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The Thrift Savings Plan (TSP) will transition administrative services to a new service provider this year, aiming to improve users’ experiences.
The transition could affect participants who planned to request a transaction soon, because periodic downtime will be required to accommodate the transition process.
During the transition period, participants’ savings will remain invested in the TSP funds they’ve elected. However, to ensure a smooth transition, TSP will suspend account transactions, access to online tools, access to forms, and correspondence for a brief period.
Suspension dates for each transaction type will vary. These transactions and services include the following:
• Beneficiary designations;
• Court order requests;
• Form submission;
• Investment transactions;
• Loan requests;
• My Account access;
• ThriftLine service; and
• Withdrawals and distributions.
The transition period begins May 16 and is expected to end the first week of June.
During this time, there will be a short period — beginning at noon Eastern time on May 26 and ending the first week of June — when TSP will need to suspend changes to TSP investments.
This means that participants’ TSP investments will still be subject to market gains and losses during this brief period, and they won’t be able to make changes until after the transition to the new service provider.
To learn more about the features, go to the TSP website or call the ThriftLine Service Center at 877-968-3778 weekdays 7 a.m.-9 p.m. The TDD number is 877-847-4385.