Officials at the federal government’s 401(k)-style retirement savings program have started introducing new features that Thrift Savings Plan participants will have access to once the program completes its transition a new recordkeeper this summer.
Sent in an email last week to participants, TSP Executive Director Ravindra Deo revealed a series of much anticipated features on the horizon, such as a mobile app, an AI-powered virtual assistant and the ability to chat with a TSP representative via the agency’s website. The mobile app will allow users to use fingerprint or facial recognition features in their smart phones if they choose, Deo said.
This new online update will also allow quite a few initiatives to reduce the amount of paperwork typically required from participants, and instead will streamline account management processes. In a statement, Deo said that participants will soon be able to complete transactions via electronic signature, and spoke highly of a “streamlined” rollover process that will allow individuals to scan rollover checks via mobile devices.
Another important addition to this online shift is that it will allow participants to make loan payments and account disbursements electronically. The update also has additional features set to improve the security of participants’ accounts. Perhaps most importantly, the TSP will start offering participants access to thousands of mutual funds, a topic that will be explored in depth in next week’s article.
While this transition takes place, Deo acknowledged a brief period of time when participants will likely experience a reduced amount of access to their accounts while the agency works out the kinks to the new provider.
“As part of the transition, some transactions will be temporarily unavailable for a brief period in May 2022,” he wrote. “but don’t worry, your money will still be invested during this time. Be sure to look out for updates on tsp.gov, in your inboxes and in your mailboxes as we approach this transition period.”
There are major updates coming for Thrift Savings Plan participants this year. We here at Federal Benefits Service are eager and excited to share these potentially lucrative and beneficial changes for federal employees.
Please check out our ‘Federal News Bulletin’, regularly for updates in policy that may impact the federal workforce, and also be sure to become a member today on the website in order to access our ‘TSP Market Watch’, for fund recommendations from our trained and licensed professional team.