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  • Starting in January 2021, we’re making the process easier for participants. If you’re turning 50 or older and are eligible for catch-up, you’ll no longer need to make separate catch-up elections to your TSP account. To learn how to make these contributions next year, visit Catch-up contributions.

Plan news

October 2020 news and announcements

Third quarter participant statements are online and in the mail — Your third quarter 2020 participant statement, covering the period from July 1 through September 30, 2020, is now available in My Account. To receive email updates when new participant statements are available, select the “Subscribe” button on Plan news.

How your My Account login is changing — Beginning late October 2020, you’ll need a user ID, password, and validated phone number to receive an authentication code and log in securely to My Account. We’re also adding new features to make this change as easy as possible for you.

Logging in with a user ID

Your user ID is an easier, more secure way to log in.

Because you create your own user ID, you can create one that is unique and easy for you to remember. As a new feature, you’ll be able to recover your user ID online if you do forget it. This means you’ll be able to regain access to My Account without having to wait for your TSP account number by mail.

Your user ID, like your password, is known only to you. For security purposes, TSP representatives on the ThriftLine don’t have access to this information, and no one from the TSP will ever ask you for this information. Protect your user ID to keep your account secure.

Identity verification with your phone number

You can validate any phone number that receives calls.

As a new feature, you’ll be able to receive validation and verification codes by automated phone call. That means that you can validate your phone number even if it doesn’t receive text messages.

If you validate a phone number that can receive both calls and texts, you’ll see a prompt to choose the delivery method each time you need a verification code.

When the delivery method is a phone call, you’ll receive an automated call that voices your code aloud.

International phone numbers can still receive codes.

You may continue using your international phone number to receive verification codes. Our system currently generates codes by text message to international phone numbers, and it will make automated phone calls to international phone numbers when that feature becomes available in late October.

It’s important to include the correct country code for an international number. When you add a number in My Account, you can select a checkbox to indicate that it’s an international number. A new field will appear for you to enter the country code.

If you lose access to your validated phone number, we will help you.

If you lose access to your validated phone number, call the ThriftLine to speak to a TSP representative. After verifying your identity, the TSP representative will help you add and validate a new phone number.

Keep an email address on your account.

Please keep a personal email address in Profile Settings. For security reasons, we will no longer send authentication codes by email, but we will still email you certain transaction confirmations and educational outreach related to your account.

Managing your TSP savings outside of My Account

You have options if you can’t access your account online.

You can access your account information and perform certain transactions, such as interfund transfers, when you call the ThriftLine and use the automated response system. To access your account through the ThriftLine, you’ll need your TSP account number and Personal Identification Number (PIN).

How to prepare for login changes

You may not need to take any actions in My Account right now to prepare for these changes. After the new features become available, you’ll see prompts at login to create or recover your user ID and add and validate a phone number, if you need to.

If you do want to make sure your account is ready for these features, you can log in to My Account and check your personal information in Profile Settings:

  1. Create or change your user ID.
  2. Make sure your contact information is up to date, including phone number, email, and mailing address.

If you need to validate a phone number that doesn’t receive text messages, you’ll be able to do that when this new feature becomes available in late October.

Notarization requirements reinstated as of October 1, 2020 — As of October 1, 2020, TSP forms that require notarized signatures must be signed and notarized. We accept electronic and remote notarization in addition to traditional, in-person notarization. All signatures must be handwritten or made electronically with PIV or CAC credentials.

Earlier this year, we temporarily waived notarization requirements in order to support participants in physical distancing measures during the COVID-19 pandemic. With electronic and remote options in place, we’re reinstating these notarization requirements as an important security measure against attempts at fraud.

September 2020 news and announcements

September 22 deadline for temporary loan increase — The CARES Act allowed us to temporarily increase the maximum loan amount on general purpose loans for qualified individuals. If you plan to apply for a loan with the increased maximum, we must receive your completed application on or before September 22, 2020. The online application tool in My Account will come down at noon that day. We can accept signed loan agreements until midnight that night.

August 2020 news and announcements

Temporary acceptance of PIV and CAC signatures on TSP forms — We will temporarily accept certain digital signatures on TSP forms in order to support participants in physical distancing measures during the COVID-19 pandemic. To be eligible, you must use your unexpired U.S. federal personal identity verification (PIV) credentials or common access card (CAC) to sign your form before you submit it to us.

July 2020 news and announcements

Restriction to be lifted on starting and restarting installment payments based on life expectancy — The FRTIB is permanently changing the rule that prevents you from starting installment payments based on life expectancy if you have previously received installment payments. Beginning in January 2021, all TSP participants who are eligible for installment payments may elect to receive payments based on life expectancy whether or not they previously started and then stopped installment payments. This means that if you are currently receiving life-expectancy payments, you may now stop them, knowing that you will be able to restart them next year. (You will not be able to restart them in 2020, but you can always use other withdrawal types for which you’re eligible.) This is a significant rule change, especially if you currently receive life-expectancy payments for the purpose of receiving required minimum distributions (RMDs) and want to temporarily suspend those payments while RMDs are waived in 2020. To do so, log in to My Account now and select Withdrawals and Changes to Installment Payments to stop your payments. To restart them in 2021, log in again and start a new transaction to request installment payments based on life expectancy. Please disregard any TSP materials that state the old rule, including instructions you may see when using the online tool to stop payments. We will update them as soon as possible.

Important Note: If you started receiving life-expectancy-based installment payments before the age of 55 and

  1. you are under age 59½ now
    OR
  2. it has been less than five years since your payments started,

then stopping your payments now could have tax consequences that are mandated by the Internal Revenue Code and are not eliminated by this FRTIB rule change. Visit irs.gov or consult a tax advisor for more information.

Second quarter participant statements are online and in the mail — Your second quarter 2020 participant statement, covering the period from April 1 through June 30, 2020, is now available in My Account. To receive email updates when new participant statements are available, select the “Subscribe” button on Plan news.

Submitting certain forms online — You may now submit certain TSP forms online by logging in to My Account and uploading a PDF copy of the form. You’ll find an up-to-date list of forms we accept online when you log in to My Account and select Upload Form from the menu. That section provides detailed instructions on how to prepare your file for upload.

You still have the option to mail or fax your completed form and supporting documentation to us. However, be sure to submit your form and documentation one time only. We will process the first submission we receive and cancel any subsequent forms of the same type. The list of forms you can submit online may change at any time, so be sure to check the list in My Account before you begin preparing your file.

CARES Act Withdrawal now available — TSP participants affected by COVID-19 (as defined by the CARES Act, P.L. 116-136) may now apply for a CARES Act Withdrawal of up to $100,000 from a civilian or uniformed services account. For those still in federal service, the usual requirements that you be at least 59½ years old or certify that you meet specific financial hardship criteria are waived. For all applicants, federal tax withholding is optional. The deadline for applying is December 15, 2020.

Learn more about the TSP CARES Act Withdrawal.

More Lifecycle Funds now available — As of July 1, 2020, you have ten Lifecycle (L) Funds to choose from instead of the five previously available. We added the additional L Funds so that the target dates will be separated by only five years instead of ten, allowing you to more precisely target the time when you think you’ll need your money. Six more L Funds have been added, and the L 2020 Fund, having reached its target date, has been rolled into the L Income Fund.

Learn more about our Lifecycle Funds and additional fund options.

For more information about this change, see the fact sheet Additional Lifecycle (L) Funds.

June 2020 news and announcements

TSP loan options for COVID-19-affected participants now available — TSP participants affected by COVID-19 (as defined by the CARES Act, P.L. 116-136) may now apply for a TSP general purpose loan with an increased maximum loan amount. These participants may also temporarily suspend payments on TSP loans they currently have and on loans taken between now and November 30, 2020. The deadline for applying for a loan with an increased maximum is September 18, 2020. The deadline for requesting suspension of loan payments is November 30, 2020. Loan payment suspensions will last for the rest of calendar year 2020.

Learn more about these temporary loan options for COVID-19-affected participants.

Board Chairman announces resignation — Federal Retirement Thrift Investment Board Chairman Michael Kennedy has submitted a letter of resignation to the President, effective June 30, 2020, to pursue another opportunity. The Board will continue to have a quorum and will be able to conduct necessary Board business. On May 4, 2020, the President sent three nominations for the Board to the Senate. Board Member David A. Jones will serve as Acting Chairman until the new Board Members are confirmed by the Senate.

May 2020 news and announcements

Update on CARES Act temporary loan and withdrawal options — The CARES Act allows us to offer temporary loan and withdrawal options to TSP participants affected by COVID-19. The loan options described below will be available no later than June 22, 2020, and that the withdrawal option described here will be available in mid-July 2020. Both the loan and withdrawal options are available to you only if you can certify that you meet one or more of the following criteria:

  • You have been diagnosed with the virus SARS–CoV–2 or with coronavirus disease 2019 (COVID–19) by a test approved by the Centers for Disease Control and Prevention.
  • Your spouse or dependent (as defined in section 152 of the Internal Revenue Code of 1986) has been diagnosed with such virus or disease by such a test.
  • You are experiencing adverse financial consequences as a result of being quarantined, being furloughed or laid off or having work hours reduced due to such virus or disease, being unable to work due to lack of child care due to such virus or disease, closing or reducing hours of a business owned or operated by the individual due to such virus or disease, or other factors as determined by the Secretary of the Treasury (or the Secretary’s delegate).

Increased maximum loan amount
The maximum loan amount is increased from $50,000 to $100,000, and the portion of your available balance you can borrow is raised from 50% to 100%. The deadline for applying for a loan with this increased maximum will be in September 2020. We will announce the exact cutoff date soon.

Temporary suspension of loan payments
You may suspend your obligation to make payments on your TSP loan or loans for the rest of calendar year 2020. This applies to existing loans and loans taken in the remainder of 2020. We will make a new form available for you to request this suspension. [Editor’s note: As a result of new information on the implementation of the CARES Act, the conditions of loan payment suspension have been changed since this post first appeared.]

CARES Act Withdrawal
You may make a one-time withdrawal of up to $100,000 from a civilian or uniformed services account. For those still in federal service, the usual requirements that you be at least 59 ½ years old or certify that you meet specific financial hardship criteria are waived. Though you may request that we withhold money from your withdrawal for federal income tax, we will not automatically do that. This withdrawal will be eligible for the favorable tax treatment described here, with all of the same options and restrictions. The deadline for applying for this withdrawal will be in December 2020. We will announce the exact cutoff date soon.

Board defers action on I Fund transition — Due to a meaningfully different economic environment related in large part to the impact of the global COVID-19 pandemic, as well as the nomination of three new Federal Retirement Thrift Investment Board Members, pending further study, the Board is delaying the implementation of the I Fund benchmark change to the MSCI ACWI ex-U.S. Investible Market index from the MSCI EAFE index.

