When I talk to people about the Thrift Savings Plan the most common complaint I usually hear is how difficult it can be to withdraw funds from your account. Well, you may not believe it, but there is a bi-partisan effort underway in Congress to improve these rules and allow for greater withdrawal flexibility for TSP participants. In April, Senate Bill 873, The Thrift Savings Plan Modernization Act was sponsored by Senators Portman and Carper, and at the end of June, a companion bill, HR 3031, was sponsored in the House of Representatives by Representatives Cummings, Meadows, and Norton.
Getting to Know Your TSP Fund Options
You Switched Jobs, Now What Should You Do With Your Old 401K?
Understanding the Military’s New Blended Retirement System, Part 2
Understanding the Military’s New Retirement System, the Blended Retirement System
For years, those who have served in the military have had one constant; if you serve 20 or more years, you get a pension for life, if you don’t, you get nothing. This changed a little when the Thrift Savings Plan (TSP) came into effect in the late 1980s. With the TSP, the government did give service members a mechanism for saving money direct from their paycheck. The big key here is that it was ONLY the service members money, Uncle Sam kicked in nada. If you contra