View: Recent Announcements | Announcements Archive
We learned from OPM that it will be moving to a two character, alphanumeric retirement code. OPM is still in the process of finalizing the specific coding scheme and hopes to publish the new codes by the end of the month. The TSP will program fields 239 and 240 of its Employee data (06) records to accept these new codes. If OPM keeps the existing codes and simply adds new codes for FERS-Revised Annuity Employees, the TSP will continue to use field 227 for currently existing codes. Agencies should prepare to submit the new codes to the TSP with their first payroll submissions in January 2013. The TSP will issue a bulletin explaining the changes in greater detail once OPM publishes its coding scheme. The TSP will also amend its reports to reflect the new codes. As always, once the updates to the TSP data record and corresponding reports is complete, agency payroll offices may contact ATS to coordinate the submission of their test files.
Join the FRTIB on Wednesday, September 12, at 1:00 p.m., Eastern time, for an exclusive webinar, “Roth TSP for H.R. Professionals.”
This presentation will explain the new Roth TSP option. The presenters will explain how Roth contribution elections are made, how Roth balances will be treated within the account, and what conditions must be satisfied in order to enjoy tax-free treatment of withdrawals. The program will also highlight some of the major differences between Roth TSP, traditional tax-deferred TSP, and Roth IRAs, and will include a preview of the soon-to-be-released video, “Is Roth Right for Me?” The information is intended to prepare human resources professionals to answer basic employee questions about the mechanics of Roth TSP.
Registration is limited. Sign up today, or copy and paste this link into your browser. https://informationexperts.webex.com/informationexperts/onstage/g.php?t=a&d=732790260
Please do not email this link to your employees at large. Due to the limitation on the number of registrants, participation in this event is only being offered to agency and service TSP representatives, payroll professionals, and uniformed services financial counselors. Rest assured, however, that a considerable amount of Roth-related information is available to all our TSP participants, and even more is on the way.
In July of 2011, a computer belonging to Serco, a third party service provider used in support of the TSP, was subjected to a sophisticated hacking incident resulting in unauthorized access to the personal information of 123,201 TSP participants and payees. In April of 2012, the FRTIB and Serco were informed of the unauthorized access incident by the Federal Bureau of Investigation (FBI). When the FRTIB learned of the cyber attack, we took immediate steps to investigate and notify our participants and other affected individuals.
The FRTIB is mailing notifications letters to everyone whose personal information was in the affected files. The notice contains information about signing up for credit monitoring services as well as other steps that can be taken to protect personal information.
The FRTIB has issued a press release and has published a list of frequently asked questions (FAQs) containing more detailed information about this incident.
In April 2012, the FRTIB and Serco, a third party service provider used in support of the TSP, were informed of an unauthorized access incident by the Federal Bureau of Investigation. We were informed that in July of 2011, a computer belonging to Serco was subjected to a sophisticated hacking incident resulting in unauthorized access to the personal information of approximately 123,201 TSP participants and payees.
Several files with different combinations of data of approximately 123,201 individuals were accessed.
The names, addresses, and Social Security numbers of roughly 43,000 individuals were in the accessed files. In some cases, this group of data also included financial account numbers and routing numbers.
Another group of roughly 80,000 had their Social Security numbers and some TSP-related information accessed, but their name was not associated with this information.
First, on May 25th, we sent notification letters to everyone whose personal information was in the affected files. The FRTIB and our service provider have been working to avoid future incidents. Steps taken include an immediate shutdown of the compromised computer, a response team that is conducting a systemwide review of all computer security procedures, and further enhanced computer security.
The TSP does not have any evidence that any personal information has been used or is being misused or disclosed to other persons.
Yes. The TSP mailed out letters to all affected participants offering them free credit monitoring service for one year as an additional safeguard against identity theft. The ID TheftSmart™ service is administered through Kroll, Inc., a risk consulting company.
In addition to providing instructions for enrolling in ID TheftSmart™ online or by telephone, we also provided a separate, paper enrollment form for the benefit of those participants who lack internet access or prefer to enroll by mail. The authorization form asks for personal information as a condition of enrollment. This is a necessary precaution and the request is legitimate. Nevertheless, the TSP strongly encourages participants to register for the service online if possible, where all personal information will be transmitted by secure servers.
