UPDATE: Announcement from the TSP to all plan participants on April 27, 2022
Temporary Suspension of Certain TSP Transactions and Services Planned for May 16 Until the First Week of June
The Thrift Savings Plan (TSP) has added details to its earlier announcement that there will be blackouts on certain services it provides to account holders as it transitions to a new record-keeping system in the upcoming weeks.
As you may already know, the TSP is adding new features and tools to your TSP experience. In order to prepare for the transition to this new TSP system, they will need to temporarily suspend certain transactions and services for a brief period beginning May 16 and ending the first week of June.
New TSP Features and Services
The changeover will enable the TSP to provide some additional services, most notably the “window” through which investors will be able to move up to a quarter of their account balances-so long as they have at least $40,000 on investment-to outside mutual funds. That range of choice, involving some 5,000 funds, has long been a main feature that account holders have asked for in surveys and could relieve some of the long-running pressure on the TSP to directly offer funds tailored to certain investment philosophies or market sectors.
Other new features, as previously announced, will include a mobile app; an online virtual assistant available at all times; revisions to the My Account page designed to be more user-friendly; ability to complete a wider range of transactions online; and a simplified process with live agent help for rolling money into the TSP from other retirement savings accounts.
Transition Dates and Blackout Periods
It’s important that you know how this transition may affect your account, especially if you’re planning to request a transaction soon. Suspension dates will vary by transaction and service, so be sure to check the full calendar and plan ahead.
Please be aware:
- Complete transactions: If you’re planning to request or complete a transaction, change your current investment choices, or update your contact information in My Account soon, you should be aware of key transition dates and deadlines. Keep in mind that after the transition, you’ll be able to complete most transactions entirely online.
- Download historical documents: Documents and messages currently available in My Account will not transfer to the new system. You may want to download and save any messages for your records. If you need historical statements, after the transition, please request them by calling the Thrift Line. TSP will mail them to you. Statements that post after the transition will be available to you in My Account going forward.
- Check your investment choices: During this transition period, your money will remain invested in the TSP funds you’ve chosen. There will be a short period—beginning at noon eastern time on Thursday, May 26, and ending the first week of June—when they will need to suspend changes to TSP investments. This means that your TSP investments will still be subject to market gains and losses during this brief period, and you won’t be able to make changes until after the transition to the new service provider.
Contributions and payments will continue:
- Payroll contributions and loan payments will continue.
- Installment payments scheduled to be paid May 24 – May 31 will be disbursed early on May 23.
In addition to the blackout starting May 26 (effective at 6 pm Eastern time) on making investment transactions, other upcoming blackout dates also effective through early June will include:
- April 21: to submit paper form TSP-20, Loan Application if unable to access the online tool in My Account.
- April 29: to request certain paper forms if unable to access online tools in My Account through the ThriftLine; or to request paper forms and plan materials through the ThriftLine.
- May 16: to use the online tool in My Account to generate a filled Form TSP-3, Designation of Beneficiary; to access online tools or upload forms or documents in My Account; to use the Secure Message Center to submit account-specific inquiries; to access forms on tsp.gov; or to complete withdrawal requests. Also the deadline for the TSP to receive rollover or transfer funds from other retirement accounts, to complete loan agreements or to submit loan payments through other than payroll withholding.
- May 17: for the TSP to receive written correspondence by mail or fax including general questions, subpoenas, tax levy requests, etc.
- May 26: to call the ThriftLine and speak to a TSP representative or use the automated response system for account transactions; or to make profile changes in My Account including changes to contact information.
In the meantime, you can find out more about the new TSP features and stay up to date on transition details on the TSP website:
