Thrift Savings Plan offering improvements
/ Published August 20, 2002
RANDOLPH AIR FORCE BASE, Texas (AFPN) -- The Thrift Savings Plan's new computerized record-keeping system, now set to kick off in November, will provide more control of accounts for investors and faster processing of transactions, said officials at the Air Force Personnel Center here.
During the transition period Aug. 19 to Sept. 16, access to accounts will be limited, officials said.
Some of the improvements include:
-- Account values posted daily.
-- Account balances reported in terms of number of shares and dollars value.
-- Quarterly statements by mail (January, April, July and October).
-- Loans, withdrawals and transfers between funds processed daily.
-- Interfund transfers posted to accounts within two business days.
-- Ability to increase or decrease the payment amount on TSP loans more than once.
-- Online application for loans and withdrawals.
So far, about 18 percent of active duty, Guard and Reserve airmen are enrolled in TSP, which has been open to them since October. More than 77 percent of civilians are enrolled.
"As with any new system, there is a transition period from the old to the new," said Janet Thomas, from the center's civilian benefits and entitlements service team. "So, for a short while, there will be a down time where contributors will not be able to make electronic transactions with the TSP. They will have the option to submit paper requests to the TSP service office. "
Military and appropriated fund civilian employees can access the TSP Web system at http://www.tsp.gov. Select "civilian" or "uniformed services," click "TSP features," and click "TSP new record keeping system."
Additional information is available for appropriated fund civilian employees from the benefits and entitlements service team Web site and for Air Force military people at the TSP for uniformed services Web site. (Courtesy of AFPC News Service)