TSP Modernization Act
Thrift Savings Plan: Electronic Transfers to Other Retirement Accounts
The TSP Modernization Act is currently in the early stages of the legislative process. It was recently sent to the House Committee on Oversight and Government Reform for review. The bill is actively moving forward as it awaits further action from the committee.
Legislative Progress
This is a common-sense update that helps people manage their money faster, but it currently only has support from one party in the House and needs to gain bipartisan interest to move forward.
Key Points
- This bill makes it easier for federal employees and military members to move money from their Thrift Savings Plan to other retirement accounts. Right now, moving this money often involves paper checks and mail, but this change would allow it to happen electronically.
- The new rules would apply to anyone who is already allowed to move their money to a private brokerage firm or another qualified retirement plan. Users would just need to provide their account information to the board that manages the fund to start the transfer.
- If passed, the government would have one year to set up the electronic system. After that year, officials must give a report to Congress explaining how the new system is working and if there are any issues.
Impact Analysis
Govbase has not yet run an impact analysis on this legislation.
Milestones
Referred to the House Committee on Oversight and Government Reform.
Introduced in House
The bill was officially filed and given a number. It now enters the legislative queue.
Votes
No votes have been recorded for this legislation yet.
News
No related news coverage found for this legislation yet.
Source Information
Document Type
Congressional Bill
Official Title
TSP Modernization Act
Data Sources
Sponsor
Cosponsors
(21)Analysis generated by AI. Always verify with official sources.