Withdrawals for Participants Affected by COVID-19 — The CARES Act creates special rules for most types of TSP withdrawals made by participants affected by COVID-19. We’re working on a new, temporary withdrawal option that waives the usual in-service withdrawal requirements and allows all COVID-affected participants to waive tax withholding. We will provide details about that soon. But many TSP participants who are affected by COVID-19 can take advantage of the withdrawal provisions of the CARES ACT using withdrawal types for which they’re already eligible. If you’re a current civilian federal employee or member of the uniformed services and eligible under the existing rules, such withdrawals include hardship withdrawals and age-based in-service “59½” withdrawals. If you’re separated from federal service or a beneficiary participant, they include single payments and some installment payments. This article explains the favorable tax treatment that you may be eligible for right now without waiting for the new withdrawal option to be available.

Definitions and Eligibility

This article uses the terms coronavirus-related distribution and qualified individual.

A coronavirus-related distribution, as defined by the Internal Revenue Service (IRS), is “a distribution (withdrawal) that is made from an eligible retirement plan to a qualified individual from January 1, 2020, to December 30, 2020, up to an aggregate limit of $100,000 from all plans and IRAs.” That means $100,000 is the maximum amount across all your retirement plans combined that you can apply these tax advantages to.

You’re a qualified individual if you meet at least one of the following criteria listed in the CARES Act:

  • You have been diagnosed with the virus SARS–CoV–2 or with coronavirus disease 2019 (COVID–19) by a test approved by the Centers for Disease Control and Prevention.
  • Your spouse or dependent (as defined in section 152 of the Internal Revenue Code of 1986) has been diagnosed with such virus or disease by such a test.
  • You are experiencing adverse financial consequences as a result of being quarantined, being furloughed or laid off or having work hours reduced due to such virus or disease, being unable to work due to lack of child care due to such virus or disease, closing or reducing hours of a business owned or operated by the individual due to such virus or disease, or other factors as determined by the Secretary of the Treasury (or the Secretary’s delegate).

You must be a qualified individual receiving a coronavirus-related distribution to take advantage of the favorable tax treatment described below. You must also designate your withdrawal(s) as a coronavirus-related distribution when you file your taxes. To do that, you’ll file Form 8915-E, which the IRS is expected to make available before the end of 2020.

Early Withdrawal Penalty Waived

If you designate your withdrawal(s) as a coronavirus-related distribution when you file your taxes, the IRS will waive the 10% additional tax on early distributions.

When You Must Pay Tax on the Income from Your Withdrawal

The taxable income from withdrawals made by qualified individuals may be spread “ratably” over a three-year period, starting with the year in which you receive your distribution. For example, if you receive a $9,000 coronavirus-related distribution in 2020, you could report $3,000 in income on your federal income tax return for each of 2020, 2021, and 2022. This is optional; you can also choose to include all of the income in the year of the withdrawal.

Repaying Withdrawals

If you are a qualified individual, you may repay all or part of the amount of a coronavirus-related distribution to an eligible retirement plan, provided that you complete the repayment within three years after the date that you received the distribution. If you repay a coronavirus-related distribution, the distribution will be treated as though it were repaid in a direct plan-to-plan transfer so that you do not owe federal income tax on the distribution. The law allows you to repay coronavirus-related distributions to the plan from which you received it or to another eligible retirement plan.

CARES Act temporary loan and withdrawal options — The CARES Act allows us to offer temporary loan and withdrawal options to TSP participants affected by COVID-19. We are working as quickly as possible to add these options to our system so you can count on efficient processing of these requests. You can check this webpage for updates about these options and when they will be available to you. We will post the next update by May 15, 2020.

See more

Archived news and announcements

  • April 2020 news and announcements

    Payments you make to the TSP by check may take longer to process — Because of public health precautions being taken at our processing facilities, payments made by check will most likely take longer to appear in your TSP account. These include payments to make up missed loan payments, submit additional loan payments, or to roll over payments from IRAs or other employer plans. We appreciate your patience.

    Rollover period extended to July 15 — If you received any withdrawal between February 1 and May 15 that is eligible for rollover, then the IRS has extended your 60-day rollover deadline to July 15th. If you received an RMD (or an installment payment that included an RMD) between February 1 and May 15, then you can roll those amounts over—to an IRA or eligible employer plan or back into your TSP account—provided that you do so by July 15th. Use Form TSP‑60.

    First quarter participant statements are online and in the mail —Your first quarter 2020 participant statement, covering the period from January 1 through March 31, 2020, is now available in My Account. To receive email updates when new participant statements are available, sign up for “Email Updates”.

    Temporary changes to required minimum distributions — As authorized by the recently enacted CARES Act, we’re making temporary changes related to required minimum distributions (RMDs).

    • You do not need to make any withdrawals from your TSP account in 2020 to satisfy an RMD, regardless of your age or employment status.
    • We will not send any automatic RMD payments for 2020.
    • If you make a withdrawal, we will withhold for federal taxes at the rate appropriate for the type of withdrawal you make, without regard to RMD rules that would otherwise apply. You can transfer or roll over to an IRA or eligible employer plan any otherwise eligible withdrawals you make.

    Learn more about temporary changes to RMDs.

    March 2020 news and announcements

    President signs CARES Act — President Trump has signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act into law. This law seeks to address the economic impacts of the coronavirus (COVID-19), and it includes provisions concerning retirement plans. We will update you as specific details become available.

    TSP operations continue normally — As the coronavirus situation evolves worldwide, we’re working hard to make sure that TSP operations continue normally, and that we’re able to continue to serve you.

    • We continue to process forms and requests.
    • TSP representatives are available to answer your questions.
    • You can access your account online through My Account.

    This is a changing situation, and we will communicate with you as soon as possible if anything affects our operations. In the meantime, here are some tips for you to consider.

    Make sure you can access your TSP account online and by phone. For online access, you need your account number (or user ID), your password, and access to your validated email or cell phone. If you haven’t already, add and validate a personal email or cell phone to your TSP account so you can log in securely from your personal devices with two-step authentication. If you’re having trouble logging in, read our tips and troubleshooting information. For access by calling the ThriftLine, you’ll need your account number and PIN.

    Avoid longer wait times on the ThriftLine by calling during off-peak hours. Your wait might be longer if you call during peak hours, such as in the morning. If you need to reach a TSP representative by phone, try calling in the afternoon, Tuesday through Friday, to reduce your chances of a long wait. As an alternative, you can use the secure messaging service online after you log into My Account.

    February 2020 news and announcements

    Stick to your plan — The stock and bond markets can change rapidly. By the time you react to the situation, the market may be moving in the opposite direction, and you could miss out on significant gains. Remember that investing for retirement is for the long-term. Try not to let short-term market movements steer you off course. To learn more, visit How to invest: Stick to your plan.

    TSP Life Annuity COLA Changes to Flat 2% in March — The cost of living adjustment (COLA) applied to TSP life annuities with the increasing payments feature will become a flat 2% beginning with annuities purchased on or after March 2, 2020. Annual adjustments for TSP annuities purchased before then will continue to vary between 0% and 3% depending on the Consumer Price Index. Annual adjustments for all TSP annuities take place on the anniversary of the first payment. TSP life annuities are purchased from the TSP’s outside vendor, using money from your TSP account. The information provided here is not related to the “basic annuity” or “pension” that is part of retirement coverage under FERS or CSRS, or the military retired pay that members of the uniformed services receive.

    TSP.gov, the ThriftLine, and FRTIB.gov access. — Due to scheduled system maintenance, tsp.gov, the ThriftLine, and frtib.gov will be unavailable from 8:00 a.m. (ET) on Saturday, February 22, to 8:00 a.m. (ET) on Sunday, February 23. Thank you for your patience.

    Requesting a color copy of your 2019 annual statement — Due to a contractor error, you may have received a black and white version of your 2019 annual statement in the mail. If this is the case and you would like to view a color copy of your annual statement, you can either log in to My Account to view your statement online or call the ThriftLine and request to have a color copy mailed to you.

    Annual participant statements are online and in the mail — Your annual 2019 participant statement, covering the period from January 1 through December 31, 2019, is now available in My Account: Statements. You may notice that your 2019 annual statement looks slightly different than your previous annual statements. Fourth quarter (October – December) account information is now included on your annual statement. To receive e-mail updates when new participant statements are available, sign up at “Email Updates”.

    January 2020 news and announcements

    IRS Form 1099-R — The TSP has mailed IRS Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc., to participants who received a withdrawal up to December 27, 2019, and/or a taxable distribution of a loan up to December 31, 2019. Withdrawals processed on December 30 and 31 are taxable income for 2020. If you have not received Form 1099-R by mid-February, you can print a copy from My Account. Corrected Forms 1099-R will be issued late February/early March. If you are expecting a corrected Form 1099-R, you may wish to wait to file your taxes until you receive the form.

    Fourth quarter account information — From now on, you will be able to find your 4th quarter (October – December) TSP account information on your annual statement, which will be available the first week of February. In the 3rd quarter statements and in our recent e-newsletters, we notified participants that we will no longer provide a separate statement with 4th quarter account information.

  • December 2019 news and announcements

    President signs SECURE Act — President Trump has signed the Setting Every Community Up for Retirement Enhancement (SECURE) Act into law. We’re currently looking into how the SECURE Act might affect the TSP. We will update you as more details are finalized.

    Two-step authentication enabled for logging into My Account — All TSP participants now must have validated contact information and use two-step authentication to log into My Account.

    Two-step authentication helps protect your account against fraud. This login process is more secure because it means that online access to your account requires something you know (your account number or user ID and password) and something you have (the one-time code you receive in your email or on your phone). Someone who tries to log into your account fraudulently won’t be able to gain access without the code.

    If you’re having trouble logging in, you can read our tips and troubleshooting guide.

    Year-end transaction processing schedule — The TSP processing schedule for the end of 2019 is shown below and includes information about when transactions (including withdrawals and installment payments) will be processed, as well as when the TSP will be closed during the holiday season.

    December 16 — TSP installment payments that are normally scheduled to be processed between December 16 and December 31 will be processed on December 16. For income tax purposes, these payments will be reported to the Internal Revenue Service (IRS) as income for 2019.

    December 17 — Any residual 2019 required minimum distribution (RMD) amounts for beneficiary participants will be processed on December 17. For income tax purposes, these payments will be reported to the IRS as income for 2019.

    December 18 — Any residual 2019 required minimum distribution (RMD) amounts for civilian and uniformed services participants will be processed on December 18. For income tax purposes, these payments will be reported to the IRS as income for 2019.

    December 25 — Because Wednesday December 25 is a federal holiday, the TSP will be closed. Transactions that would have been processed Wednesday night (December 25) will be processed Thursday night (December 26) at Thursday’s closing share prices.

    December 27 — Withdrawals processed through December 27 will be disbursed and reported to the IRS as income for 2019.

