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Increased TSP Access Act of 2023
3/8/2024, 3:54 PM
Summary of Bill S 1400
The TSP is a retirement savings and investment plan for federal employees and members of the uniformed services, similar to a 401(k) plan in the private sector. Currently, participants in the TSP are limited in the number of withdrawals they can make from their accounts while still employed. This bill seeks to increase the flexibility of TSP participants by allowing them to make multiple partial withdrawals from their accounts while still working.
Additionally, the Increased TSP Access Act of 2023 would also allow TSP participants to make withdrawals for financial hardship reasons, such as medical expenses or education costs, without penalty. This provision aims to provide greater financial security for federal employees and members of the uniformed services who may be facing unexpected expenses. Overall, the Increased TSP Access Act of 2023 is designed to give federal employees and members of the uniformed services more control over their retirement savings and provide them with additional financial flexibility. The bill is currently under review in Congress and may undergo further revisions before potentially becoming law.
Congressional Summary of S 1400
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.
