New TSP Changes Coming In 2022
New TSP Changes Coming In 2022
Someone’s been reading the suggestion box! Earlier this month, it was formally announced that the Thrift Savings Plan (TSP) would introduce new features to improve the TSP participant experience. Federal Educators expounds on what that means for you and your family’s financial benefits.
According to TSP, participants will enjoy a much more flexible user experience. There will be easier accessibility to the My Account page, more options to contact TSP representatives should you need assistance, and additional ways to complete smooth and safe transactions online. The first place to look for these exciting changes is in the App Store. TSP announced that it will be releasing its official app that will allow participants to monitor their accounts in real-time. Additional features include tracking fund performance, submitting documents, making transaction requests and more.
TSP recognizes that quick online access is critical when your finances are involved. With TSP’s new changes, virtual assistants will be available 24/7 to assist with questions or locate additional resources for help. Prefer a human connection? No worries. With the new TSP Mobile App or when logged into the My Account section on the website, participants can chat with a representative during business hours using the new live agent function. Phone assistance will also remain available. Personalized support continues in the form of TSP rollover assistance. Those who want to roll money from an IRA or other retirement plan in their TSP account can access support from specialized agents that will guide them through the process.
Look for these new changes in May 2022! TSP announced that in order to add the new features, some transactions and services will be temporarily suspended for a brief period. Any money invested by participants will remain invested in the TSP funds they have chosen at that time. All changes will be announced on tsp.gov.
Quick access to your financial benefits means more information at your fingertips. If you need help translating, Federal Educators can provide you with the perfect combination of educational resources and a knowledgeable team. Call our St. Petersburg office at (813) 536-6955 to get started today.