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Thread: TSP Modernization Act - Any traction on this legislation?

  1. Default TSP Modernization Act - Any traction on this legislation?

    Has anyone heard anything more about this? I am looking at a DSR on 12/31 and am wondering if may happen and when? Probably shooting for the stars here for sure, but a lot of people in this forum have their "Ears to the ground"!

    Thx!


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  3. #2

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    Default Re: TSP Modernization Act - Any traction on this legislation?

    https://www.fedsmith.com/2017/10/11/...rnization-act/

    Is the latest I've seen as it went through the HoR. Mostly changes to the way withdrawals can be structured and allow more freedom.

    I never saw the cost of the change anywhere, so I'm not sure what affect it will have the fees, if any at all.

    EDIT:::::https://www.fedsmith.com/2017/08/17/...rnization-act/ - No increase in cost.
    Last edited by Frixxxx; 10-19-2017 at 10:26 AM. Reason: CBO edit
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    Default Re: TSP Modernization Act - Any traction on this legislation?

    According to NARFE Legislative webinar yesterday, it is like to take 2 years (or more) to write the regulations.
    NARFE The E is silent, BUT WE ARE NOT.

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  7. #4

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    Default Re: TSP Modernization Act - Any traction on this legislation?

    Headed to the POTUS'S desk for signing. Hope he will sign it.

    2moryrs
    NARFE The E is silent, BUT WE ARE NOT.

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  9. #5

    Default Re: TSP Modernization Act - Any traction on this legislation?

    Trump Signs TSP Modernization Act Into Law

    Trump Signs TSP Modernization Act Into Law - Pay & Benefits - GovExec.com

    Reps. Elijah Cummings, D-Md., who introduced the legislation in the House with Mark Meadows, R-N.C., noted in October that it was the first update to the law governing the TSP program since its inception 30 years ago.

    “This is a common sense, good government bill,” Cumming said. “With greater flexibility, studies show that participants are more likely to keep their assets in their TSP accounts.”

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  11. #6

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    Default Re: TSP Modernization Act - Any traction on this legislation?

    This is great news, wonder how long it will take before we can make numerous withdrawals. Sure going to be nice compared to restrictions we have now.
    tom1

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  13. #7

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    Default Re: TSP Modernization Act - Any traction on this legislation?

    Quote Originally Posted by tom1tom1 View Post
    This is great news, wonder how long it will take before we can make numerous withdrawals. Sure going to be nice compared to restrictions we have now.
    It's in the hands of the FRTIB now. An earlier Article warned: "Even if the bill becomes law, TSP participants may need to wait up to two years for the board overseeing the retirement savings program to write the regulations that will allow the new withdrawal options to take effect, Thissen said. He urged the Federal Retirement Thrift Investment Board to move as fast as possible on the regulations."
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    Default Re: TSP Modernization Act - Any traction on this legislation?

    Considering we are STILL waiting for the creation of a "TSP Mutual Fund Window", to purchase other investments, after the Congress passed legislation allowing the TSP to set up a "Window" back in 2009, it sure seems to take forever to get the Thirft Board to do their job and set up these things.

    See :
    https://federalnewsradio.com/tsp/201...l-fund-window/

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  17. #9

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    Default Re: TSP Modernization Act - Any traction on this legislation?

    I agree. Hopefully, we'll see the results of this law enacted faster than the mutual fund option.
    I don't think we need to hold our breath. I think 2 years is a bit optimistic.


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  19. #10

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    Default Re: TSP Modernization Act - Any traction on this legislation?

    wow! James that is depressing. I sure don't want to leave and bail on TSP but after retiring and contributing for 30yrs it would sure be nice to control my withdrawals. Guess ill just hang in there and hope. I survived the change of limited 2/month account transfers but wasn't happy about it
    tom1

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  21. #11

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    Default Re: TSP Modernization Act - Any traction on this legislation?

    Hard to believe, but per this article it should be implemented next year...which is fortunate timing for me...I told my boss at my annual performance review today that my plan is to retire December 2018....and he was nice enough not to take away my raise.

    https://federalnewsradio.com/tsp/201...esidents-desk/

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  23. #12

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    Default Re: TSP Modernization Act - Any traction on this legislation?

    Yes!
    and here is a more recent article saying it was Signed.

    https://federalnewsradio.com/federal...-act-into-law/

    It still says Feb 2018 for regulations, and also that the regulations will be prioritized so that multiple withdrawals AFTER retiring will come first.
    There are 10 types of people in the world. Those who know binary, and those that don't!!
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