    December 30 — Withdrawals processed on December 30 will be reported to the IRS as income for 2020. The payments (checks and direct deposits) are expected to be issued on January 2, 2020.

    December 31 — Withdrawals processed on December 31 will be reported to the IRS as income for 2020. The payments (checks and direct deposits) are expected to be issued on January 3, 2020.

    January 1, 2020 — Because January 1 is a federal holiday, the TSP will be closed. Transactions that would have been processed Wednesday night (January 1) will be processed Thursday night (January 2) at Thursday’s closing share prices.

    November 2019 news and announcements

    Board and ETAC Chairmen say “Let’s Keep a Fair Playing Field for TSP Investors” — In a letter published today, Federal Retirement Thrift Investment Board Chairman Michael Kennedy and Employee Thrift Advisory Council (ETAC) Chairman Clifford Dailing explain why the Board’s 2017 decision to transition to a new benchmark for the I Fund continues to be the right call. Read more on govexec.com.

    Investment benchmark update — At its November meeting, Members of the Federal Retirement Thrift Investment Board affirmed the 2017 decision to move to a new index for the International Fund (I Fund) for the Thrift Savings Plan. In coming to this decision, the Board noted that moving to the broader I Fund benchmark is in the best interest of participants and beneficiaries, a current best practice in the investment industry, and is widely recognized as a smart strategy in today’s market. The ten largest U.S. companies’ 401(k) plans all invest in emerging markets, as do the ten largest federal contractor plans and the six largest target date fund providers. In addition, the 20 largest defined benefit plans—all of which are for state government workers—invest in emerging markets. TSP participants can decide which TSP funds they want to invest in.

    2020 Contribution limits — The Internal Revenue Code places specific limits on the amount that you can contribute to employer-sponsored plans like the TSP each year. The limits for 2020 have been announced. To learn more, visit “Contribution Limits.

    September 2019 news and announcements

    New TSP Podcast — We’re happy to announce our new podcast, The Real TSP! Hosted by TSP educators, each episode provides an in-depth look into your retirement investment plan and answers questions you care about the most. Whether you’re brand new to the government, well into your retirement years, or serving our country in the U.S. or abroad, this podcast has something for you. Find our podcasts at youtube.com/tsp4gov.

    New withdrawal options now available — We’re pleased to announce that all participants now have more options when seeking to withdraw retirement savings from their TSP accounts.

    For information about in-service withdrawal options, visit the “In-service withdrawals basics” section of tsp.gov and download our updated booklet, In-Service Withdrawals.

    For information about post-separation withdrawals, visit the “Living in retirement” section of tsp.gov and download our updated booklet Withdrawing from Your TSP Account.

    To initiate a withdrawal request, you’ll use enhanced online tools in My Account. After you log in, select the “Withdrawals and Changes to Installment Payments” link from the Online Transactions menu.

    August 2019 news and announcements

    Stick to Your Plan — The stock and bond markets can change rapidly. By the time you react to the situation, the market may be moving in the opposite direction, and you could miss out on significant gains. Remember that investing for retirement is for the long-term. Try not to let short-term market movements steer you off course. To learn more, visit [Stick to your plan.

    April 2019 news and announcements

    Add extra security to your TSP account — You’re now able to make online access to your TSP account even more secure by enabling two-step authentication at login. This means that you’ll receive a one-time verification code by email or text message each time you log into your account. To add this security feature, log into My Account on tsp.gov and go to your profile settings.

    Enabling two-step authentication helps you protect your account against fraud. This login process is more secure because it means that online access to your account requires something you know (your account number or username and password) and something you have (the one-time code you receive in your email or on your phone). Someone who tries to log into your account fraudulently won’t be able to gain access without the code.

    Before you can use two-step authentication, you must first validate an email address or cell phone. You can validate your contact information in your My Account profile settings.

    February 2019 news and announcements

    Loans during a lapse in appropriations — As a result of the recent partial government shutdown, we made changes to provide assistance to affected TSP participants. In the event your agency is affected by a lapse in appropriations, read the fact sheet Frequently Asked Questions About TSP Loans During a Lapse in Appropriations file for details on how to take a loan, what to do if a lapse in appropriations lasts long enough to affect your loan payments, and other questions you may have about taking or having a loan while you are on shutdown furlough. The fact sheet also explains what happens with your loan payments when a lapse in appropriations ends.

  • December 2018 news and announcements

    Help for Hurricanes Florence and Michael victims — The TSP has made a temporary change to the financial hardship withdrawal rules for participants affected by Hurricanes Florence or Michael: As of December 4, 2018, we will treat any Financial Hardship In-Service Withdrawal Request as a qualifying hardship and will waive the rule prohibiting employee contributions for 6 months after taking a hardship withdrawal provided one of the following is true

    1. Your primary residence or place of employment is located in a covered disaster area and has incurred a loss as a result of Hurricanes Florence or Michael.
      OR
    2. Your hardship withdrawal will be used to assist an eligible family member who lives or works in a covered disaster area and who has incurred a loss as a result of Hurricanes Florence or Michael.

    IN ADDITION, you must also meet all of the following requirements:

    • You must be actively employed as a federal civilian or a member of the uniformed services.
    • You must complete Form TSP-76, Financial Hardship In-Service Withdrawal Request. This form can be requested by calling the toll-free ThriftLine at 1-877-968-3778.
    • You must check the “Personal Casualty Loss” box as the reason for requesting financial hardship.
    • You must write “Hurricane Florence” or “Hurricane Michael” at the top of page 1 above the name of the form.
    • Your request must be received in our office by March 5, 2019 and, in compliance with IRS guidelines, your distribution must occur before March 15, 2019. Any Financial Hardship In-Service Withdrawal Request forms received after March 5, 2019 will be processed as a standard hardship withdrawal, and your TSP contributions will automatically stop for 6 months.

    If you want to stop your TSP contributions, complete Form TSP-1, Election Form (Form TSP-U-1) for uniformed services) or use your agency or service’s automated system.

    This rule change is not retroactive and all other Form TSP-76 rules apply. Participants may only receive one hardship withdrawal under this change. If you have questions about this change, call the toll-free ThriftLine at 1-877-968-3778. Outside the U.S. and Canada, please call 404-233-4400 (not toll free).

    Federal government closing — Some financial markets and the federal government will be closed on Wednesday, December 5, in observance of the national day of mourning for the late President George H.W. Bush. Therefore, the Thrift Savings Plan will not be updating share prices in any of the TSP funds for that day. Transactions that would have been processed Wednesday night (December 5) will be processed Thursday night (December 6) at Thursday’s closing share prices. If you have questions about your TSP account, the ThriftLine (1-877-968-3778) will remain open on Wednesday, December 5.

    Year-end transaction processing schedule — The TSP processing schedule for the end of 2018 is shown below and includes information about when transactions (including withdrawals and monthly payments) will be processed, as well as when the TSP will be closed during the holiday season.

    December 15 — The deadline for the TSP to receive a request for an annual change in monthly payments is December 15. This deadline applies only to participants who are in monthly payment status.

    December 17 — TSP monthly payments that are normally scheduled to be processed between December 18 and December 31 will be processed on December 17, along with the December 17 payments that are regularly scheduled for that date. For income tax purposes, these payments will be reported to the Internal Revenue Service as income for 2018.

    December 18 — Any residual 2018 required minimum distribution (RMD) amounts for beneficiary participants will be processed on December 18. For income tax purposes, these payments will be reported to the Internal Revenue Service as income for 2018.

    December 19 — Any residual 2018 required minimum distribution (RMD) amounts for civilian and uniformed service participants will be processed on December 19. For income tax purposes, these payments will be reported to the Internal Revenue Service as income for 2018.

    December 25 — Because Tuesday December 25 is a federal holiday, the TSP will be closed. Transactions that would have been processed Tuesday night (December 25) will be processed Wednesday night (December 26) at Wednesday’s closing share prices.

    December 27 — Withdrawals processed through December 27 will be disbursed and reported to the IRS as income for 2018.

    December 28 — Withdrawals processed on December 28 will be reported to the Internal Revenue Service as income for 2019. The payments (checks and EFTs) are expected to be issued on January 2, 2019.

    December 31 — Withdrawals processed on December 31 will be reported to the IRS as income for 2019. The payments (checks and EFTs) are expected to be issued on January 3, 2019.

    January 1, 2019 — Because January 1 is a federal holiday, the TSP will be closed. Transactions that would have been processed Tuesday night (January 1) will be processed Wednesday night (January 2) at Wednesday’s closing share prices.

    November 2018 news and announcements

    Changes coming to the Lifecycle (L) Funds — We are planning adjustments to the L Funds in an effort to improve your investment outcomes. Effective in January 2019, we will increase exposure to international stocks (the I Fund) from 30% to 35% of the overall stock allocation in all L Funds. The L Income Fund stock allocation (C, S, and I Funds combined) will increase from 20% to 30% over a period of up to 10 years. The L 2030, L 2040, and L 2050 overall stock allocations will hold steady for a period of years before resuming their transitions from stocks to bonds. In addition to improving investment outcomes, this pause will align the L 2030, L 2040, and L 2050 Funds with the L 2060 Fund, which will be introduced in 2020 with an initial stock allocation of 99%. Visit Lifecycle Funds to learn more.

    2019 Contribution limits —The Internal Revenue Code places specific limits on the amount that you can contribute to employer-sponsored plans like the TSP each year. The limits for 2019 have been announced. To learn more, visit Contribution Limits.

    Current loan interest rate — The interest rate on your TSP loan is the G Fund rate at the time your loan application is processed. The current rate is 3.125%. We are working to resolve a technical issue that may cause a different rate to show when using our Loan wizard. If you generated a loan agreement on or after November 2, 2018, be sure to check that the interest rate on your loan agreement is 3.125% before submitting.

    Approaching deadline for some uniformed services members — Are you a member of the uniformed services who is eligible to opt into the Blended Retirement System, also known as BRS? The deadline to sign up is approaching fast. By December 31, 2018, you must choose whether to stay with your current retirement system or opt into BRS. A video, “Opting into the Blended Retirement System (BRS),” and a fact sheet, Questions and Answers about Opting into the Blended Retirement System (BRS), are available to help you make the important decision.

    September 2018 news and announcements

    Changes coming to the Lifecycle (L) Funds — The TSP is planning adjustments to the L Funds in an effort to improve outcomes for participants who invest in them. Effective in January 2019, we will increase exposure to international stocks (the I Fund) from 30% to 35% in all L Funds. The L Income Fund stock allocation (C, S, and I Funds combined) will increase from 20% to 30% over a period of up to 10 years. The total stock allocation for the L 2030, L 2040, and L 2050 Funds will hold steady for a period of years to facilitate transition to the L 2060 Fund when it is introduced in 2020. Finally, at that time, the L 2060 Fund will begin with a 99% stock allocation.

