White House praises plan to improve rollover process for TSP
- By FederalSoup Staff
- Jan 27, 2016
In announcing its initiative to “build a 21st Century retirement system,” the Obama administration also commended an upcoming effort by the Federal Retirement Thrift Investment Board to make it easier for federal employees to roll over prior 401(k) savings into their Thrift Savings Plan accounts, Government Executive reported.
A White House fact sheet announcing a broad range of changes aimed at helping Americans save for retirement noted that the TSP in June will issue a request for proposals to choose a provider to help in the process of moving savings from private-sector retirement accounts into the TSP.
Federal employees still would bear responsibility for initiating such rollovers once the new system is in place, the report noted.