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FMA Washington Report: July 11, 2022
FMA Voices Member Concerns About the TSP System Update

If you have money invested in the Thrift Savings Plan (TSP) for your retirement, you may have noticed some bumps in the road for the transition to a new, modernized recordkeeping system. In May, we alerted all FMA members about the changes. Unfortunately, the transition has been rocky for some in recent weeks. We are aware of the challenges and have voiced member concerns directly to officials at the Federal Retirement Thrift Investment Board (FRTIB), which administers the TSP. FMA National President Craig Carter also sits on the Employee Thrift Advisory Counsel (ETAC) which provides guidance to the FRTIB.

The FRTIB has been candid about the challenges with the update and has acknowledged the struggles many participants have faced. Tee Ramos, director of participant services for the TSP, said, “In conjunction with the login process and other transition changes, we had some other factors contribute to high call volumes, including pent up demand due to the blackout window [during the transition] and [volatile] market conditions.” FRTIB is actively working to smooth out the transition and provide assistance to those who have been impacted. Since June 1, approximately 420 additional staff have been added to TSP’s call center.

Ultimately, TSP participants will have access to a more secure login process, a mobile app, the ability to sign documents electronically and make account changes using online forms, and access to more than 5,000 mutual funds, which are all major, welcome advancements for which FMA has advocated.

“Many participants expressed concerns about [the new login process], but it really was in response to a surge in cybercrime in recent years,” Ramos said. “It was about taking a safe system that we had and making it safer. But we have since adjusted those processes to help people sign up more easily.”

If you have questions or concerns regarding your TSP account, please reach out to the National Office and provide specifics so we may work to address them.


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