    February 2018 news and announcements

    Stick to Your Plan — The stock and bond markets can change rapidly. By the time you react to the situation, the market may be moving in the opposite direction, and you could miss out on significant gains. Remember that investing for retirement is for the long-term. Try not to let short-term market movements steer you off course. To learn more, visit Stick to your plan.

    January 2018 news and announcements

    Peak ThriftLine Call Times — Our highest call volume is on Monday and Tuesday mornings. If you want to minimize your wait time to speak to a Participant Services Representative, consider calling outside of those peak hours. Participant Service Representatives are available Monday through Friday, 7:00 a.m. to 9:00 p.m., eastern time.

  • December 2017 news and announcements

    G Fund and the debt limit — As of today, December 13, 2017, the U.S. Treasury was unable to fully invest the Government Securities Investment (G) Fund due to the statutory ceiling on the federal debt. However, G Fund investors remain fully protected and G Fund earnings are fully guaranteed by the federal government. This statutory guarantee has effectively protected G Fund investors many times over the past 25 years. G Fund account balances will continue to accrue earnings and will be updated each business day, and loans and withdrawals will be unaffected.

    Year-end transaction processing schedule — Year-end transaction processing schedule — The TSP processing schedule for the end of 2017 is shown below. The schedule includes information about when transactions (including withdrawals and monthly payments) will be processed, as well as when the TSP will be closed during the holiday season.

    December 15 — The deadline for the TSP to receive a request for an annual change in monthly payments is December 15. This deadline applies only to participants who are in monthly payment status.

    December 18 — TSP monthly payments that are normally scheduled to be processed between December 19 and December 31 will be processed on December 18, along with the December 18 payments that are regularly scheduled for that date. For income tax purposes, these payments will be reported to the Internal Revenue Service as income for 2017.

    December 19 — Any residual 2017 required minimum distribution (RMD) amounts for beneficiary participants will be processed on December 19. For income tax purposes, these payments will be reported to the Internal Revenue Service as income for 2017.

    December 20 — Any residual 2017 required minimum distribution (RMD) amounts for civilian and uniformed service participants will be processed on December 20. For income tax purposes, these payments will be reported to the Internal Revenue Service as income for 2017.

    December 25 — Because Monday December 25 is a Federal holiday, the TSP will be closed. Transactions that would have been processed Monday night (December 25) will be processed Tuesday night (December 26) at Tuesday’s closing share prices.

    December 27 — Withdrawals processed through December 27 will be disbursed and reported to the IRS as income for 2017.

    December 28 — Withdrawals processed on December 28 will be reported to the Internal Revenue Service as income for 2018. The payments (checks and EFTs) are expected to be issued on January 2, 2018.

    December 29 — Withdrawals processed on December 29 will be reported to the IRS as income for 2018. The payments (checks and EFTs) are expected to be issued on January 3, 2018.

    January 1, 2018 — Because January 1 is a Federal holiday, the TSP will be closed. Transactions that would have been processed Monday night (January 1) will be processed Tuesday night (January 2) at Tuesday’s closing share prices.

    November 2017 news and announcements

    TSP Withdrawal Options Bill Becomes Law —On November 17, 2017, President Trump signed into law the TSP Modernization Act of 2017, which will provide TSP participants with more flexible withdrawal options. The law eliminates the statutory prohibition on multiple post-separation withdrawals and multiple age-based withdrawals while a participant is still working. It also removes the restriction that participants cannot take partial post-separation withdrawals if they’ve already taken an age-based in-service withdrawal. Though it has no effect on required minimum distributions mandated by the Internal Revenue Code, the law also allows separated participants who are over age 70½ to remain in the TSP, eliminating the requirement to make a withdrawal election on an entire account balance. Participants will also be able to stop monthly payments, change payment frequency, or elect to purchase an annuity while receiving monthly payments.

    The Executive Director of the FRTIB has the authority to establish parameters regarding this new ability to take multiple withdrawals, and the law gives the FRTIB up to two years to make the regulatory and operational changes necessary to enact these changes.

    Help for Hurricane Maria victims Updated – Extended Deadline — The TSP has made a temporary change to the financial hardship withdrawal rules for participants affected by Hurricane Maria: As of October 4, 2017, we will treat any Financial Hardship In-Service Withdrawal Request as a qualifying hardship and will waive the rule prohibiting employee contributions for 6 months after taking a hardship withdrawal provided one of the following is true:

    1. Your primary residence or place of employment is located in a covered disaster area and has incurred a loss as a result of Hurricane Maria.
      OR
    2. Your hardship withdrawal will be used to assist an eligible family member who lives or works in a covered disaster area and who has incurred a loss as a result of Hurricane Maria.

    IN ADDITION, you must also meet all of the following requirements:

    • You must be actively employed as a federal civilian or a member of the uniformed services.
    • You must complete Form TSP-76, Financial Hardship In-Service Withdrawal Request.
    • You must write “Hurricane Maria” at the top of page 1 above the name of the form.
    • You must check the “Personal Casualty Loss” box on page 2, Item 18 of your request form, as the reason for requesting financial hardship.
    • Your request must be received in our office by March 8, 2018 and, in compliance with IRS guidelines, your distribution must occur before March 15, 2018. Any Financial Hardship In-Service Withdrawal Request forms received after March 8, 2018 will be processed as a standard hardship withdrawal, and your TSP contributions will automatically stop for 6 months.

    If you want to stop your TSP contributions, complete Form TSP-1, Election Form (Form TSP-U-1 for uniformed services) or use your agency or service’s automated system.

    This rule change is not retroactive and all other Form TSP-76 rules apply. Participants may only receive one hardship withdrawal under this change. If you have questions about this change, call the toll-free ThriftLine at 1-877-968-3778. Outside the U.S. and Canada, please call 404-233-4400 (not toll free).

    Help for California wildfires victims — The TSP has made a temporary change to the financial hardship withdrawal rules for participants affected by the recent wildfires in California: As of November 6, 2017, we will treat any Financial Hardship In-Service Withdrawal Request as a qualifying hardship and will waive the rule prohibiting employee contributions for 6 months after taking a hardship withdrawal provided one of the following is true:

    1. Your primary residence or place of employment is located in a covered disaster area and has incurred a loss as a result of the California wildfires.
      OR
    2. Your hardship withdrawal will be used to assist an eligible family member who lives or works in a covered disaster area and who has incurred a loss as a result of the California wildfires.

    IN ADDITION, you must also meet all of the following requirements:

    • You must be actively employed as a federal civilian or a member of the uniformed services.
    • You must complete Form TSP-76, Financial Hardship In-Service Withdrawal Request.
    • You must write “California wildfires” at the top of page 1 above the name of the form.
    • You must check the “Personal Casualty Loss” box on page 2, Item 18 of your request form, as the reason for requesting financial hardship.

    Your request must be received in our office by March 8, 2018 and, in compliance with IRS guidelines, your distribution must occur before March 15, 2018. Any Financial Hardship In-Service Withdrawal Request forms received after March 8, 2018 will be processed as a standard hardship withdrawal, and your TSP contributions will automatically stop for 6 months.

    If you want to stop your TSP contributions, complete Form TSP-1, Election Form (Form TSP-U-1 for uniformed services) or use your agency or service’s automated system.

    This rule change is not retroactive and all other Form TSP-76 rules apply. Participants may only receive one hardship withdrawal under this change. If you have questions about this change, call the toll-free ThriftLine at 1-877-968-3778. Outside the U.S. and Canada, please call 404-233-4400 (not toll free).

    September 2017 news and announcements

    Help for Hurricane Irma victims — The TSP has made a temporary change to the financial hardship withdrawal rules for participants affected by Hurricane Irma: As of September 13, 2017, we will treat any Financial Hardship In-Service Withdrawal Request as a qualifying hardship and will waive the rule prohibiting employee contributions for 6 months after taking a hardship withdrawal provided one of the following is true:

    1. Your primary residence or place of employment is located in a covered disaster area and has incurred a loss as a result of Hurricane Irma.
      OR
    2. Your hardship withdrawal will be used to assist an eligible family member who lives or works in a covered disaster area and who has incurred a loss as a result of Hurricane Irma.

    IN ADDITION, you must also meet all of the following requirements:

    • You must be actively employed as a federal civilian or a member of the uniformed services.
    • You must complete Form TSP-76, Financial Hardship In-Service Withdrawal Request.
    • You must write “Hurricane Irma” at the top of page 1 above the name of the form.
    • You must check the “Personal Casualty Loss” box on page 2, Item 18 of your request form, as the reason for requesting financial hardship.
    • Your request must be received in our office by January 24, 2018 and, in compliance with IRS guidelines, your distribution must occur before January 31, 2018. Any Financial Hardship In-Service Withdrawal Request forms received after January 24, 2018 will be processed as a standard hardship withdrawal, and your TSP contributions will automatically stop for 6 months.

    If you want to stop your TSP contributions, complete Form TSP-1, Election Form (Form TSP-U-1 for uniformed services) or use your agency or service’s automated system.

    This rule change is not retroactive and all other Form TSP-76 rules apply. Participants may only receive one hardship withdrawal under this change. If you have questions about this change, call the toll-free ThriftLine at 1-877-968-3778. Outside the U.S. and Canada, please call 404-233-4400 (not toll free).

    August 2017 news and announcements

    You May Now Reset Your TSP Password Online — We’re pleased to announce that you may now reset your password online. If you forget or lose your password, go to the My Account section of tsp.gov, click on “Forgot your password?,” and follow the prompts. If you know your password and want to change it, log into My Account, visit “Profile Settings,” and click on “Change Your Password.” You can also call the ThriftLine at 1-877-968-3778 and press option 3 to speak to a Participant Service Representative.

    FRTIB appoints Executive Director — The Federal Retirement Thrift Investment Board (FRTIB) today announced the selection of Ravindra Deo as its Executive Director. The FRTIB administers the Thrift Savings Plan (TSP). Read the press release to learn more about Mr. Deo.

    June 2017 news and announcements

    Representatives Introduce TSP Withdrawal Options Bill — On June 23, Rep. Elijah E. Cummings and Rep. Mark Meadows introduced a bill, H.R. 3031, to provide more flexibility on TSP participants’ withdrawal options. The bill would eliminate the restriction that participants cannot take partial post-separation withdrawals if they’ve already taken an age-based in-service withdrawal. It would also permit multiple post-separation withdrawals. Additionally, the bill would allow multiple age-based withdrawals while a participant is still working. Participants would also be able to stop monthly payments and elect to purchase an annuity while receiving monthly payments.

    April 2017 news and announcements

    Senators introduce legislation on TSP withdrawal options — At the TSP’s request, Senators Rob Portman and Tom Carper introduced a bill, S. 873, which would eliminate current statutory restrictions on participants’ withdrawal options. The bill would eliminate the restriction that participants cannot take partial post-separation withdrawals if they’ve already taken an age-based in-service withdrawal. It would also permit multiple post-separation withdrawals. Additionally, the bill would allow multiple age-based withdrawals while a participant is still working. Participants would also be able to stop monthly payments and elect to purchase an annuity while receiving monthly payments.

