House Oversight Members Join Effort To Loosen TSP Withdrawal Restrictions

House Oversight Members Join Effort to Loosen TSP Withdrawal Restrictions

Members of the House Oversight and Government Reform Committee introduced a bill Friday to provide federal employees with greater flexibility in withdrawing money from their 401(k)-style retirement accounts as a companion to similar legislation working its way through the Senate.
The TSP Modernization Act, sponsored by Reps. Elijah Cummings, D-Md., and Mark Meadows, R-N.C., would allow federal employees and retirees enrolled in the Thrift Savings Plan to make multiple age-based withdrawals after leaving government, as well as let them change the timing and amount of regular payments.
Sens. Rob Portman, R-Ohio, and Tom Carper, D-Del., introduced the legislation ( …

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