The Federal Retirement Thrift Investment Board has implemented the Roth TSP feature effective May 7, 2012, as authorized by the Thrift Savings Plan Enhancement Act of 2009, Public Law 111-31. As a result the Election Forms (regular and catch-up contributions) were modified to allow for both traditional and Roth contributions. Agencies that are currently unable to submit Roth contributions to the TSP must inform their employees to leave the dollar and percentage amount in the Roth contribution columns blank until the agency notifies its employees that they is ready to begin accepting Roth contributions. All in-service and post-separation withdrawal forms have been changed to accommodate withdrawing both traditional and Roth balances. They have also been consolidated for use by both civilian and uniformed service participants. Bulletins highlighting the changes and new requirements for contribution elections, in-service withdrawals, and post-separation withdrawals are available on the TSP website under the Agency Rep Bulletins section. All contribution election forms and withdrawal forms with dates prior to April 2012 are now obsolete and must be immediately discarded (recycled). These forms will not be processed by the TSP after June 1, 2012. The TSP has also updated the majority of the publications effected by the Roth TSP and they are now available on the TSP website. Agencies can order these publications through their distribution channels. TSP Bulletin 12-18, Participation in the Thrift Savings Plan, incorporates the changes in eligibility and participation that are provided in Public Law 111-31, to include agency responsibilities when participants elect to contribute to the Roth TSP.
The Federal Retirement Thrift Investment Board has announced the official implementation date of Roth TSP, May 7, 2012. Agencies and services can begin accepting elections for Roth contributions at that time. See Bulletin 12-9 for Information regarding the Roth implementation date.
April is Financial Literacy Month. The TSP supports this nationwide initiative that emphasizes the importance of smart money management. Executive Director Greg Long’s letter discusses the new Roth option that will soon be available from the TSP. See Bulletin 12-8. A special poster is attached to the bulletin and is available to all federal agencies for distribution and posting.
The TSP supports America Saves Week and Military Saves Week both of which begin February 19 and continue through February 26, 2012. Both campaigns focus on encouraging individuals and families to reduce debt and save and invest for both short and long term financial goals including retirement. See Bulletin 12-4 that addresses the week-long event and the TSP’s support of it. A special poster highlighting the upcoming Roth TSP, “A New Way to Save,” is attached to the bulletin and available to all federal agencies for distribution and posting.
The Federal Retirement Thrift Investment Board has issued proposed regulations for the implementation of the Roth TSP feature as authorized by the Thrift Savings Plan Enhancement Act of 2009, Public Law 111-31. These regulations address (1) Roth contribution limits (2) withdrawal options (3) treatment of agency contributions (4) Roth TSP transfer rules from employer plans (5) distribution of loans and withdrawals when participants have both traditional and Roth balances, and (6) other administrative matters.
We are pleased to announce the publication of the TSP’s Fall 2011 poster “Build a Strong Retirement” and the Spring 2011 poster "Time is Money".
The TSP will issue a supply of posters to all agency central distribution points. These will arrive shortly. Please contact your authorized agency representative to order print versions of these materials. Materials cannot be ordered directly from the TSP. The poster does not have an expiration date and can be displayed beginning immediately.
To answer questions about TSP participation in the event of a Federal Government shutdown, the TSP has published the fact sheet, Impact of a Government Shutdown on the Thrift Savings Plan. The fact sheet also emphasizes that agencies and services should not submit Form TSP-41 (or U-41), Notification to TSP of Nonpay Status, in the event that a government shutdown should occur. The fact sheet is available as a link from the Bulletin Board on the TSP website home page.
TSP Bulletin 10-13, Implementation of Roth Thrift Savings Plan Contributions, has been issued. This bulletin provides the instructions agencies will need to implement the Roth TSP contribution feature of the Thrift Savings Plan Enhancement Act of 2009, Public Law 111.31. The uniformed services version of this bulletin is pending and will be released shortly.