    March 2017 news and announcements

    G Fund and the debt limit — (March 16, 2017) As of today, March 16, 2017, the U.S. Treasury was unable to fully invest the Government Securities Investment (G) Fund due to the statutory ceiling on the federal debt. However, G Fund investors remain fully protected and G Fund earnings are fully guaranteed by the federal government. This statutory guarantee has effectively protected G Fund investors many times over the past 25 years. G Fund account balances will continue to accrue earnings and will be updated each business day, and loans and withdrawals will be unaffected.

See all

Third quarter participant statements are online and in the mail — Your third quarter 2020 participant statement, covering the period from July 1 through September 30, 2020, is now available in My Account. To receive email updates when new participant statements are available, select the “Subscribe” button on Plan news.

How your My Account login is changing — Beginning late October 2020, you’ll need a user ID, password, and validated phone number to receive an authentication code and log in securely to My Account. We’re also adding new features to make this change as easy as possible for you.

Logging in with a user ID

Your user ID is an easier, more secure way to log in.

Because you create your own user ID, you can create one that is unique and easy for you to remember. As a new feature, you’ll be able to recover your user ID online if you do forget it. This means you’ll be able to regain access to My Account without having to wait for your TSP account number by mail.

Your user ID, like your password, is known only to you. For security purposes, TSP representatives on the ThriftLine don’t have access to this information, and no one from the TSP will ever ask you for this information. Protect your user ID to keep your account secure.

Identity verification with your phone number

You can validate any phone number that receives calls.

As a new feature, you’ll be able to receive validation and verification codes by automated phone call. That means that you can validate your phone number even if it doesn’t receive text messages.

If you validate a phone number that can receive both calls and texts, you’ll see a prompt to choose the delivery method each time you need a verification code.

When the delivery method is a phone call, you’ll receive an automated call that voices your code aloud.

International phone numbers can still receive codes.

You may continue using your international phone number to receive verification codes. Our system currently generates codes by text message to international phone numbers, and it will make automated phone calls to international phone numbers when that feature becomes available in late October.

It’s important to include the correct country code for an international number. When you add a number in My Account, you can select a checkbox to indicate that it’s an international number. A new field will appear for you to enter the country code.

If you lose access to your validated phone number, we will help you.

If you lose access to your validated phone number, call the ThriftLine to speak to a TSP representative. After verifying your identity, the TSP representative will help you add and validate a new phone number.

Keep an email address on your account.

Please keep a personal email address in Profile Settings. For security reasons, we will no longer send authentication codes by email, but we will still email you certain transaction confirmations and educational outreach related to your account.

Managing your TSP savings outside of My Account

You have options if you can’t access your account online.

You can access your account information and perform certain transactions, such as interfund transfers, when you call the ThriftLine and use the automated response system. To access your account through the ThriftLine, you’ll need your TSP account number and Personal Identification Number (PIN).

How to prepare for login changes

You may not need to take any actions in My Account right now to prepare for these changes. After the new features become available, you’ll see prompts at login to create or recover your user ID and add and validate a phone number, if you need to.

If you do want to make sure your account is ready for these features, you can log in to My Account and check your personal information in Profile Settings:

  1. Create or change your user ID.
  2. Make sure your contact information is up to date, including phone number, email, and mailing address.

If you need to validate a phone number that doesn’t receive text messages, you’ll be able to do that when this new feature becomes available in late October.

Notarization requirements reinstated as of October 1, 2020 — As of October 1, 2020, TSP forms that require notarized signatures must be signed and notarized. We accept electronic and remote notarization in addition to traditional, in-person notarization. All signatures must be handwritten or made electronically with PIV or CAC credentials.

Earlier this year, we temporarily waived notarization requirements in order to support participants in physical distancing measures during the COVID-19 pandemic. With electronic and remote options in place, we’re reinstating these notarization requirements as an important security measure against attempts at fraud.

September 22 deadline for temporary loan increase — The CARES Act allowed us to temporarily increase the maximum loan amount on general purpose loans for qualified individuals. If you plan to apply for a loan with the increased maximum, we must receive your completed application on or before September 22, 2020. The online application tool in My Account will come down at noon that day. We can accept signed loan agreements until midnight that night.

Temporary acceptance of PIV and CAC signatures on TSP forms — We will temporarily accept certain digital signatures on TSP forms in order to support participants in physical distancing measures during the COVID-19 pandemic. To be eligible, you must use your unexpired U.S. federal personal identity verification (PIV) credentials or common access card (CAC) to sign your form before you submit it to us.

Restriction to be lifted on starting and restarting installment payments based on life expectancy — The FRTIB is permanently changing the rule that prevents you from starting installment payments based on life expectancy if you have previously received installment payments. Beginning in January 2021, all TSP participants who are eligible for installment payments may elect to receive payments based on life expectancy whether or not they previously started and then stopped installment payments. This means that if you are currently receiving life-expectancy payments, you may now stop them, knowing that you will be able to restart them next year. (You will not be able to restart them in 2020, but you can always use other withdrawal types for which you’re eligible.) This is a significant rule change, especially if you currently receive life-expectancy payments for the purpose of receiving required minimum distributions (RMDs) and want to temporarily suspend those payments while RMDs are waived in 2020. To do so, log in to My Account now and select Withdrawals and Changes to Installment Payments to stop your payments. To restart them in 2021, log in again and start a new transaction to request installment payments based on life expectancy. Please disregard any TSP materials that state the old rule, including instructions you may see when using the online tool to stop payments. We will update them as soon as possible.

Important Note: If you started receiving life-expectancy-based installment payments before the age of 55 and

  1. you are under age 59½ now
    OR
  2. it has been less than five years since your payments started,

then stopping your payments now could have tax consequences that are mandated by the Internal Revenue Code and are not eliminated by this FRTIB rule change. Visit irs.gov or consult a tax advisor for more information.

Second quarter participant statements are online and in the mail — Your second quarter 2020 participant statement, covering the period from April 1 through June 30, 2020, is now available in My Account. To receive email updates when new participant statements are available, select the “Subscribe” button on Plan news.

Submitting certain forms online — You may now submit certain TSP forms online by logging in to My Account and uploading a PDF copy of the form. You’ll find an up-to-date list of forms we accept online when you log in to My Account and select Upload Form from the menu. That section provides detailed instructions on how to prepare your file for upload.

You still have the option to mail or fax your completed form and supporting documentation to us. However, be sure to submit your form and documentation one time only. We will process the first submission we receive and cancel any subsequent forms of the same type. The list of forms you can submit online may change at any time, so be sure to check the list in My Account before you begin preparing your file.

CARES Act Withdrawal now available — TSP participants affected by COVID-19 (as defined by the CARES Act, P.L. 116-136) may now apply for a CARES Act Withdrawal of up to $100,000 from a civilian or uniformed services account. For those still in federal service, the usual requirements that you be at least 59½ years old or certify that you meet specific financial hardship criteria are waived. For all applicants, federal tax withholding is optional. The deadline for applying is December 15, 2020.

Learn more about the TSP CARES Act Withdrawal.

More Lifecycle Funds now available — As of July 1, 2020, you have ten Lifecycle (L) Funds to choose from instead of the five previously available. We added the additional L Funds so that the target dates will be separated by only five years instead of ten, allowing you to more precisely target the time when you think you’ll need your money. Six more L Funds have been added, and the L 2020 Fund, having reached its target date, has been rolled into the L Income Fund.

Learn more about our Lifecycle Funds and additional fund options.

For more information about this change, see the fact sheet Additional Lifecycle (L) Funds.

TSP loan options for COVID-19-affected participants now available — TSP participants affected by COVID-19 (as defined by the CARES Act, P.L. 116-136) may now apply for a TSP general purpose loan with an increased maximum loan amount. These participants may also temporarily suspend payments on TSP loans they currently have and on loans taken between now and November 30, 2020. The deadline for applying for a loan with an increased maximum is September 18, 2020. The deadline for requesting suspension of loan payments is November 30, 2020. Loan payment suspensions will last for the rest of calendar year 2020.

Learn more about these temporary loan options for COVID-19-affected participants.

Board Chairman announces resignation — Federal Retirement Thrift Investment Board Chairman Michael Kennedy has submitted a letter of resignation to the President, effective June 30, 2020, to pursue another opportunity. The Board will continue to have a quorum and will be able to conduct necessary Board business. On May 4, 2020, the President sent three nominations for the Board to the Senate. Board Member David A. Jones will serve as Acting Chairman until the new Board Members are confirmed by the Senate.

Update on CARES Act temporary loan and withdrawal options — The CARES Act allows us to offer temporary loan and withdrawal options to TSP participants affected by COVID-19. The loan options described below will be available no later than June 22, 2020, and that the withdrawal option described here will be available in mid-July 2020. Both the loan and withdrawal options are available to you only if you can certify that you meet one or more of the following criteria:

  • You have been diagnosed with the virus SARS–CoV–2 or with coronavirus disease 2019 (COVID–19) by a test approved by the Centers for Disease Control and Prevention.
  • Your spouse or dependent (as defined in section 152 of the Internal Revenue Code of 1986) has been diagnosed with such virus or disease by such a test.
  • You are experiencing adverse financial consequences as a result of being quarantined, being furloughed or laid off or having work hours reduced due to such virus or disease, being unable to work due to lack of child care due to such virus or disease, closing or reducing hours of a business owned or operated by the individual due to such virus or disease, or other factors as determined by the Secretary of the Treasury (or the Secretary’s delegate).

Increased maximum loan amount
The maximum loan amount is increased from $50,000 to $100,000, and the portion of your available balance you can borrow is raised from 50% to 100%. The deadline for applying for a loan with this increased maximum will be in September 2020. We will announce the exact cutoff date soon.

Temporary suspension of loan payments
You may suspend your obligation to make payments on your TSP loan or loans for the rest of calendar year 2020. This applies to existing loans and loans taken in the remainder of 2020. We will make a new form available for you to request this suspension. [Editor’s note: As a result of new information on the implementation of the CARES Act, the conditions of loan payment suspension have been changed since this post first appeared.]

CARES Act Withdrawal
You may make a one-time withdrawal of up to $100,000 from a civilian or uniformed services account. For those still in federal service, the usual requirements that you be at least 59 ½ years old or certify that you meet specific financial hardship criteria are waived. Though you may request that we withhold money from your withdrawal for federal income tax, we will not automatically do that. This withdrawal will be eligible for the favorable tax treatment described here, with all of the same options and restrictions. The deadline for applying for this withdrawal will be in December 2020. We will announce the exact cutoff date soon.

