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.
About 20,000 new opt-ins to the blended retirement system aren’t taking full advantage of the Thrift Savings Plan and its benefits.
Nearly 120,000 callers spent 5 minutes or longer waiting for a Thrift Savings Plan call representative to pick up the phone last month, a metric that’s well short of the TSP agency’s customer service goals.
The Senate sent the TSP Modernization Act to the president’s desk this week. The bill will give Thrift Savings Plan participants more flexible options for making withdrawals from their accounts.
The agency that administers the TSP said it’s planning to take additional caution in validating participants’ identities in light of the Equifax breach.
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.