TSP Modernization Act of 2017

Bill 115 s 873, also known as the TSP Modernization Act of 2017, is a piece of legislation that aims to update and improve the Thrift Savings Plan (TSP) for federal employees. The TSP is a retirement savings plan for federal employees, similar to a 401(k) plan in the private sector.

The main goal of the TSP Modernization Act is to provide federal employees with more flexibility and control over their retirement savings. One of the key provisions of the bill is to allow federal employees to make multiple partial withdrawals from their TSP accounts after they reach the age of 59 and a half. Currently, federal employees are only allowed to make one partial withdrawal from their TSP account after they retire.

Another important provision of the bill is to allow federal employees to make changes to their TSP contribution allocations at any time, rather than being limited to making changes only once per month. This will give federal employees more control over their retirement savings and allow them to adjust their contributions based on their individual financial needs. Overall, the TSP Modernization Act of 2017 aims to modernize and improve the TSP for federal employees, providing them with more flexibility and control over their retirement savings. The bill has received bipartisan support in Congress and is expected to benefit federal employees who participate in the TSP program.