Board defers action on I Fund transition — Due to a meaningfully different economic environment related in large part to the impact of the global COVID-19 pandemic, as well as the nomination of three new Federal Retirement Thrift Investment Board Members, pending further study, the Board is delaying the implementation of the I Fund benchmark change to the MSCI ACWI ex-U.S. Investible Market index from the MSCI EAFE index.

Withdrawals for Participants Affected by COVID-19 — The CARES Act creates special rules for most types of TSP withdrawals made by participants affected by COVID-19. We’re working on a new, temporary withdrawal option that waives the usual in-service withdrawal requirements and allows all COVID-affected participants to waive tax withholding. We will provide details about that soon. But many TSP participants who are affected by COVID-19 can take advantage of the withdrawal provisions of the CARES ACT using withdrawal types for which they’re already eligible. If you’re a current civilian federal employee or member of the uniformed services and eligible under the existing rules, such withdrawals include hardship withdrawals and age-based in-service “59½” withdrawals. If you’re separated from federal service or a beneficiary participant, they include single payments and some installment payments. This article explains the favorable tax treatment that you may be eligible for right now without waiting for the new withdrawal option to be available.

Definitions and Eligibility

This article uses the terms coronavirus-related distribution and qualified individual.

A coronavirus-related distribution, as defined by the Internal Revenue Service (IRS), is “a distribution (withdrawal) that is made from an eligible retirement plan to a qualified individual from January 1, 2020, to December 30, 2020, up to an aggregate limit of $100,000 from all plans and IRAs.” That means $100,000 is the maximum amount across all your retirement plans combined that you can apply these tax advantages to.

You’re a qualified individual if you meet at least one of the following criteria listed in the CARES Act:

  • You have been diagnosed with the virus SARS–CoV–2 or with coronavirus disease 2019 (COVID–19) by a test approved by the Centers for Disease Control and Prevention.
  • Your spouse or dependent (as defined in section 152 of the Internal Revenue Code of 1986) has been diagnosed with such virus or disease by such a test.
  • You are experiencing adverse financial consequences as a result of being quarantined, being furloughed or laid off or having work hours reduced due to such virus or disease, being unable to work due to lack of child care due to such virus or disease, closing or reducing hours of a business owned or operated by the individual due to such virus or disease, or other factors as determined by the Secretary of the Treasury (or the Secretary’s delegate).

You must be a qualified individual receiving a coronavirus-related distribution to take advantage of the favorable tax treatment described below. You must also designate your withdrawal(s) as a coronavirus-related distribution when you file your taxes. To do that, you’ll file Form 8915-E, which the IRS is expected to make available before the end of 2020.

Early Withdrawal Penalty Waived

If you designate your withdrawal(s) as a coronavirus-related distribution when you file your taxes, the IRS will waive the 10% additional tax on early distributions.

When You Must Pay Tax on the Income from Your Withdrawal

The taxable income from withdrawals made by qualified individuals may be spread “ratably” over a three-year period, starting with the year in which you receive your distribution. For example, if you receive a $9,000 coronavirus-related distribution in 2020, you could report $3,000 in income on your federal income tax return for each of 2020, 2021, and 2022. This is optional; you can also choose to include all of the income in the year of the withdrawal.

Repaying Withdrawals

If you are a qualified individual, you may repay all or part of the amount of a coronavirus-related distribution to an eligible retirement plan, provided that you complete the repayment within three years after the date that you received the distribution. If you repay a coronavirus-related distribution, the distribution will be treated as though it were repaid in a direct plan-to-plan transfer so that you do not owe federal income tax on the distribution. The law allows you to repay coronavirus-related distributions to the plan from which you received it or to another eligible retirement plan.

CARES Act temporary loan and withdrawal options — The CARES Act allows us to offer temporary loan and withdrawal options to TSP participants affected by COVID-19. We are working as quickly as possible to add these options to our system so you can count on efficient processing of these requests. You can check this webpage for updates about these options and when they will be available to you. We will post the next update by May 15, 2020.

Payments you make to the TSP by check may take longer to process — Because of public health precautions being taken at our processing facilities, payments made by check will most likely take longer to appear in your TSP account. These include payments to make up missed loan payments, submit additional loan payments, or to roll over payments from IRAs or other employer plans. We appreciate your patience.

Rollover period extended to July 15 — If you received any withdrawal between February 1 and May 15 that is eligible for rollover, then the IRS has extended your 60-day rollover deadline to July 15th. If you received an RMD (or an installment payment that included an RMD) between February 1 and May 15, then you can roll those amounts over—to an IRA or eligible employer plan or back into your TSP account—provided that you do so by July 15th. Use Form TSP‑60.

First quarter participant statements are online and in the mail —Your first quarter 2020 participant statement, covering the period from January 1 through March 31, 2020, is now available in My Account. To receive email updates when new participant statements are available, sign up for “Email Updates”.

Temporary changes to required minimum distributions — As authorized by the recently enacted CARES Act, we’re making temporary changes related to required minimum distributions (RMDs).

  • You do not need to make any withdrawals from your TSP account in 2020 to satisfy an RMD, regardless of your age or employment status.
  • We will not send any automatic RMD payments for 2020.
  • If you make a withdrawal, we will withhold for federal taxes at the rate appropriate for the type of withdrawal you make, without regard to RMD rules that would otherwise apply. You can transfer or roll over to an IRA or eligible employer plan any otherwise eligible withdrawals you make.

Learn more about temporary changes to RMDs.

President signs CARES Act — President Trump has signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act into law. This law seeks to address the economic impacts of the coronavirus (COVID-19), and it includes provisions concerning retirement plans. We will update you as specific details become available.

TSP operations continue normally — As the coronavirus situation evolves worldwide, we’re working hard to make sure that TSP operations continue normally, and that we’re able to continue to serve you.

  • We continue to process forms and requests.
  • TSP representatives are available to answer your questions.
  • You can access your account online through My Account.

This is a changing situation, and we will communicate with you as soon as possible if anything affects our operations. In the meantime, here are some tips for you to consider.

Make sure you can access your TSP account online and by phone. For online access, you need your account number (or user ID), your password, and access to your validated email or cell phone. If you haven’t already, add and validate a personal email or cell phone to your TSP account so you can log in securely from your personal devices with two-step authentication. If you’re having trouble logging in, read our tips and troubleshooting information. For access by calling the ThriftLine, you’ll need your account number and PIN.

Avoid longer wait times on the ThriftLine by calling during off-peak hours. Your wait might be longer if you call during peak hours, such as in the morning. If you need to reach a TSP representative by phone, try calling in the afternoon, Tuesday through Friday, to reduce your chances of a long wait. As an alternative, you can use the secure messaging service online after you log into My Account.

Stick to your plan — The stock and bond markets can change rapidly. By the time you react to the situation, the market may be moving in the opposite direction, and you could miss out on significant gains. Remember that investing for retirement is for the long-term. Try not to let short-term market movements steer you off course. To learn more, visit How to invest: Stick to your plan.

TSP Life Annuity COLA Changes to Flat 2% in March — The cost of living adjustment (COLA) applied to TSP life annuities with the increasing payments feature will become a flat 2% beginning with annuities purchased on or after March 2, 2020. Annual adjustments for TSP annuities purchased before then will continue to vary between 0% and 3% depending on the Consumer Price Index. Annual adjustments for all TSP annuities take place on the anniversary of the first payment. TSP life annuities are purchased from the TSP’s outside vendor, using money from your TSP account. The information provided here is not related to the “basic annuity” or “pension” that is part of retirement coverage under FERS or CSRS, or the military retired pay that members of the uniformed services receive.

TSP.gov, the ThriftLine, and FRTIB.gov access. — Due to scheduled system maintenance, tsp.gov, the ThriftLine, and frtib.gov will be unavailable from 8:00 a.m. (ET) on Saturday, February 22, to 8:00 a.m. (ET) on Sunday, February 23. Thank you for your patience.

Requesting a color copy of your 2019 annual statement — Due to a contractor error, you may have received a black and white version of your 2019 annual statement in the mail. If this is the case and you would like to view a color copy of your annual statement, you can either log in to My Account to view your statement online or call the ThriftLine and request to have a color copy mailed to you.

Annual participant statements are online and in the mail — Your annual 2019 participant statement, covering the period from January 1 through December 31, 2019, is now available in My Account: Statements. You may notice that your 2019 annual statement looks slightly different than your previous annual statements. Fourth quarter (October – December) account information is now included on your annual statement. To receive e-mail updates when new participant statements are available, sign up at “Email Updates”.

IRS Form 1099-R — The TSP has mailed IRS Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc., to participants who received a withdrawal up to December 27, 2019, and/or a taxable distribution of a loan up to December 31, 2019. Withdrawals processed on December 30 and 31 are taxable income for 2020. If you have not received Form 1099-R by mid-February, you can print a copy from My Account. Corrected Forms 1099-R will be issued late February/early March. If you are expecting a corrected Form 1099-R, you may wish to wait to file your taxes until you receive the form.

Fourth quarter account information — From now on, you will be able to find your 4th quarter (October – December) TSP account information on your annual statement, which will be available the first week of February. In the 3rd quarter statements and in our recent e-newsletters, we notified participants that we will no longer provide a separate statement with 4th quarter account information.

President signs SECURE Act — President Trump has signed the Setting Every Community Up for Retirement Enhancement (SECURE) Act into law. We’re currently looking into how the SECURE Act might affect the TSP. We will update you as more details are finalized.

Two-step authentication enabled for logging into My Account — All TSP participants now must have validated contact information and use two-step authentication to log into My Account.

Two-step authentication helps protect your account against fraud. This login process is more secure because it means that online access to your account requires something you know (your account number or user ID and password) and something you have (the one-time code you receive in your email or on your phone). Someone who tries to log into your account fraudulently won’t be able to gain access without the code.

If you’re having trouble logging in, you can read our tips and troubleshooting guide.

Year-end transaction processing schedule — The TSP processing schedule for the end of 2019 is shown below and includes information about when transactions (including withdrawals and installment payments) will be processed, as well as when the TSP will be closed during the holiday season.

December 16 — TSP installment payments that are normally scheduled to be processed between December 16 and December 31 will be processed on December 16. For income tax purposes, these payments will be reported to the Internal Revenue Service (IRS) as income for 2019.

December 17 — Any residual 2019 required minimum distribution (RMD) amounts for beneficiary participants will be processed on December 17. For income tax purposes, these payments will be reported to the IRS as income for 2019.

December 18 — Any residual 2019 required minimum distribution (RMD) amounts for civilian and uniformed services participants will be processed on December 18. For income tax purposes, these payments will be reported to the IRS as income for 2019.

December 25 — Because Wednesday December 25 is a federal holiday, the TSP will be closed. Transactions that would have been processed Wednesday night (December 25) will be processed Thursday night (December 26) at Thursday’s closing share prices.

December 27 — Withdrawals processed through December 27 will be disbursed and reported to the IRS as income for 2019.

