NTEU Endorses Updates to Thrift Savings Plan

June 30, 2017

NTEU is supporting recent bipartisan legislation that would grant greater flexibility to federal employees and retirees with Thrift Savings Plan (TSP) accounts.

 

NTEU has long urged Congress to ease the current restrictive withdrawal rules. Under the bill, the TSP Modernization Act, active federal employees would be able to make multiple age-based withdrawals, with partial withdrawals allocated if no longer a government employee. Those in the federal workforce could make multiple partial withdrawals. And now changes to monthly payments could be made at any time, instead of the current practice of one time annually.

The House bill is sponsored by Rep. Elijah Cummings (D-Md.) and Rep. Mark Meadows (R-NC). It is similar to legislation pending in the Senate from Sen. Rob Portman (R-Ohio) and Sen. Thomas Carper (D-Del.).

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© 2016 by National Treasury Employees Union Chapter 137, Miami, FL

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