Thrift Saving Plan Changes
Updated: Aug 24, 2022
Last month, the TSP added some new features, but if you don’t log on to the website often, like I don’t, here is a quick rundown of what is new:
There is a phone app now! The new provider that has taken over the TSP is making it easier to access the system. You can use the app for sending documents, such as changing beneficiaries or requesting deposits.
It is easier to get into the system, and if you haven’t logged in since June you will have to make a new login. Resetting your password doesn’t take sending a code to your home on file anymore either.
The TSP has made it so you can invest in new mutual funds in something it calls a Mutual Fund Window, but there is a lot to explain there so that will be next week sometime.
Rollovers into your TSP are easier as they now have a personalized help desk that will assist in the process. You can also request distributions through direct deposit, and elect to take RMDs automatically.
You can now take a loan from your TSP, this includes another long form discussion that will take place later!
Finally, if for any reason the court has to reach out to the provider for information, they will charge you $600 dollars.
Look forward to a few videos discussing the Mutual Fund Window and taking loans from your TSP. Have a great Weekend!
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