While allowing investors who meet certain standards to invest some of their accounts in outside mutual funds has drawn the most attention among the upcoming changes, the TSP is also stressing other new features to include an artificial intelligence chatbot called “AVA.”
AVA will be available 24/7 at tsp.gov and through an app to “offer a secure way to ask questions about your account and will even connect you to a live ThriftLine representative through chat during business hours, when necessary,” the TSP said in a posting summarizing features coming in June.
That will be one of several ways the TSP will be driving more transactions online and through the upcoming app, to include a new feature in the “My Account” for messages, documents and statements about the account, the option to opt in to receiving text messages for transaction confirmations and statements are ready; further, by default quarterly statements will be posted rather than mailed.
Almost all transactions currently available through the website will also be available through the app, it said, including making transactions, tracking investment performance, changing investment elections, and submitting certain forms and documents. The app also will allow users to choose biometric controls for logging in including fingerprint or facial recognition, it said.
In addition, account holders will have a new option to move money from one or more specific funds—on a dollar or percentage basis—to another specific fund or funds without affecting the rest of the account; currently, for moving money already on investment, a new percentage allocation for all chosen funds must be specified.