The six new lifecycle funds represent a shift toward five-year increments rather than the usual 10. The Thrift Savings Plan will also retire the L 2020 fund, with a plan to automatically roll L 2020 fund participants into the L income fund starting June 30.
Rep. Gerry Connolly (D-Va.) accused the Trump administration of politicizing the Federal Retirement Thrift Investment Board, which recently deferred plans to move the international fund to a new, China-inclusive index.
The Thrift Savings Plan is scheduled to implement a series of new lifecycle funds later this summer, if the coronavirus pandemic doesn’t derail the scheduled rollout.
After a bipartisan group of senators expressed concern, the Federal Retirement Thrift Investment Board is reconsidering its plans to expand the I fund benchmark to emerging markets. Sen. Marco Rubio (R-Fla.) has said he’ll introduce new legislation to prevent the TSP from moving the I fund to this benchmark.