- Employees hired before July 1 will be able to sign up for the TSP during the open season that runs from May 15 to July 31. Employees hired after July 1 will be able to sign up as soon as they start working. Previously, new employees couldn't participate in the TSP until the end of the second TSP open season after they were hired. That meant some employees had to wait up to a year to open TSP accounts and start saving for retirement.
- TSP participants will be able to transfer money from outside employer-sponsored retirement plans and individual retirement accounts into their TSP accounts. Money from individual retirement accounts can only be rolled over into the TSP if the accounts were set up using funds from employer-sponsored retirement plans. The rollover option debuts in July and is available to any TSP participant who hasn't withdrawn all of his or her money or started receiving monthly payments.
- Starting in May, when participants want to change the way their money is divided among the five funds, they will be able to request changes to their contribution allocations directly from the Thrift Savings Plan record-keeper. Previously, employees had to file such requests with their employing agencies. With the change, employees will be able to make contribution allocation changes on the TSP Web site, via the TSP ThriftLine at 504-255-8777 or by sending a Form TSP-50 to the Thrift Savings Plan service office.
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