We are pleased to announce the publication of the TSP’s Fall 2010 poster “Will your numbers add up to a worry-free future?” In the current economy, this is a way to encourage participants to continue to contribute and build their TSP savings to reach their investment objectives.
The TSP will issue a supply of posters to all agency central distribution points. These will arrive shortly. Please contact your authorized agency representative to order print versions of these materials. Materials cannot be ordered directly from the TSP. The poster does not have an expiration date and can be displayed beginning immediately.
The Thrift Savings Plan (TSP) has developed another new leaflet—“You wouldn’t do this. Would you?”—to continue its focus on FERS participants who are not contributing their own money to their TSP accounts and not receiving Agency Matching Contributions. The target group includes all noncontributing FERS participants hired up to July 31, 2010, as well as those who have been automatically enrolled in the TSP since August 1, 2010, but who have elected to stop their automatic contributions. It encourages these participants to begin to save for their retirement early and avoid letting FREE MONEY go up in flames by not taking advantage of Agency Matching Contributions.
The TSP mailed the leaflets directly to approximately 352,000 noncontributing FERS employees in late September 2010. Along with the leaflet, the mailing included a special letter from the Executive Director of the FRTIB, and a copy of Form TSP-1 to encourage immediate action. (Both the letter and the leaflet explain that some agencies require an electronic election.) The leaflet is not available for agencies to order through the TSP forms distribution system, nor will there be a corresponding bulletin.
TSP Bulletin 10-8, Revision of Form TSP-19, Transfer of Information Between Agencies, has been issued. This bulletin explains the requirement to transfer TSP enrollment and loan information between agencies. It has been updated to include automatic enrollment, and contains new instructions for completing Form TSP-19.
TSP Bulletin 10-9, Consolidation of Forms TSP-3, Designation of Beneficiary (Civilian), and TSP-U-3, Designation of Beneficiary (Uniformed Services), has been issued. The Federal Retirement Thrift Investment Board has combined TSP-3, Designation of Beneficiary (Civilian), and TSP-U-3, Designation of Beneficiary (Uniformed Services), into a single Form TSP-3. This bulletin explains why the forms were consolidated and how the TSP will apply the participant’s Form TSP-3.
The Federal Retirement Thrift Investment Board (Agency) has published the final changes to its death benefits regulations that take effect August 1, 2010. These regulations will (1) expand the requirements the requirements necessary in order for a designation of beneficiary form to be valid; (2) allow participants holding both a uniformed services and civilian account to submit a single designation of beneficiary form; (3) allow participants to designate a custodian under the Uniform Transfers to Minors Act as a beneficiary; (4) permit the Agency to defer to state law when a potential beneficiary is implicated in the death of a participant and is subsequently found not guilty by reason of insanity; and (5) require a notary to witness disclaimers of death benefits.
The Federal Retirement Thrift Investment Board (Agency) has published the final regulations for the implementation of the Agency’s automatic enrollment program that take effect August 1, 2010. These regulations are being published without change and address (1) who will be automatically enrolled; (2) options for newly hired and most rehired Federal employees; (3) the default investment fund; (4) the 90-day refund provision; (5) agency human resource and payroll office requirements (as supplemented by the associated TSP bulletins); and (6) other administrative matters.
The Federal Retirement Thrift Investment Board has issued the draft regulations for the implementation of the Agency’s automatic enrollment program as authorized by the Thrift Savings Plan Enhancement Act of 2009, Public Law 111-31. These regulations address (1) who will be automatically enrolled; (2) options for newly hired and most rehired Federal employees; (3) the default investment fund; (4) the 90-day refund provision; (5) agency human resource and payroll office requirements (as supplemented by the associated TSP bulletins); and (6) other administrative matters.
View: Recent Announcements | Announcements Archive
Join the FRTIB on Wednesday, September 12, at 1:00 p.m., Eastern time, for an exclusive webinar, “Roth TSP for H.R. Professionals.”
