New withdrawal options and a strategy to help participants with catch-up contributions are among the new features coming to the Thrift Savings Plan within the next year so.
About 20,000 new opt-ins to the blended retirement system aren’t taking full advantage of the Thrift Savings Plan and its benefits.
Each year, thousands of Thrift Savings Plan participants max out their annual contributions too early and miss out on their agency’s matching contribution.
The Federal Retirement Thrift Investment Board, the agency that facilitates the Thrift Savings Plan, is preparing for two major projects next year. The new blended retirement program for military members and the agency’s long term IT modernization plan are the driving factors behind the agency’s 17 percent budget increase in 2017.
The Federal Retirement Thrift Investment Board may need to ask for more resources to get through the rest of fiscal 2016, the agency’s leadership warned. The board predicts the money it spends on cybersecurity upgrades and external audits will likely force the agency to exceed 2016 budget allocations before the year ends.