New Thrift Savings Plan reform bill to give feds withdrawal flexibility


New Thrift Savings Plan reform bill to give feds withdrawal flexibility

Rep. Elijah Cummings, D-Md., and Rep. Mark Meadows, R-N.C., want to change the way federal employees and retirees use the Thrift Savings Plan.The pair introduced new legislation on June 23 that would afford federal employees and retirees more opportunities to make withdrawals from the retirement plan without penalty.Cummings and Meadows’ bill — the TSP Modernization Act of 2017 — would remove restrictions that currently allow federal employees to make a withdrawal from their TSP account when the reach the age of 59 1/2 or allow retirees to make a single withdrawal of a portion of their account balance.Instead, the bill sets up …

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