October 11, 2017
The House by voice vote approved a bill Wednesday that would make it easier for participants in the federal government’s 401(k)-style retirement program to manage their investments.
The TSP Modernization Act (H.R.3031), introduced by Reps. Elijah Cummings, D-Md., and Mark Meadows, R-N.C., would allow federal employees and retirees to make multiple age-based withdrawals from their Thrift Savings Plan accounts and remain eligible for partial withdrawals after they leave government as well. Additionally, those who have left government would be able to make multiple partial post-separation withdrawals.
The bill also would allow those receiving monthly payments to change the amount of their annuity at any time, instead of only once per year. Participants could change the frequency of payments as well.
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