qualified pension plan

[MooGiz]

I receive a monthly income from a qualified pension plan (TSP) from the Office of Personnel Management Retirement Operations. The two  choices  of what I did with the money from OPMRO is confusing. I never moved any money from my retirement plan and currently receive monthly benefits from it. What is the right choice?

[Kona Coffee Guy]

Hi friend,

I know, the words are confusing.  You basically have two simple choices if you received Retirement Benefits:

1.  You left it in the retirement account or transferred to another retirement account. or

2.  You received it into your bank account and spent or saved the funds etc.

you would check the appropriate box.  (probably most people receive the benefits and spend it as regular income.)

[SteamTrain]

select...You did something else with it..

....i.e deposits to the bank, or monthly checks in the mail are the same as taking cash.

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Be a bit careful though...the normal traditional pension coming from OPM is reported yearly on a CSA-1099-R.

That is not the same as the TSP (thrift Savings Plan) program, which OPM allows and is entirely separate from the traditional pension, and equivalent to a 401k.....and reported on a standard 1099-R.

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One way to tell the difference is to contact OPM and find out for sure which they are sending you (perhaps both if you are over age 72 now).  But if you are receiving both, there should be two separate forms for you to enter into the software.