December 30 — Withdrawals processed on December 30 will be reported to the IRS as income for 2020. The payments (checks and direct deposits) are expected to be issued on January 2, 2020.

December 31 — Withdrawals processed on December 31 will be reported to the IRS as income for 2020. The payments (checks and direct deposits) are expected to be issued on January 3, 2020.

January 1, 2020 — Because January 1 is a federal holiday, the TSP will be closed. Transactions that would have been processed Wednesday night (January 1) will be processed Thursday night (January 2) at Thursday’s closing share prices.

Board and ETAC Chairmen say “Let’s Keep a Fair Playing Field for TSP Investors” — In a letter published today, Federal Retirement Thrift Investment Board Chairman Michael Kennedy and Employee Thrift Advisory Council (ETAC) Chairman Clifford Dailing explain why the Board’s 2017 decision to transition to a new benchmark for the I Fund continues to be the right call. Read more on govexec.com.

Investment benchmark update — At its November meeting, Members of the Federal Retirement Thrift Investment Board affirmed the 2017 decision to move to a new index for the International Fund (I Fund) for the Thrift Savings Plan. In coming to this decision, the Board noted that moving to the broader I Fund benchmark is in the best interest of participants and beneficiaries, a current best practice in the investment industry, and is widely recognized as a smart strategy in today’s market. The ten largest U.S. companies’ 401(k) plans all invest in emerging markets, as do the ten largest federal contractor plans and the six largest target date fund providers. In addition, the 20 largest defined benefit plans—all of which are for state government workers—invest in emerging markets. TSP participants can decide which TSP funds they want to invest in.

2020 Contribution limits — The Internal Revenue Code places specific limits on the amount that you can contribute to employer-sponsored plans like the TSP each year. The limits for 2020 have been announced. To learn more, visit “Contribution Limits.

New TSP Podcast — We’re happy to announce our new podcast, The Real TSP! Hosted by TSP educators, each episode provides an in-depth look into your retirement investment plan and answers questions you care about the most. Whether you’re brand new to the government, well into your retirement years, or serving our country in the U.S. or abroad, this podcast has something for you. Find our podcasts at youtube.com/tsp4gov.

New withdrawal options now available — We’re pleased to announce that all participants now have more options when seeking to withdraw retirement savings from their TSP accounts.

For information about in-service withdrawal options, visit the “In-service withdrawals basics” section of tsp.gov and download our updated booklet, In-Service Withdrawals.

For information about post-separation withdrawals, visit the “Living in retirement” section of tsp.gov and download our updated booklet Withdrawing from Your TSP Account.

To initiate a withdrawal request, you’ll use enhanced online tools in My Account. After you log in, select the “Withdrawals and Changes to Installment Payments” link from the Online Transactions menu.

Stick to Your Plan — The stock and bond markets can change rapidly. By the time you react to the situation, the market may be moving in the opposite direction, and you could miss out on significant gains. Remember that investing for retirement is for the long-term. Try not to let short-term market movements steer you off course. To learn more, visit [Stick to your plan.

Add extra security to your TSP account — You’re now able to make online access to your TSP account even more secure by enabling two-step authentication at login. This means that you’ll receive a one-time verification code by email or text message each time you log into your account. To add this security feature, log into My Account on tsp.gov and go to your profile settings.

Enabling two-step authentication helps you protect your account against fraud. This login process is more secure because it means that online access to your account requires something you know (your account number or username and password) and something you have (the one-time code you receive in your email or on your phone). Someone who tries to log into your account fraudulently won’t be able to gain access without the code.

Before you can use two-step authentication, you must first validate an email address or cell phone. You can validate your contact information in your My Account profile settings.

Loans during a lapse in appropriations — As a result of the recent partial government shutdown, we made changes to provide assistance to affected TSP participants. In the event your agency is affected by a lapse in appropriations, read the fact sheet Frequently Asked Questions About TSP Loans During a Lapse in Appropriations file for details on how to take a loan, what to do if a lapse in appropriations lasts long enough to affect your loan payments, and other questions you may have about taking or having a loan while you are on shutdown furlough. The fact sheet also explains what happens with your loan payments when a lapse in appropriations ends.

Help for Hurricanes Florence and Michael victims — The TSP has made a temporary change to the financial hardship withdrawal rules for participants affected by Hurricanes Florence or Michael: As of December 4, 2018, we will treat any Financial Hardship In-Service Withdrawal Request as a qualifying hardship and will waive the rule prohibiting employee contributions for 6 months after taking a hardship withdrawal provided one of the following is true

  1. Your primary residence or place of employment is located in a covered disaster area and has incurred a loss as a result of Hurricanes Florence or Michael.
    OR
  2. Your hardship withdrawal will be used to assist an eligible family member who lives or works in a covered disaster area and who has incurred a loss as a result of Hurricanes Florence or Michael.

IN ADDITION, you must also meet all of the following requirements:

  • You must be actively employed as a federal civilian or a member of the uniformed services.
  • You must complete Form TSP-76, Financial Hardship In-Service Withdrawal Request. This form can be requested by calling the toll-free ThriftLine at 1-877-968-3778.
  • You must check the “Personal Casualty Loss” box as the reason for requesting financial hardship.
  • You must write “Hurricane Florence” or “Hurricane Michael” at the top of page 1 above the name of the form.
  • Your request must be received in our office by March 5, 2019 and, in compliance with IRS guidelines, your distribution must occur before March 15, 2019. Any Financial Hardship In-Service Withdrawal Request forms received after March 5, 2019 will be processed as a standard hardship withdrawal, and your TSP contributions will automatically stop for 6 months.

If you want to stop your TSP contributions, complete Form TSP-1, Election Form (Form TSP-U-1) for uniformed services) or use your agency or service’s automated system.

This rule change is not retroactive and all other Form TSP-76 rules apply. Participants may only receive one hardship withdrawal under this change. If you have questions about this change, call the toll-free ThriftLine at 1-877-968-3778. Outside the U.S. and Canada, please call 404-233-4400 (not toll free).

Federal government closing — Some financial markets and the federal government will be closed on Wednesday, December 5, in observance of the national day of mourning for the late President George H.W. Bush. Therefore, the Thrift Savings Plan will not be updating share prices in any of the TSP funds for that day. Transactions that would have been processed Wednesday night (December 5) will be processed Thursday night (December 6) at Thursday’s closing share prices. If you have questions about your TSP account, the ThriftLine (1-877-968-3778) will remain open on Wednesday, December 5.

Year-end transaction processing schedule — The TSP processing schedule for the end of 2018 is shown below and includes information about when transactions (including withdrawals and monthly payments) will be processed, as well as when the TSP will be closed during the holiday season.

December 15 — The deadline for the TSP to receive a request for an annual change in monthly payments is December 15. This deadline applies only to participants who are in monthly payment status.

December 17 — TSP monthly payments that are normally scheduled to be processed between December 18 and December 31 will be processed on December 17, along with the December 17 payments that are regularly scheduled for that date. For income tax purposes, these payments will be reported to the Internal Revenue Service as income for 2018.

December 18 — Any residual 2018 required minimum distribution (RMD) amounts for beneficiary participants will be processed on December 18. For income tax purposes, these payments will be reported to the Internal Revenue Service as income for 2018.

December 19 — Any residual 2018 required minimum distribution (RMD) amounts for civilian and uniformed service participants will be processed on December 19. For income tax purposes, these payments will be reported to the Internal Revenue Service as income for 2018.

December 25 — Because Tuesday December 25 is a federal holiday, the TSP will be closed. Transactions that would have been processed Tuesday night (December 25) will be processed Wednesday night (December 26) at Wednesday’s closing share prices.

December 27 — Withdrawals processed through December 27 will be disbursed and reported to the IRS as income for 2018.

December 28 — Withdrawals processed on December 28 will be reported to the Internal Revenue Service as income for 2019. The payments (checks and EFTs) are expected to be issued on January 2, 2019.

December 31 — Withdrawals processed on December 31 will be reported to the IRS as income for 2019. The payments (checks and EFTs) are expected to be issued on January 3, 2019.

January 1, 2019 — Because January 1 is a federal holiday, the TSP will be closed. Transactions that would have been processed Tuesday night (January 1) will be processed Wednesday night (January 2) at Wednesday’s closing share prices.

Changes coming to the Lifecycle (L) Funds — We are planning adjustments to the L Funds in an effort to improve your investment outcomes. Effective in January 2019, we will increase exposure to international stocks (the I Fund) from 30% to 35% of the overall stock allocation in all L Funds. The L Income Fund stock allocation (C, S, and I Funds combined) will increase from 20% to 30% over a period of up to 10 years. The L 2030, L 2040, and L 2050 overall stock allocations will hold steady for a period of years before resuming their transitions from stocks to bonds. In addition to improving investment outcomes, this pause will align the L 2030, L 2040, and L 2050 Funds with the L 2060 Fund, which will be introduced in 2020 with an initial stock allocation of 99%. Visit Lifecycle Funds to learn more.

2019 Contribution limits —The Internal Revenue Code places specific limits on the amount that you can contribute to employer-sponsored plans like the TSP each year. The limits for 2019 have been announced. To learn more, visit Contribution Limits.

Current loan interest rate — The interest rate on your TSP loan is the G Fund rate at the time your loan application is processed. The current rate is 3.125%. We are working to resolve a technical issue that may cause a different rate to show when using our Loan wizard. If you generated a loan agreement on or after November 2, 2018, be sure to check that the interest rate on your loan agreement is 3.125% before submitting.

Approaching deadline for some uniformed services members — Are you a member of the uniformed services who is eligible to opt into the Blended Retirement System, also known as BRS? The deadline to sign up is approaching fast. By December 31, 2018, you must choose whether to stay with your current retirement system or opt into BRS. A video, “Opting into the Blended Retirement System (BRS),” and a fact sheet, Questions and Answers about Opting into the Blended Retirement System (BRS), are available to help you make the important decision.

Changes coming to the Lifecycle (L) Funds — The TSP is planning adjustments to the L Funds in an effort to improve outcomes for participants who invest in them. Effective in January 2019, we will increase exposure to international stocks (the I Fund) from 30% to 35% in all L Funds. The L Income Fund stock allocation (C, S, and I Funds combined) will increase from 20% to 30% over a period of up to 10 years. The total stock allocation for the L 2030, L 2040, and L 2050 Funds will hold steady for a period of years to facilitate transition to the L 2060 Fund when it is introduced in 2020. Finally, at that time, the L 2060 Fund will begin with a 99% stock allocation.

Stick to Your Plan — The stock and bond markets can change rapidly. By the time you react to the situation, the market may be moving in the opposite direction, and you could miss out on significant gains. Remember that investing for retirement is for the long-term. Try not to let short-term market movements steer you off course. To learn more, visit Stick to your plan.

