TSP Modernization Act

The TSP Modernization Act updates the Thrift Savings Plan (TSP), a retirement savings program for federal employees and members of the military. Enacted in 2017, it allows participants greater access to their funds, including the ability to withdraw money as needed, rather than only at retirement. It also introduced in-service withdrawals for those still employed, making it easier to manage personal finances. Additionally, the Act aims to enhance the overall investment options available within the TSP, helping participants optimize their retirement savings. Overall, it reflects a push towards more flexible and accessible retirement planning for federal workers.