Note: The following is informational only. Nothing herein constitutes financial planning or retirement advice nor is it intended to provide advice of any kind. You should consult a certified financial planner or other qualified professional if you seek individualized advice or have financial planning or retirement questions.
New features and changes are coming to the Thrift Savings Plan (TSP) this month. To facilitate the transition period, TSP has announced that you won’t be able to make transactions towards the end of the transition period, which begins May 16.
All transactions will be unavailable May 26 to the first week of June.
The transactions that will be suspended include access to online tools, forms, investment transactions, loan requests, withdrawal and distributions. See the full list here.
After the transition, participants will be asked to set up a new login for your new My Account. According to TSP, there will be a new design and features to help manage your account. A few highlights include:
- The official TSP Mobile App
- A new interface that is more user-friendly
- Ability to access both a civilian and a uniformed services accounts in one place if you have both
- Added security such as the option to use fingerprint access and facial recognition
- A virtual assistant called AVA for a live chat session
- A Secure Participant Mailbox to receive messages and documents about your account
- The account lock feature that allows you to prevent fraud by placing a secure hold on your account
For more details about the new tools, click here.