I am currently employed by the federal government and have a TSP account. I am preparing to leave my job in November or December to start a new retail business specializing in outdoor gear and apparel. I have done extensive research on the ROBS process and believe that it is a good option for this enterprise. I do have a few questions
QUESTION 1.
Do you have experience preforming the ROBS transactions from TSP accounts?
ANSWER:
Yes the IRS rules allow for the transfer of a TSP to a 401k and a ROBS falls under the 401k or define contributions umbrella. We will handle the transfer process (including completing all of the necessary paperwork). As part of our process, the administrator of the TSP will provide the transfer paperwork (Form TSP-70-T, or TSP-70 if you want to process a full transfer) or to rollover funds from your TSP to your new employer ROBS 401(k) plan (which paperwork we would complete as part of our services).
QUESTION 2.
If I was planning to leave my job on 11/24 for example, How soon prior to that date should I engage your services?
ANSWER:
We can start the process at any time (although you will not be able to transfer the funds from your TSP until you leave your job). For example, we can set up the Corporation now (which you may find beneficial from a business perspective – e.g. to enter into contracts in connection with the outdoor gear and apparel business, etc.) and then proceed with the rollover in November. To learn more about the benefits of a phased approach HERE. If you prefer to wait until November, we would suggest starting around the middle of November.
