The Thrift Savings Plan (TSP) is the retirement savings and investment plan offered to federal employees and military service members. TSP is a contribution plan that uses income earned each pay period and invested into the account. A new service provider is taking over as part of the announcement that the Federal Retirement Thrift Investment Board (FRTIB) would make a mutual fund available to TSP participants.
As part of this transition, there are a few key dates to know.
May 16: Last day to access all forms, online tools or upload forms to TSP
– Last day to complete rollover or transfer request
– Last day to complete loan agreements
– Last day to complete withdrawal requests
May 16 to the first week of June: Expected transition dates from one service provider to the other
May 26: Last day to make investment changes
– Last day to reamortize (change the term and payment amount) the loan
– Last day to make profile changes or access online tools within your account – this is expected to occur throughout the day
May 26 to the first week of June: All transactions will be temporarily unavailable
First week of June: Full access is expected to be restored, and all transactions will be available
All contributions will continue as previously designated during the service provider change over. Any payroll contributions will continue as scheduled during the changeover, even if access is suspended.
When accounts reopen in June, there is expected to be a TSP mobile app in addition to online access.
After the update is complete, all users will need to update their login information upon accessing the new system for the first time. There will be prompts for identification verification in addition to updating contact information while signing into the account.
As part of the upgrade and change, it is expected that sometime in 2022 mutual funds option will be available for investment on the website.
Any specific TSP questions can be directed to the TSP phone number – 1-877-968-3778 from 7 am to 9 pm EST, Monday through Friday.