President Donald Trump hadn’t appointed his own nominees to the fill the Federal Retirement Thrift Investment Board until Monday, months after members of Congress first expressed deep concerns with the TSP’s plans to expand the international fund to a new, China-inclusive index.
The Thrift Savings Plan will begin to set automatic contribution rates for new participants at 5% starting this fall.
When you leave government are you going to keep your optional retirement nest egg in the Thrift Savings Plan, or move some or all of it to an outside investment option? And does it matter?
The Federal Retirement Thrift Investment Board announced in 2017 it would broaden the I fund’s benchmark to include more emerging markets, including China.
Two senators are also questioning the Federal Retirement Thrift Investment Board’s decision to move the Thrift Savings Plan’s I fund to a new index.
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?