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Search Tags: TSP
The rollout of the Roth option for the Thrift Savings Plan, which would allow federal employees to invest already-taxed income, has long been discussed in the federal pay-and-benefits world. That launch moved another step closer, with the planned publication Wednesday of draft regulations in the Federal Register. And TSP participants will soon have more information about what the plan will look like.
The Roth option for the Thrift Savings Plan, which will allow federal employees to contribute after-tax dollars toward their retirement-savings accounts, will launch May 7, the Federal Retirement Thrift Investment Board announced today. The board, which first began planning the Roth TSP in June 2009 when it was authorized, made the announcement at its quarterly meeting of TSP coordinators.
After a two-month delay, all civilian employees at the Defense Department, as well as several other agencies, can now contribute to the recently rolled-out Roth option for their Thrift Savings Plans.
A sophisticated cyber attack against the Thrift Savings Plan contractor responsible for maintaining the agency's data centers compromised the information of 123,000 TSP participants. However, there is no indication the data has been misused, according to the Federal Retirement Thrift Investment Board. There is also no indication that the TSP's network or its website were affected.
As of Monday, active-duty members of the Army, Navy and Air Force can now participate in the Roth Thrift Savings Plan option.
For the second month in a row, performance in all 10 of the Thrift Savings Plan funds posted positive returns, with double-digit gains in many of the funds year-to-date.
The Federal Retirement Thrift Investment Board — which manages federal employees' Thrift Savings Plan accounts — approved a 19 percent budget increase for the coming year, allowing it to fund new cybersecurity and hiring initiatives. The $170.5 million budget, which is more than $27 million above 2012 levels, was agreed to following a "rigorous review," the board's director of external affairs, Kim Weaver, told In Depth with Francis Rose.
Returns for the Thrift Savings Plan continued their steady upward climb last month, with all funds posting in positive territory for the month of August, according to new data from the Federal Retirement Thrift Investment Board.
Kim Weaver, director of the Federal Retirement Thrift Investment Board, told In Depth with Francis Rose feds will soon be able to access videos online explaining some of the more complicated aspects of their Thrift Savings Plan accounts.
Bob Leins and Tammy Flanagan discuss the "best of" subjects brought up during recent seminars.
August 20, 2012