The TSP Will Temporarily Suspend Most Services, Beginning May 16
The TSP is making a lot of changes this month: a mutual fund window, a new fund transfer option, changing their recordkeeper, updated homepage, a mobile app, virtual assistant and more. The list is here.
One downside: Beginning May 16 and ending the first week of June, most TSP transactions and services will be suspended. That includes investment transactions; access to accounts, online tools, forms and correspondence; withdrawals and distributions; ThriftLine services; loan requests; form submissions; beneficiary designation changes; and court order requests.
The suspensions begin on different dates and at different times. The TSP is scheduled to resume all services and transactions the first week of June. Examples of suspension dates:
- May 16 – Last day to access forms, upload forms, complete rollover, withdrawal or transfer requests or complete loan agreement
- May 26, noon -- Last day to make investment transactions (including interfund transfers and changes to contribution allocations).
The full list is here.
Existing investments should not be affected. TSP accounts will remain invested during the transition and payroll withdrawals will occur and those funds will be deposited into designated accounts. Installment payments scheduled for May 24-31 will be made on May 23.
Historical documents will not transfer to the new system. If you want to keep old statements and messages, you need to download the statements and save any messages. Note: the TSP description of this is confusing.
When the transition is over, you will need to create a new log-in.
In my opinion, if you are prepared, the improvements to the TSP are well worth the minor or temporary hassles.