Myriad changes are in store for participants in the Thrift Savings Plan, Washington, as the $739.9 billion plan transitions to a new record keeper and opens a mutual fund window June 1.
The Federal Retirement Thrift Investment Board, Washington, which oversees the TSP for 6.6 million federal employees and members of the uniformed services, in November 2020 selected Accenture Federal Services as record keeper. Accenture's contract begins June 1.
At close of business Thursday, a temporary blackout period will begin during which participants will be unable to make plan changes while TSP staff work over the holiday weekend to complete the transition.
On June 1, new plan features will commence, including an updated participant log-in interface; the debut of a TSP mobile app and virtual assistant; the ability to electronically sign documents and complete transaction online; and the opening of a mutual fund window, which will give eligible TSP participants access to more than 5,000 mutual funds, said Tanner Nohe, program manager, office of participant services, during a presentation at an FRTIB meeting Tuesday.
For participants who choose to invest through the mutual fund window, the initial investment must be at least $10,000, and participants may not invest more than 25% of their total account in the mutual fund window, according to information on the TSP website. The fees associated with the mutual fund window include a $55 annual fee to cover administrative costs, a $95 annual maintenance fee and a $28.75 per-trade fee.
TSP staff have been working on the transition for roughly 18 months. During Tuesday's meeting, board members were pleased with the progress.
"We wish you and the entire team good luck over the weekend, and we look forward to a positive report on June 1," said David A. Jones, the FRTIB's acting chairman, at the conclusion of Mr. Nohe's presentation. "But most importantly, for those of us who have been along this entire journey, it's a really special moment."
