Tens of thousands of Thrift Savings Plan participants have taken advantage of the extra loan and withdrawal options Congress included in March’s coronavirus relief legislation.
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.
Thrift Savings Plan participants officially have access now to a variety of new withdrawal options. Here’s what they mean, and here’s how they might help you stay in the TSP longer into retirement.
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.
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.
The Federal Retirement Thrift Investment Board, the agency that administers the TSP, is also designing new forms that will help walk participants through the coming changes to their withdrawal options.
The Federal Retirement Thrift Investment Board, the agency that administers the TSP, is planning a series of sweeping changes to withdrawal rules and installment payments for participants by September 2019.