Another member of Congress has introduced legislation that would give federal employees the option to take a penalty-free hardship withdrawal from their Thrift Savings Plan during government shutdowns. Meanwhile, the TSP is also still struggling to improve its cybersecurity posture.
Participants in the Thrift Savings Plan can officially borrow from their own retirement accounts during future government shutdowns.
The agency that administers the Thrift Savings Plan said there may be a legislative movement building in Congress to allow federal employees more flexibility to tap into their TSP accounts with fewer penalties during future government shutdowns.
Federal employees considering retirement or leaving federal service can learn more from Thrift Savings Plan expert during a training seminar next week.
About half of all thrift savings plan account holders move their money to an outside IRA or other investment option when they leave federal service. So who is right, and what is your plan?
Big changes are coming to the Thrift Saving Plan. Kim Weaver, director of External Affairs for the TSP, joins host Mike Causey on this week’s Your Turn to talk about the changes, which include making it easier for participants to make withdrawals from their accounts. May 23, 2018
The agency that administers the Thrift Savings Plan is getting a big budget boost next year to handle a growing number of enrollees, staff and responsibilities.
House Oversight and Government Reform Committee Ranking Member Elijah Cummings (D-Md.) and Government Operations Subcommittee Chairman Mark Meadows introduced the TSP Modernization Act, which would give participants in the Thrift Savings Plan more options and flexibility to withdraw from their accounts. It’s a companion bill to the legislation Sens. Tom Carper (D-Del.) and Rob Portman (R-Ohio.) introduced in April.
The Federal Retirement Thrift Investment Board, the agency that administers the Thrift Savings Plan, is also keeping a close eye on 2018 budget process. The board says the proposed changes to the federal retirement system included in the president’s budget request could have significant impacts for retirees and how they participate in the TSP.
The Federal Retirement Thrift Investment Board is losing its executive director of 10 years. Greg Long announced his resignation during the board’s monthly meeting. In the interim, the agency’s chief investment officer, Ravindra Deo, will serve as the acting executive director while the board conducts a national search for a new leader.