You may have heard that the Thrift Savings Plan (TSP) may finally be joining us in the 2st century. There are some good and important changes coming, and there's going to be a transition period when you won’t be able to access to your TSP.

According to TSP, it is launching its official mobile app that will give you access to your TSP My Account. You'll be able to log onto your account using biometric identification software on your mobile device, like fingerprint access and facial recognition which will add an extra level of security. They are also promising virtual assistance  via the mobile app or the web. There will be an interactive virtual assistant and automated support 24 hours a day. The virtual assistant can transfer you to an in-person representative during business hours, if needed. TSP is also promising an online chat function to connect you directly to a real representative for personalized support during business hours.

New streamlined paperwork processing is also coming, promising the ability to complete many transactions online with an "Easy, secure, and legally binding e-signature.”  In particular, they're promising assistance and a streamlined processing for rollovers from other 401(k)s or IRAs into TSP. And you should be able to make electronic transfers for loan payments and payoffs, and disbursements from your account.

Here's the key dates they need to know:

April 8 – Last day to request paper loan documents by telephone

• April 21 – Last day to submit paper loan documents
• April 29 – Last day to request all other paper forms, whether by phone or online.
• Mayy 16 – Last day to submit or access all forms (online or hard copy). This includes withdrawal, rollover or transfer requests as well as beneficiary changes..
• So basically if you want to make any request that needs a form you must submit it by May 16. 
• May 16 is also the last day to contact TSP via email
• May 26 – Last day to make transfers between different mixes of investments  or change contributions. So if you want to rebalance, do it before May 26th. 
• May 26th is also the last day you can contact TSP via telephone.
• From May 26 at noon Eastern time through the first week of June, account access of any kind will NOT be available. All your investments in TSP will still be there, your automatic payroll contributions will continue, and invested funds will continue to reflect market changes. 

Think of this May 26th through the first week of June as a total eclipse of the TSP. Seeing the world go dark in a total eclipse of the sun can be scary. But have faith the sun is still there and will come out again from behind the moon. In the same way TSP will “go dark” from May 26 through the first week of June. But what comes out on the other side should be a much improved, more participant-friendly TSP.

Now after the upgrade, all TSP users will have to update your login information before accessing your online account for the first time. TSP is promising step-by-step prompts to walk you through it. You’ll verify your identity, update your contact information and set up your account security.

Coming later this year, but not with this upgrade TSP plans to add a window within TSP where you could purchase outside mutual funds through the TSP website. I'm keeping an eye on this as well and will certainly do a podcast on that as details become available.

For more information watch your emails or go to tsp.gov and click on the banner right at the top of the page New features and other changes coming to TSP later this year.”  Can I put a link to that in the show notes

https://www.tsp.gov/new-tsp-features/key-transition-dates/