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FMA Washington Report: May 9, 2022
Plan Ahead: TSP Will Briefly Suspend All Transactions Beginning May 26

The Thrift Savings Plan (TSP) is transitioning to a new recordkeeper, which will result in planned down time this month. The transition begins on May 16, and the Federal Retirement Thrift Investment Board (FRTIB) will suspend all TSP transactions beginning on May 26. Full access and transactions are expected to be restored during the first week of June. Participants’ funds will remain invested in the TSP funds that were elected during this time.

“Toward the end of the transition period, the FRTIB will suspend all TSP transactions for several days beginning on May 26, 2022. Access to My Account and the ThriftLine will be suspended during this time in order to add new features to enhance the ways participants manage their TSP account,” the FRTIB announced.

The FRTIB “encourages TSP participants to consider whether this transition period will affect their retirement planning, especially if they are planning to request any transactions during May of 2022 . . . TSP participants will not be able to change their investment choices during this brief time. TSP participants should review their current investment choices and make sure they still align with individual retirement goals.”

For more information about the transition and the new features that will be available to TSP participants can be found, please click here.

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