This presentation will explain the new Roth TSP option. The presenters will explain how Roth contribution elections are made, how Roth balances will be treated within the account, and what conditions must be satisfied in order to enjoy tax-free treatment of withdrawals. The program will also highlight some of the major differences between Roth TSP, traditional tax-deferred TSP, and Roth IRAs, and will include a preview of the soon-to-be-released video, “Is Roth Right for Me?” The information is intended to prepare human resources professionals to answer basic employee questions about the mechanics of Roth TSP.
Registration is limited. Sign up today, or copy and paste this link into your browser. https://informationexperts.webex.com/informationexperts/onstage/g.php?t=a&d=732790260
Please do not email this link to your employees at large. Due to the limitation on the number of registrants, participation in this event is only being offered to agency and service TSP representatives, payroll professionals, and uniformed services financial counselors. Rest assured, however, that a considerable amount of Roth-related information is available to all our TSP participants, and even more is on the way.
In July of 2011, a computer belonging to Serco, a third party service provider used in support of the TSP, was subjected to a sophisticated hacking incident resulting in unauthorized access to the personal information of 123,201 TSP participants and payees. In April of 2012, the FRTIB and Serco were informed of the unauthorized access incident by the Federal Bureau of Investigation (FBI). When the FRTIB learned of the cyber attack, we took immediate steps to investigate and notify our participants and other affected individuals.
The FRTIB is mailing notifications letters to everyone whose personal information was in the affected files. The notice contains information about signing up for credit monitoring services as well as other steps that can be taken to protect personal information.
The FRTIB has issued a press release and has published a list of frequently asked questions (FAQs) containing more detailed information about this incident.
In April 2012, the FRTIB and Serco, a third party service provider used in support of the TSP, were informed of an unauthorized access incident by the Federal Bureau of Investigation. We were informed that in July of 2011, a computer belonging to Serco was subjected to a sophisticated hacking incident resulting in unauthorized access to the personal information of approximately 123,201 TSP participants and payees.
Several files with different combinations of data of approximately 123,201 individuals were accessed.
The names, addresses, and Social Security numbers of roughly 43,000 individuals were in the accessed files. In some cases, this group of data also included financial account numbers and routing numbers.
Another group of roughly 80,000 had their Social Security numbers and some TSP-related information accessed, but their name was not associated with this information.
First, on May 25th, we sent notification letters to everyone whose personal information was in the affected files. The FRTIB and our service provider have been working to avoid future incidents. Steps taken include an immediate shutdown of the compromised computer, a response team that is conducting a systemwide review of all computer security procedures, and further enhanced computer security.
The TSP does not have any evidence that any personal information has been used or is being misused or disclosed to other persons.
Yes. The TSP mailed out letters to all affected participants offering them free credit monitoring service for one year as an additional safeguard against identity theft. The ID TheftSmart™ service is administered through Kroll, Inc., a risk consulting company.
In addition to providing instructions for enrolling in ID TheftSmart™ online or by telephone, we also provided a separate, paper enrollment form for the benefit of those participants who lack internet access or prefer to enroll by mail. The authorization form asks for personal information as a condition of enrollment. This is a necessary precaution and the request is legitimate. Nevertheless, the TSP strongly encourages participants to register for the service online if possible, where all personal information will be transmitted by secure servers.
The Federal Retirement Thrift Investment Board has implemented the Roth TSP feature effective May 7, 2012, as authorized by the Thrift Savings Plan Enhancement Act of 2009, Public Law 111-31. As a result the Election Forms (regular and catch-up contributions) were modified to allow for both traditional and Roth contributions. Services that are currently unable to submit Roth contributions to the TSP must inform their employees to leave the dollar and percentage amount in the Roth contribution columns blank until the agency notifies its employees that they is ready to begin accepting Roth contributions. All in-service and post-separation withdrawal forms have been changed to accommodate withdrawing both traditional and Roth balances. They have also been consolidated for use by both civilian and uniformed service participants. Bulletins highlighting the changes and new requirements for contribution elections, in-service withdrawals, and post-separation withdrawals are available on the TSP website under the Service Rep Bulletins section. All contribution election forms and withdrawal forms with dates prior to April 2012 are now obsolete and must be immediately discarded (recycled). These forms will not be processed by the TSP after June 1, 2012. The TSP has also updated the majority of the publications effected by the Roth TSP and they are now available on the TSP website. Services can order these publications through their distribution channels.
