Beginning in June 2022, the Thrift Savings Plan (TSP) is making several changes to how its service operates. If you are a government employee, it is crucial to understand these changes and how they will impact your retirement plan.
Upgrades in how you contact TSP
While the TSP contact center will still be available by telephone, you will now be able to reach customer service through the website, Live Chat, and email. In addition, a new virtual assistant called TSP Talk will be available to answer your questions 24/ hours a day, seven days a week. These upgrades should make it faster and easier to get real-time answers to your retirement savings account questions.
A New Website Upgrade
The TSP is introducing a new online tool to simplify managing your account. The platform, called myTSP, will allow you to access your account information, make changes to your account in real-time, and check the status of a withdrawal or loan. These improvements will significantly enhance the site’s current offerings.
A New TSP Mobile Application
The new TSP mobile app is possibly the most exciting change for those who like to do their banking on the go. The app, which is currently available in beta form, will allow you to do many of the same things the new website allows from the convenience of your cell phone or tablet.
Live Assistance in Rolling Over Your TSP Into an IRA
The TSP is also introducing a new program to provide live assistance to those interested in rolling over their TSP account into an IRA. An in-person employee with the TSP office will walk you through the rollover process and answer any questions you may have. This newly added help will help ensure that your rollover decisions will not run into compliance issues later in the process.
Options to Invest in a Mutual Fund
Beginning in June, TSP owners will have the option to allocate their funds to a mutual fund. There will be increased fees for this option, but it may be worth it for those who want more control over their investment. It is always in your best interests to check with a Federal benefits expert before finalizing an allocation decision.
Transitional Service Stop
Beginning May 26, all TSP services will be unavailable while the changes are fully rolled out. You will not be able to change your allocations during this time. If you are considering making changes, be sure to complete transactions before May 26. Your TSP account will not be available again until the middle of June.
The Bottom Line
The Thrift Savings Plan is making several changes to make it easier for government employees to manage their retirement savings. These changes include new ways to contact customer service, a new website, a new mobile app, and live assistance rolling over your TSP account into an IRA. Also, be aware of the shutdown of services from May 26 – Mid-June to transition to the new system.
If you have any questions about these changes or how they will impact your retirement planning, contact Federal Retirement Experts by clicking here.