Peak ThriftLine Call Times — Our highest call volume is on Monday and Tuesday mornings. If you want to minimize your wait time to speak to a Participant Services Representative, consider calling outside of those peak hours. Participant Service Representatives are available Monday through Friday, 7:00 a.m. to 9:00 p.m., eastern time.

G Fund and the debt limit — As of today, December 13, 2017, the U.S. Treasury was unable to fully invest the Government Securities Investment (G) Fund due to the statutory ceiling on the federal debt. However, G Fund investors remain fully protected and G Fund earnings are fully guaranteed by the federal government. This statutory guarantee has effectively protected G Fund investors many times over the past 25 years. G Fund account balances will continue to accrue earnings and will be updated each business day, and loans and withdrawals will be unaffected.

Year-end transaction processing schedule — Year-end transaction processing schedule — The TSP processing schedule for the end of 2017 is shown below. The schedule includes information about when transactions (including withdrawals and monthly payments) will be processed, as well as when the TSP will be closed during the holiday season.

December 15 — The deadline for the TSP to receive a request for an annual change in monthly payments is December 15. This deadline applies only to participants who are in monthly payment status.

December 18 — TSP monthly payments that are normally scheduled to be processed between December 19 and December 31 will be processed on December 18, along with the December 18 payments that are regularly scheduled for that date. For income tax purposes, these payments will be reported to the Internal Revenue Service as income for 2017.

December 19 — Any residual 2017 required minimum distribution (RMD) amounts for beneficiary participants will be processed on December 19. For income tax purposes, these payments will be reported to the Internal Revenue Service as income for 2017.

December 20 — Any residual 2017 required minimum distribution (RMD) amounts for civilian and uniformed service participants will be processed on December 20. For income tax purposes, these payments will be reported to the Internal Revenue Service as income for 2017.

December 25 — Because Monday December 25 is a Federal holiday, the TSP will be closed. Transactions that would have been processed Monday night (December 25) will be processed Tuesday night (December 26) at Tuesday’s closing share prices.

December 27 — Withdrawals processed through December 27 will be disbursed and reported to the IRS as income for 2017.

December 28 — Withdrawals processed on December 28 will be reported to the Internal Revenue Service as income for 2018. The payments (checks and EFTs) are expected to be issued on January 2, 2018.

December 29 — Withdrawals processed on December 29 will be reported to the IRS as income for 2018. The payments (checks and EFTs) are expected to be issued on January 3, 2018.

January 1, 2018 — Because January 1 is a Federal holiday, the TSP will be closed. Transactions that would have been processed Monday night (January 1) will be processed Tuesday night (January 2) at Tuesday’s closing share prices.

TSP Withdrawal Options Bill Becomes Law —On November 17, 2017, President Trump signed into law the TSP Modernization Act of 2017, which will provide TSP participants with more flexible withdrawal options. The law eliminates the statutory prohibition on multiple post-separation withdrawals and multiple age-based withdrawals while a participant is still working. It also removes the restriction that participants cannot take partial post-separation withdrawals if they’ve already taken an age-based in-service withdrawal. Though it has no effect on required minimum distributions mandated by the Internal Revenue Code, the law also allows separated participants who are over age 70½ to remain in the TSP, eliminating the requirement to make a withdrawal election on an entire account balance. Participants will also be able to stop monthly payments, change payment frequency, or elect to purchase an annuity while receiving monthly payments.

The Executive Director of the FRTIB has the authority to establish parameters regarding this new ability to take multiple withdrawals, and the law gives the FRTIB up to two years to make the regulatory and operational changes necessary to enact these changes.

Help for Hurricane Maria victims Updated – Extended Deadline — The TSP has made a temporary change to the financial hardship withdrawal rules for participants affected by Hurricane Maria: As of October 4, 2017, we will treat any Financial Hardship In-Service Withdrawal Request as a qualifying hardship and will waive the rule prohibiting employee contributions for 6 months after taking a hardship withdrawal provided one of the following is true:

  1. Your primary residence or place of employment is located in a covered disaster area and has incurred a loss as a result of Hurricane Maria.
    OR
  2. Your hardship withdrawal will be used to assist an eligible family member who lives or works in a covered disaster area and who has incurred a loss as a result of Hurricane Maria.

IN ADDITION, you must also meet all of the following requirements:

  • You must be actively employed as a federal civilian or a member of the uniformed services.
  • You must complete Form TSP-76, Financial Hardship In-Service Withdrawal Request.
  • You must write “Hurricane Maria” at the top of page 1 above the name of the form.
  • You must check the “Personal Casualty Loss” box on page 2, Item 18 of your request form, as the reason for requesting financial hardship.
  • Your request must be received in our office by March 8, 2018 and, in compliance with IRS guidelines, your distribution must occur before March 15, 2018. Any Financial Hardship In-Service Withdrawal Request forms received after March 8, 2018 will be processed as a standard hardship withdrawal, and your TSP contributions will automatically stop for 6 months.

If you want to stop your TSP contributions, complete Form TSP-1, Election Form (Form TSP-U-1 for uniformed services) or use your agency or service’s automated system.

This rule change is not retroactive and all other Form TSP-76 rules apply. Participants may only receive one hardship withdrawal under this change. If you have questions about this change, call the toll-free ThriftLine at 1-877-968-3778. Outside the U.S. and Canada, please call 404-233-4400 (not toll free).

Help for California wildfires victims — The TSP has made a temporary change to the financial hardship withdrawal rules for participants affected by the recent wildfires in California: As of November 6, 2017, we will treat any Financial Hardship In-Service Withdrawal Request as a qualifying hardship and will waive the rule prohibiting employee contributions for 6 months after taking a hardship withdrawal provided one of the following is true:

  1. Your primary residence or place of employment is located in a covered disaster area and has incurred a loss as a result of the California wildfires.
    OR
  2. Your hardship withdrawal will be used to assist an eligible family member who lives or works in a covered disaster area and who has incurred a loss as a result of the California wildfires.

IN ADDITION, you must also meet all of the following requirements:

  • You must be actively employed as a federal civilian or a member of the uniformed services.
  • You must complete Form TSP-76, Financial Hardship In-Service Withdrawal Request.
  • You must write “California wildfires” at the top of page 1 above the name of the form.
  • You must check the “Personal Casualty Loss” box on page 2, Item 18 of your request form, as the reason for requesting financial hardship.

Your request must be received in our office by March 8, 2018 and, in compliance with IRS guidelines, your distribution must occur before March 15, 2018. Any Financial Hardship In-Service Withdrawal Request forms received after March 8, 2018 will be processed as a standard hardship withdrawal, and your TSP contributions will automatically stop for 6 months.

If you want to stop your TSP contributions, complete Form TSP-1, Election Form (Form TSP-U-1 for uniformed services) or use your agency or service’s automated system.

This rule change is not retroactive and all other Form TSP-76 rules apply. Participants may only receive one hardship withdrawal under this change. If you have questions about this change, call the toll-free ThriftLine at 1-877-968-3778. Outside the U.S. and Canada, please call 404-233-4400 (not toll free).

Help for Hurricane Irma victims — The TSP has made a temporary change to the financial hardship withdrawal rules for participants affected by Hurricane Irma: As of September 13, 2017, we will treat any Financial Hardship In-Service Withdrawal Request as a qualifying hardship and will waive the rule prohibiting employee contributions for 6 months after taking a hardship withdrawal provided one of the following is true:

  1. Your primary residence or place of employment is located in a covered disaster area and has incurred a loss as a result of Hurricane Irma.
    OR
  2. Your hardship withdrawal will be used to assist an eligible family member who lives or works in a covered disaster area and who has incurred a loss as a result of Hurricane Irma.

IN ADDITION, you must also meet all of the following requirements:

  • You must be actively employed as a federal civilian or a member of the uniformed services.
  • You must complete Form TSP-76, Financial Hardship In-Service Withdrawal Request.
  • You must write “Hurricane Irma” at the top of page 1 above the name of the form.
  • You must check the “Personal Casualty Loss” box on page 2, Item 18 of your request form, as the reason for requesting financial hardship.
  • Your request must be received in our office by January 24, 2018 and, in compliance with IRS guidelines, your distribution must occur before January 31, 2018. Any Financial Hardship In-Service Withdrawal Request forms received after January 24, 2018 will be processed as a standard hardship withdrawal, and your TSP contributions will automatically stop for 6 months.

If you want to stop your TSP contributions, complete Form TSP-1, Election Form (Form TSP-U-1 for uniformed services) or use your agency or service’s automated system.

This rule change is not retroactive and all other Form TSP-76 rules apply. Participants may only receive one hardship withdrawal under this change. If you have questions about this change, call the toll-free ThriftLine at 1-877-968-3778. Outside the U.S. and Canada, please call 404-233-4400 (not toll free).

You May Now Reset Your TSP Password Online — We’re pleased to announce that you may now reset your password online. If you forget or lose your password, go to the My Account section of tsp.gov, click on “Forgot your password?,” and follow the prompts. If you know your password and want to change it, log into My Account, visit “Profile Settings,” and click on “Change Your Password.” You can also call the ThriftLine at 1-877-968-3778 and press option 3 to speak to a Participant Service Representative.

FRTIB appoints Executive Director — The Federal Retirement Thrift Investment Board (FRTIB) today announced the selection of Ravindra Deo as its Executive Director. The FRTIB administers the Thrift Savings Plan (TSP). Read the press release to learn more about Mr. Deo.

Representatives Introduce TSP Withdrawal Options Bill — On June 23, Rep. Elijah E. Cummings and Rep. Mark Meadows introduced a bill, H.R. 3031, to provide more flexibility on TSP participants’ withdrawal options. The bill would eliminate the restriction that participants cannot take partial post-separation withdrawals if they’ve already taken an age-based in-service withdrawal. It would also permit multiple post-separation withdrawals. Additionally, the bill would allow multiple age-based withdrawals while a participant is still working. Participants would also be able to stop monthly payments and elect to purchase an annuity while receiving monthly payments.

Senators introduce legislation on TSP withdrawal options — At the TSP’s request, Senators Rob Portman and Tom Carper introduced a bill, S. 873, which would eliminate current statutory restrictions on participants’ withdrawal options. The bill would eliminate the restriction that participants cannot take partial post-separation withdrawals if they’ve already taken an age-based in-service withdrawal. It would also permit multiple post-separation withdrawals. Additionally, the bill would allow multiple age-based withdrawals while a participant is still working. Participants would also be able to stop monthly payments and elect to purchase an annuity while receiving monthly payments.

G Fund and the debt limit — (March 16, 2017) As of today, March 16, 2017, the U.S. Treasury was unable to fully invest the Government Securities Investment (G) Fund due to the statutory ceiling on the federal debt. However, G Fund investors remain fully protected and G Fund earnings are fully guaranteed by the federal government. This statutory guarantee has effectively protected G Fund investors many times over the past 25 years. G Fund account balances will continue to accrue earnings and will be updated each business day, and loans and withdrawals will be unaffected.