TSP’s Modernization Project Set to Launch June 1 After Transition Period

After a year and a half working on a system modernization project, the agency that manages the Thrift Savings plan is just about ready for the program’s new features to go live.

Before participants can access new features on the TSP’s first-ever mobile app, the Federal Retirement Thrift Investment Board is gearing up for the second phase of a transition period starting May 26.

Over the next week, participants will not be able to make any changes to their current investments. That’s after the FRTIB took some initial functions offline starting May 16.

During the downtime, all TSP savings will remain invested and payroll contributions will continue.
After the transition period, Thrift Savings Plan participants will see a more secure, streamlined version of TSP, called Converge, starting on June 1.

When services go back online, participants should expect longer than normal wait times, Director of Participant Services Tee Ramos said at the board’s May 24 meeting.

“Given the excitement around the myriad of new services we are offering and the necessity to reestablish online access, we expect that there will be some delays during the first week,” Ramos said. “We’re doing everything we can in preparation to support participants, but expect much higher than normal volume the first few days beyond go-live and appreciate your patience.”

The update will give users modernized service options, including flexibility in how to access “My Account,” more ways to contact TSP representatives for help and smoother and more secure online transactions, the board wrote in an April 19 announcement. Follow link to read more. https://federalnewsnetwork.com/tsp/2022/05/tsps-modernization-project-set-to-launch-june-1-after-transition-period/