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TSP Act of 2023
3/13/2024, 1:28 AM
Summary of Bill S 1650
Bill 118 s 1650, also known as the TSP Act of 2023, is a piece of legislation currently being considered by the US Congress. The bill aims to make changes to the Thrift Savings Plan (TSP), which is a retirement savings plan for federal employees and members of the uniformed services.
One of the key provisions of the TSP Act of 2023 is the introduction of a new investment option called the "Lifecycle Fund." This fund would automatically adjust the allocation of a participant's investments based on their age, with a focus on reducing risk as the participant nears retirement age. This is intended to make it easier for participants to manage their investments and ensure they are appropriately diversified.
Additionally, the bill includes provisions to increase the maximum contribution limits for TSP participants, allowing them to save more for retirement. It also aims to improve the transparency and accountability of the TSP by requiring regular reports on the performance of the plan and its investment options. Overall, the TSP Act of 2023 seeks to enhance the TSP program and provide federal employees and members of the uniformed services with more options and opportunities to save for retirement. It is currently being debated in Congress, and its ultimate fate will depend on the outcome of these discussions.
One of the key provisions of the TSP Act of 2023 is the introduction of a new investment option called the "Lifecycle Fund." This fund would automatically adjust the allocation of a participant's investments based on their age, with a focus on reducing risk as the participant nears retirement age. This is intended to make it easier for participants to manage their investments and ensure they are appropriately diversified.
Additionally, the bill includes provisions to increase the maximum contribution limits for TSP participants, allowing them to save more for retirement. It also aims to improve the transparency and accountability of the TSP by requiring regular reports on the performance of the plan and its investment options. Overall, the TSP Act of 2023 seeks to enhance the TSP program and provide federal employees and members of the uniformed services with more options and opportunities to save for retirement. It is currently being debated in Congress, and its ultimate fate will depend on the outcome of these discussions.
Read the Full Bill
Current Status of Bill S 1650
Bill S 1650 is currently in the status of Bill Introduced since May 17, 2023. Bill S 1650 was introduced during Congress 118 and was introduced to the Senate on May 17, 2023. Bill S 1650's most recent activity was Read twice and referred to the Committee on Homeland Security and Governmental Affairs. as of May 17, 2023
Bipartisan Support of Bill S 1650
Total Number of Sponsors
1Democrat Sponsors
0Republican Sponsors
1Unaffiliated Sponsors
0Total Number of Cosponsors
10Democrat Cosponsors
2Republican Cosponsors
8Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill S 1650
Primary Policy Focus
Government Operations and PoliticsAlternate Title(s) of Bill S 1650
TSP Act of 2023
TSP Act of 2023
Taxpayers and Savers Protection Act of 2023
A bill to amend title 5, United States Code, to provide that sums in the Thrift Savings Fund may not be invested in securities that are listed on certain foreign exchanges, and for other purposes.
Comments
Sponsors and Cosponsors of S 1650
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