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Dear Participant,
You may have noticed several recent changes to the TSP as we work hard to serve you better and keep your account secure. Since the start of the pandemic, we have remained fully operational and committed to improving your TSP experience. Here are a few things we implemented in 2020:
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Additional TSP webinars—Last year, a record 100,000 people joined us online for deep-dive sessions hosted by our TSP education specialists. These ongoing presentations are always free and cover topics to help you better plan and save for your retirement no matter where you are in your federal career. You can find a schedule of current sessions at tsp.gov/webinars and register by using the password TSPweb.
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5-year Lifecycle (L) Funds—We added L Funds in 5-year increments so you can now choose one with a target date that more closely matches your intended retirement date. The simplicity of an L Fund allows you to enjoy automatic management and adjustment of your investments.
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A redesigned tsp.gov—We built a new website with you in mind, and we continue to use your feedback to improve your experience. The updated look, feel, and functionality make it easy for you to find information you need, whether you’re preparing your first withdrawal request, learning more about TSP funds, or looking for the most up-to-date forms and publications.
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5% auto-enrollment rate—If you were hired or rehired on or after October 1, 2020, you automatically contribute 5% of your basic salary each pay period, which means you receive the full matching contributions from your agency or service.
If you were hired (or rehired) before October 1, 2020, and you’re not yet contributing at least 5% of your basic pay, then you’re missing out on free money. You can increase your percentage today by logging in to your agency’s or service’s electronic payroll system and upping your contribution amount.
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Forms upload—You may now submit certain TSP forms online by logging in to My Account and uploading a PDF copy of the form. Once you’re logged in, select “Upload Form” from the menu. There you’ll find an up-to-date list of forms we accept online and detailed instructions on how to prepare your file for upload.
With so much of our lives happening online, it’s no surprise that our digital accounts have become a magnet for cybercriminals constantly attempting to gain access to what we’ve worked to accumulate. You may already be taking steps to protect your TSP account, but it’s important you continue to help us keep your account secure and stay one step ahead of online thieves.
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Keep your contact information current. We use different ways to communicate with you, but you can’t receive authentic TSP communications if we can’t reach you. Be sure to always keep an up-to-date mailing address and a validated phone number and personal email address to receive transaction confirmations, statements, validation codes, or educational emails such as Plan updates and the Thrift Savings Planner. If you’re an active participant and need to update your address, contact your agency or service. If you’re separated, you can update your address in your My Account profile settings.
It’s important to know that we will not contact you about investment opportunities or authorize third parties to provide counseling or services related to your investment choices. We do not assign the terms “TSP Advisor” or “TSP Counselor” to any individual or group. Further, we will never ask you for your TSP password or ThriftLine PIN over the phone.
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Create a user ID in My Account. As a stronger layer of security against fraud, you must log in with a user ID and use a validated phone number for two-step authentication and other online requests. Create a user ID that is unique and easy for you to remember. Once you’ve established your user ID, you can change it whenever you wish in My Account. If you forget it, you can retrieve it on tsp.gov. If you have both a civilian and a uniformed services account, your user ID will be the same for both accounts.
Once you’ve logged in with your user ID, you’ll receive a one-time code at any validated phone number that receives phone calls, even if it doesn’t receive text messages. If you don’t have access to phone service, you might consider using an online service that allows you to receive text messages and phone calls through an internet connection.
Use strong and unique passwords for your TSP account that are not the same as any other account. So if another account is compromised, your TSP account is not also compromised.
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Protect yourself from phishing. Phishing is the deceitful practice scammers use to get personal information from you such as usernames, passwords, and account details by disguising themselves as an organization or person you would ordinarily trust.
Fraudsters use emails and texts, live and robotic phone calls, pop-up windows on social media, and other phony messages that appear to be legitimate. Do not reply to any suspicious email or text message, even if it’s from a friend or coworker. Hang up on unsolicited or unwanted calls, especially those asking for personal information. Do not click on links if you have any doubt about where the communication comes from.
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Take personal security measures. Keep your phone, computers, and tablets up to date with the latest applications, operating systems, and security protection tools, and use password-protected Wi-Fi connections. I recommend you visit tsp.gov or other government websites such as consumer.gov/idtheft and OnGuardOnline.gov for more information about internet security. Even if you’re confident about your cyberawareness, visit ftc.gov to take one of their cybersecurity quizzes to be sure.
We’re laying the groundwork for adding additional features over the coming years. In fact, last month we added a feature that makes the way you elect catch-up contributions easier. If you’re turning 50 or older, you no longer need to make two separate elections each year to take advantage of catch-up contributions. Instead, once you reach the annual IRS limit, your contributions will automatically start counting toward the catch-up limit. Additionally, if you’re eligible to receive them, you will receive matching contributions on up to 5% of your salary on contributions spilling over toward the catch-up limit.
Another step we took to improve your TSP experience was to award a contract to a new recordkeeper, Accenture Federal Services. Over a transition period of 18 – 24 months, we will be working with Accenture to develop enhanced features, digital platforms, and innovative insights to serve you and your beneficiaries better and help you achieve your retirement goals. Once the transition is complete, you will be able to take advantage of all the new services.
I’m excited about the TSP’s recent and future changes, and I am honored to further support our mission to work in your best interest. We will continue to work toward delivering higher-quality services you expect and deserve. Be sure to stay informed of Plan updates by checking your inboxes and following us on Facebook and Twitter.
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Ravi Deo, Executive Director
Federal Retirement Thrift Investment Board
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Annual statements available online now
You can view your 2020 annual account statement when you log in to My Account.
Important TSP information
Summary of Returns | TSP Expenses | TSP funds
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