spousal consent.
- Do you have Court Order question which must be answered.
- Other areas needing special attention include: all periods of creditable civilian service, review every SF-50 issued to you, if you are former military, your military service must be listed, and military service must be documented on a Form DD-214.
- Did you apply for your Military buy back deposit?
- Have you budgeted for FEGLI in coming years? Will you cancel in retirement? Are you aware of advancing premiums in future years?
- Make sure your TSP beneficiary(s) is in place. If you die with no beneficiary, or your beneficiary dies before you, TSP will NOT HONOR YOUR WILL OR TRUST.
- TSP will do nothing to search out your next of Kin. If a sister, brother or anyone approaches TSP, proof must be presented as to all kin. TSP will not distribute until satisfied that all next of kin are accounted for.
- TSP balances, not claimed, will be confiscated, and used to off-set the fee structure.
- Do you have any outstanding loans with TSP?
It is important that you meet a planner knowledgeable with the federal syste,