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Draft bill seeks to boost TSP contributions

A key member of the Senate has drafted an “auto-escalation” bill that would automatically increase Thrift Savings Plan contributions for certain new federal employees.

A key member of the Senate has drafted an "auto-escalation" bill that would automatically increase Thrift Savings Plan contributions for certain new federal employees, the Federal Times reports.

Sen. Daniel Akaka (D-Hawaii) has drafted a bill -- the Save More Tomorrow Act -- that would increase automatically enrolled feds' contribution amount to the G Fund by 1 percent annually for at least three years, boosting the current employee contribution of 3 percent of pay to 6 percent with the potential for higher contributions in the future.

The bill, which has not yet been introduced, would only affect those new feds automatically enrolled in TSP; new military service members would not be affected.

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