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Increased TSP Access Act of 2023
3/9/2024, 8:15 AM
Summary of Bill HR 3036
The bill proposes several key provisions to enhance TSP access and flexibility for participants. One of the main provisions is to allow federal employees and uniformed service members to make multiple withdrawals from their TSP accounts while still employed. Currently, participants can only make one partial withdrawal while still working, with additional withdrawals subject to strict limitations.
Additionally, the bill seeks to increase the age at which participants must begin taking required minimum distributions (RMDs) from their TSP accounts. Currently, participants must start taking RMDs at age 72, but the bill would raise this age to 75, aligning it with recent changes to RMD rules for other retirement accounts. Furthermore, the bill includes provisions to streamline the TSP withdrawal process and provide more flexibility in how participants can access their funds. This includes allowing participants to choose from a wider range of withdrawal options, such as periodic payments or a lump sum distribution. Overall, the Increased TSP Access Act of 2023 aims to modernize and improve the TSP program to better meet the needs of federal employees and uniformed service members as they plan for retirement. The bill has garnered bipartisan support in Congress and is seen as a positive step towards enhancing retirement security for federal workers.
Congressional Summary of HR 3036
Increased TSP Access Act of 2023
This bill directs the Department of Agriculture (USDA) to modify the certification process for Technical Service Providers (TSPs) at the Natural Resources Conservation Service (NRCS) by establishing an approval process for nonfederal certifying entities and a streamlined certification process for TSPs that hold certain specialty certifications. (TSPs are third-party service providers, such as private businesses, Indian tribes, and nonprofit organizations, who work on behalf of customers to offer planning, design, and implementation services that meet NRCS criteria.)
The bill specifies that USDA must ensure, to the maximum extent practicable, third-party providers with expertise in the technical aspects of conservation practice design, implementation, and evaluation are eligible to become approved TSPs.
USDA must provide a streamlined certification process for TSPs who hold appropriate specialty certifications (e.g., certified crop advisors).
In determining the eligibility of a nonfederal certifying entity, USDA must consider the ability, experience, expertise, and history of the entity. USDA must decide whether to approve an application submitted by a nonfederal certifying entity to certify TSPs not later than 40 business days after receiving an application.
USDA must review a TSP's certification by a nonfederal certifying entity not later than 10 business days after receiving a notification from the nonfederal entity. If the certification is satisfactory, USDA must include the TSP on a USDA-maintained registry of certified TSPs.
The bill also specifies that TSPs must be paid at rates equivalent to technical assistance provided by USDA.
Further, USDA must provide accessible public information on TSPs, including information on funding, contributions, certification results, and utilization rates.