The Federal Retirement Thrift Investment Board has announced the official implementation date of Roth TSP, May 7, 2012. Agencies and services can begin accepting elections for Roth contributions at that time. See Bulletin 12-U-8 for Information regarding the Roth implementation date.
April is Financial Literacy Month. The TSP supports this nationwide initiative that emphasizes the importance of smart money management. Executive Director Greg Long’s letter discusses the new Roth option that will soon be available from the TSP. See Bulletin 12-U-7. A special poster is attached to the bulletin and is available to all services for distribution and posting.
The TSP supports America Saves Week and Military Saves Week both of which begin February 19 and continue through February 26, 2012. Both campaigns focus on encouraging individuals and families to reduce debt and save and invest for both short and long term financial goals including retirement. See Bulletin 12-U-4 that addresses the week-long event and the TSP’s support of it. A special poster highlighting the upcoming Roth TSP, “A New Way to Save,” is attached to the bulletin and available to all federal agencies for distribution and posting.
The Federal Retirement Thrift Investment Board has issued proposed regulations for the implementation of the Roth TSP feature as authorized by the Thrift Savings Plan Enhancement Act of 2009, Public Law 111-31. These regulations address (1) Roth contribution limits (2) withdrawal options (3) treatment of agency contributions (4) Roth TSP transfer rules from employer plans (5) distribution of loans and withdrawals when participants have both traditional and Roth balances, and (6) other administrative matters.
We are pleased to announce the publication of the TSP’s Fall 2011 poster “Build a Strong Retirement” and the Spring 2011 poster "Time is Money".
The TSP will issue a supply of posters to all agency central distribution points. These will arrive shortly. Please contact your authorized agency representative to order print versions of these materials. Materials cannot be ordered directly from the TSP. The poster does not have an expiration date and can be displayed beginning immediately.
To answer questions about TSP participation in the event of a Federal Government shutdown, the TSP has published the fact sheet, Impact of a Government Shutdown on the Thrift Savings Plan. The fact sheet also emphasizes that agencies and services should not submit Form TSP-41 (or U-41), Notification to TSP of Nonpay Status, in the event that a government shutdown should occur. The fact sheet is available as a link from the Bulletin Board on the TSP website home page.
We are pleased to announce the publication of the TSP’s Fall 2010 poster “Will your numbers add up to a worry-free future?” In the current economy, this is a way to encourage participants to continue to contribute and build their TSP savings to reach their investment objectives.
The TSP will issue a supply of posters to all agency central distribution points. These will arrive shortly. Please contact your authorized agency representative to order print versions of these materials. Materials cannot be ordered directly from the TSP. The poster does not have an expiration date and can be displayed beginning immediately.
TSP Bulletin 10-U-6 Consolidation of Forms TSP-3, Designation of Beneficiary (Civilian), and TSP-U-3, Designation of Beneficiary (Uniformed Services), has been issued. The Federal Retirement Thrift Investment Board has combined TSP-3, Designation of Beneficiary (Civilian), and TSP-U-3, Designation of Beneficiary (Uniformed Services), into a single Form TSP-3. This bulletin explains why the forms were consolidated and how the TSP will apply the participant’s Form TSP-3.
The Federal Retirement Thrift Investment Board (Agency) has published the final changes to its death benefits regulations that take effect August 1, 2010. These regulations will (1) expand the requirements the requirements necessary in order for a designation of beneficiary form to be valid; (2) allow participants holding both a uniformed services and civilian account to submit a single designation of beneficiary form; (3) allow participants to designate a custodian under the Uniform Transfers to Minors Act as a beneficiary; (4) permit the Agency to defer to state law when a potential beneficiary is implicated in the death of a participant and is subsequently found not guilty by reason of insanity; and (5) require a notary to witness disclaimers of death benefits.
